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Leases
3 Months Ended
Mar. 31, 2022
Leases  
Leases

Note 10. Leases

BTI leases office space for its corporate headquarters at 555 Long Wharf Drive, New Haven, Connecticut (the “HQ Lease”) under an operating lease. The HQ Lease was effective in February 2019, was subject to an amendment for additional office space in August 2020 and expires in February 2026. The Company has an option to renew the HQ Lease for one additional five-year term at 95% of the then-prevailing market rates but not less than the rental rate at the end of the initial lease term. Payments under the HQ Lease are fixed.

The Company also leases equipment such as copiers and information technology equipment.

The future minimum annual lease payments under operating leases, as of March 31, 2022, are as follows:

Year ending December 31,

    

Amount

Remainder of 2022

$

273

2023

372

2024

381

2025

391

2026

65

Thereafter

Total lease payments

$

1,482

Less imputed interest

(155)

Total lease liability

$

1,327

Less current portion of lease liability

(299)

Long-term portion of operating lease liability

$

1,028

The current portion of the Company’s operating lease liability of $299, as of March 31, 2022, is included in other current liabilities on the balance sheet.

The Company recorded lease expense of $98 and $109 related to its operating lease ROU asset for the three months ended March 31, 2022 and 2021, respectively.

Lease renewal options are not included in the ROU asset.