Leases

12 Months Ended

Dec. 31, 2022

5. LEASES

We have operating leases for approximately nine thousand square feet of corporate office space. The weighted-average remaining lease term is 2.6 years. The weighted-average discount rate utilized on our operating lease liabilities as of December 31, 2022 was 4.00%.

Operating leases are included in operating lease ROU assets, operating lease liabilities, and operating lease liabilities, noncurrent in our consolidated balance sheets as of December 31, 2022.

The following table summarizes the presentation of the Company's operating lease as presented on the consolidated balance sheets:


(in thousands)	DECEMBER 31, 2022
Assets:
Operating lease right-of-use assets	$	524
Liabilities:
Operating lease liabilities	$	181
Operating lease liabilities, noncurrent		374
Total operating lease liabilities	$	555

Future minimum lease payments from December 31, 2022 until the expiration of the operating lease are as follows:


(in thousands)
2023	$	200
2024		230
2025		156
Thereafter		—
Total lease payments		586
Less: imputed discount rate		(31	)
Carrying value of operating lease liabilities	$	555

The Company incurred $0.2 million and $0.1 million in operating lease rent expense for the years ended December 31, 2022 and 2021, respectively. Lease payments made were $0.2 million and $0.1 million for the years ended December 31, 2022 and 2021, respectively, with such amounts reflected in the consolidated statements of cash flows in operating activities.

As the result of adopting ASU 2016-02 using the modified retrospective transition method, we did not restate periods prior to the adoption date of January 1, 2022. These periods continue to be presented in accordance with ASC 840. As of December 31, 2021, the future undiscounted minimum lease payments on our operating leases were as follows:


YEAR ENDING DECEMBER 31,
(in thousands)
2022	$	170
2023		195
2024		230
2025		176
Thereafter		—
	$	771