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Leases
 9 Months Ended
Sep. 30, 2021
Leases [Abstract]  
Leases Leases
As of September 30, 2021, the Company’s operating lease right of use assets and operating lease liabilities are $8.8 million and $8.8 million, respectively. The weighted-average remaining lease term is 4.1 years and the weighted-average discount rate is 3.6%.
The following table summarizes the components of lease expense (in thousands):
Three Months EndedNine Months Ended
September 30, 2021September 30, 2020September 30, 2021September 30, 2020
Operating lease cost$610 $519 $1,058 $1,488 
Short-term lease cost241 82 523 279 
Sublease income— (11)— (74)
Total$851 $590 $1,581 $1,693 
The following table summarizes supplemental information related to leases (in thousands):
Three Months EndedNine Months Ended
September 30, 2021September 30, 2020September 30, 2021September 30, 2020
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases$723 $115 $1,506 $961 
Right of use assets obtained in exchange for new operating lease liabilities3,515 — 8,141 322 
The additional right of use assets were acquired in the Timios, WAVE, US Hybrid and Solectrac acquisitions. The facilities acquired are primarily office buildings and warehouses in U.S. locations where they conduct business.
The following table summarizes the maturity of operating lease liabilities (in thousands):
Years ending December 31Leased Property
Costs
2021 (excluding the nine months ended September 30, 2021)$696 
20222,544 
20232,457 
20241,541 
20251,153 
2026 and thereafter1,029 
Total lease payments9,420 
Less: interest(633)
Total$8,787 

In the three months ended March 31, 2020 the Company ceased to use the premises underlying one lease and vacated the real estate. As a result, the Company recorded an impairment loss related to the right of use asset of $0.9 million. In the three months ended June 30, 2020, the Company completed negotiations with the landlord to settle the remaining operating lease liability of $0.9 million by issuing a promissory note for $0.1 million, bearing an annual interest rate of 4.0%, and which is due and payable on December 31, 2021. The Company recorded a gain of $0.8 million in "Other income, net" for the settlement of the operating lease liability in the three months ending June 30, 2020.

In the three months ended June 30, 2020 the Company ceased to use the premises for its New York City headquarters at 55 Broadway, which are subject to two leases, and vacated the real estate. As a result, the Company recorded an impairment loss related to the right of use asset of $5.3 million. The Company had an operating use liability of $5.8 million with respect to these leases, excluding $0.6 million in accounts payable. In the three months ended September 30, 2020, the Company completed negotiations with the landlord to settle the remaining amounts of $6.4 million for a cash payment of $1.5 million. The Company recorded a gain of $4.9 million in "Other income, net" for the settlement of the operating lease liability in the three months ended September 30, 2020.