The Company is subject to various non-cancelable operating leases for office space and IT equipment expiring at various dates through November 2022. These leases do not have significant rent escalation, holidays, concessions, leasehold improvement incentives, or other build-out clauses. Further, the leases do not contain contingent rent provisions.

Most of these leases include an option to renew. The exercise of lease renewal options is typically at our sole discretion; therefore, the majority of renewals to extend the lease terms are not included in our right-of-use ("ROU") assets and lease liabilities because they are not reasonably certain of exercise. We regularly evaluate the renewal options and, when they are reasonably certain of exercise, we include the renewal period in our lease term.

Because most of our leases do not provide an implicit rate, we use our incremental borrowing rate in determining the present value of the lease payments. The incremental borrowing rate represents an estimate of the interest rate we would incur at lease commencement to borrow an amount equal to the lease payments on a collateralized basis over the term of a lease. We used incremental borrowing rates as of January 1, 2019 for operating leases that commenced prior to that date. We have a centrally managed treasury function; therefore, based on the applicable lease terms and the current economic environment, we apply a portfolio approach for determining the incremental borrowing rate.

The cost components of our operating leases were as follows (in thousands):

	Three-Month Periods Ended September 30,				Nine-Month Periods Ended September 30,
	2021		2020		2021		2020
Operating lease costs	$	54	$	58	$	161	$	189
Variable lease cost		50		65		144		234
Total	$	104	$	123	$	305	$	423

Variable lease costs consist primarily of property taxes, insurance, and common area or other maintenance costs for our leased facilities and equipment, which are paid based on actual costs incurred by the lessor.

Maturities for our lease liabilities for all operating leases were as follows (in thousands) as of September 30, 2021:

	Total
2021	$	111
2022		1
2023 and thereafter		—
Total lease payments		112
Less: Interest		(1	)
Present value of lease liabilities	$	111

The weighted average remaining lease terms and discount rates for all of our operating leases were as follows as of September 30, 2021:

	September 30, 2021
Remaining lease term and discount rate:
Weighted average remaining lease term (years)	0.57
Weighted average discount rate	4.75	%

Cash paid for amounts included in the measurement of operating lease liabilities was $160,000 and $193,000 for the nine months ended September 30, 2021 and 2020, respectively, and these amounts are included in operating activities in the condensed consolidated statements of cash flows. There were no operating lease assets obtained in exchange for new operating lease liabilities for the three and nine months ended September 30, 2021 and 2020, except that during the three months ended September 30, 2020, we agreed to a one-year extension of our office space which increased operating lease assets and liabilities by $194,000, and, during the three months ended September 30, 2021, ISNS entered into Amendment XV to Office Lease Agreement (the "Amendment"), which increased operating lease assets and liabilities by $134,000.

On July 28, 2021 ISNS and Spruce Tree Centre L.L.P. entered into the Amendment, which amended the original Office Lease Agreement dated as of November 24, 1998 by and between ISNS and Spruce Tree (the "Original Lease"), as such Original Lease was subsequently amended (as so amended, the "Lease"). The Amendment was signed by Spruce Tree on July 28, 2021. The Lease term was to expire on July 31, 2021. The Amendment, which is effective August 1, 2021, extends the Lease through March 31, 2022. In addition, the Amendment increases the monthly rent from $16,660 to $16,960 for the period from August 1, 2021 through March 31, 2022.

On August 27, 2021 (the "Effective Date"), ISNS, and TJ&Z Family Limited Partnership, a Minnesota limited partnership ("TJ&Z"), entered into a Purchase Agreement (the "Agreement") under which ISNS is purchasing certain real and personal property (the "Property") from TJ&Z for a total purchase price of $2,050,000, subject to adjustments if certain conditions are not satisfied (the "Purchase Price"). The Property includes land and a building located at 1115 Hennepin Avenue, Minneapolis, Minnesota (the "Real Property"). The Agreement also provides for the sale by TJ&Z to ISNS of all of TJ&Z's interest under a billboard lease for a billboard located on the Real Property, business records related to the Real Property, and certain personal property located on the Real Property, all as described in the Agreement. The Agreement gives ISNS 60 days after the Effective Date (the "Inspection Period") during which to undertake any studies, tests, investigations, and inspections of the Property. Effective as of October 26, 2021, ISNS and TJ&Z entered into the First Amendment to purchase Agreement (the "First Amendment") that, among other things, extends the Inspection Period from October 26, 2021 to November 26, 2021, as to certain conditions only. The First Amendment effectively extends the closing date to December 13, 2021, and requires ISNS to pay $50,000 in earnest money in addition to the $50,000 in earnest money already paid by ISNS under the Agreement.

The foregoing description of the Agreement and the First Amendment does not purport to be complete and is qualified in its entirety by reference to the full text of the Agreement and First Amendment filed as Exhibit 10.5 and Exhibit 10.6, respectively, to this Quarterly Report on Form 10-Q and incorporated herein by reference.