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Operating Leases - ROU Assets and Lease Liability Obligations (Tables)
6 Months Ended
Jun. 30, 2024
Schedule of Right-of-use Assets and Lease Liabilities

The Company has only one operating lease (the “Office Lease”), which is for office space under a lease that commenced on March 1, 2022 and expires on July 31, 2027 (the “Term”). Below is a summary of the Company’s ROU assets and lease liabilities as of June 30, 2024 and December 31, 2023 (in thousands, except for years and %):

 

 

June 30, 2024

 

 

 

December 31, 2023

 

 

 

 

 

 

 

 

 

 

 

Right-of-use assets

 

$

977

 

 

 

$

1,126

 

 

 

 

 

 

 

 

 

 

 

Lease liability obligations, current

 

$

334

 

 

 

$

324

 

 

Lease liability obligations, less current portion

 

 

766

 

 

 

 

936

 

 

Total lease liability obligations

 

$

1,100

 

 

 

$

1,260

 

 

 

 

 

 

 

 

 

 

 

Weighted-average remaining lease term

 

3.08  years

 

 

 

3.58  years

 

 

 

 

 

 

 

 

 

 

 

Weighted-average discount rate

 

 

3.00

 

%

 

 

3.00

 

%

Office Space [Member]  
Schedule of Future Minimum Lease Payments

Approximate future minimum lease payments for the Company’s ROU assets over the remaining lease period as of June 30, 2024 are as follows (in thousands):

 

 

 

 

 

Remainder of 2024

 

$

180

 

 

2025

 

 

368

 

 

2026

 

 

379

 

 

2027

 

 

227

 

 

Total minimum lease payments

 

$

1,154

 

 

Less: amount representing interest

 

$

(54

)

 

Total lease liability obligations

 

$

1,100