Lease

6 Months Ended

Jun. 30, 2022

Leases [Abstract]

Lease

NOTE 10. LEASE

The Company entered into an operating lease for office space located in New York. The lease has an initial term of 64 months, commencing on February 1, 2022. The lease does not provide the Company with renewal options.

Total rent expense was approximately $0.4 million and $0.6 million for the three and six months ended June 30, 2022, respectively, and consisted entirely of operating lease costs as the Company did not incur any variable lease costs or short-term lease costs during the period.

Supplemental information related to the lease was as follows (dollar amounts in thousands):

	Six Months Ended
	June 30, 2022
Operating cash flows - operating leases	$	-
Right-of-use assets obtained in exchange for operating lease liabilities	$	5,859
Weighted-average remaining lease term – operating leases (in years)		4.9
Weighted-average discount rate – operating leases		10.9	%

As of June 30, 2022, future minimum operating lease payments during the next five years are as follows (amounts in thousands):

Remaining Period Ended December 31, 2022	$	791
Year Ended December 31, 2023		1,581
Year Ended December 31, 2024		1,581
Year Ended December 31, 2025		1,581
Year Ended December 31, 2026		1,581
Year Ended December 31, 2027		659
Total		7,774
Less present value discount		(1,776	)
Operating lease liabilities	$	5,998