RIGHT OF USE ASSET

12 Months Ended

Dec. 31, 2022

Right Of Use Asset

RIGHT OF USE ASSET

NOTE 7–RIGHT OF USE ASSET

Lease Agreement

In January 2020, the Company entered into a lease agreement commencing February 8, 2020 for its current facility, which expires in 2025. The term of the lease is for five years. At inception of the lease, the Company recorded a right of use asset and liability. The Company used an effective borrowing rate of 12% within the calculation. The following are the expected lease payments as of December 31, 2022, including the total amount of imputed interest related (in thousands):

Years ended December 31:

2023	$	88
2024		90
2025		7
Operating Lease Total	$	185
Less: Imputed interest		(22	)
Total	$	163

The rent expense was and $85 thousand and $61 thousand for the years ended December 31, 2022 and 2021, respectively.