6. Commitments

In November 2019, the Company entered into a sublease for office space which was classified as an operating lease. At inception of the lease, the Company recognized a lease liability and right-of-use asset of approximately $1.7 million. The lease liability represents the present value of the remaining lease payments, discounted using the Company’s estimated incremental borrowing rate of 7.49%. The ROU asset represents the lease liability adjusted for any prepaid and accrued rent payments.

Future minimum payments required under the non-cancelable operating leases as of December 31, 2020 are summarized as follows (in thousands):


Period Ending December 31,	Amount
2021		678
2022		438
Total lease payments	$	1,116
Less: imputed interest		(70)
Total operating lease liabilities	$	1,046

Rent expense was $0.8 million and $0.4 million for the years ended December 31, 2020 and 2019, respectively. Lease payments were $1.5 million and $1.4 million for the years ended December 31, 2020 and 2019, respectively.