Selected Balance Sheet Detail

9 Months Ended

Sep. 30, 2022

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Selected Balance Sheet Detail

5. Selected Balance Sheet Detail  

Property and equipment

Property and equipment consisted of the following (in thousands):

	September 30,			December 31,
	2022			2021
Equipment	$	3,481		$	3,174
Furniture and fixtures		10			10
Software		49			8
Leasehold improvements		12			12
		3,552			3,204
Accumulated depreciation and amortization		(2,302	)		(2,031	)
Property and equipment, net	$	1,250		$	1,173

Right-of-use assets and operating lease liabilities

We lease certain office space and equipment for our use. Leases with an initial term of 12 months or less are not recorded on the balance sheet. Lease costs are recognized in the income statement over the lease term on a straight-line basis. Depreciation is computed using the straight-line method over the estimated useful life of the respective assets. The depreciable life of assets and leasehold improvements are limited by the expected lease term. Our lease agreements do not contain any material residual value guarantees or restrictive covenants. As most of our leases do not provide an implicit rate, we used our estimated incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. 

We are presently negotiating for new lease sites for both of our current offices and expect to enter into new agreements in the last quarter of 2022.

Assets	Classification	September 30, 2022 (in thousands)		December 31, 2021 (in thousands)
Non-current assets	Right-of-use assets	$	1,050	$	1,611
Liabilities
Current	Current operating lease liabilities	$	1,243	$	910
Long term	Long term operating lease liabilities	$	42	$	902

	For the three		For the three		For the nine		For the nine
	months ended		months ended		months ended		months ended
	September 30,		September 30,		September 30,		September 30,
	2022		2021		2022		2021
Cash paid for operating lease liabilities in thousands:	$	241	$	207		766		616

Rent expense, including common area maintenance charges, was $0.2 million and $0.2 million and $0.7 million and $0.6 million during the three and nine-month periods ended September 30, 2022 and 2021, respectively.