Quarterly report pursuant to Section 13 or 15(d)

Commitments (Tables)

v3.21.2
Commitments (Tables)
9 Months Ended
Sep. 30, 2021
Commitments and Contingencies Disclosure [Abstract]  
Schedule of Classification of Lease Liabilities
The balance sheet classification of the Company’s lease liabilities was as follows (in thousands):
 
 
 
 
 
 
 
 
 
 
Description
  
September 30,
2021
    
December 31,
2020
 
Operating lease liabilities:
                 
Current portion of lease liabilities
   $ 654      $ 644  
Long-term portion of lease liabilities
   $ 2,700      $ 2,959  
Summary of Future Minimum Lease Payments
As of September 30, 2021, the maturities of our operating lease liabilities were as follow
s
 (in thousands):
 
 
 
 
 
 
    
Amount
 
October 1, 2021 - December 31, 2021
   $ 171  
Year ending December 31:
        
2022
     693  
2023
     707  
2024
     721  
2025
     736  
Thereafter
     1,452  
    
 
 
 
Total lease payments
     4,480  
Less: Present value adjustment
     (1,126
    
 
 
 
Operating lease liabilities
     3,354  
    
 
 
 
Lease, Cost
Lease costs under the terms of the Company’s leases for the three and nine months ended September 30, 2021 and 2020 were as follows (in thousands):
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    
Three Months Ended
September 30,
    
Nine Months Ended
September 30,
 
    
2021
    
2020
    
2021
    
2020
 
Operating lease cost (1)
   $ 154      $ 154      $ 461      $ 461  
Variable lease costs (2)
     46        43        111        89  
    
 
 
    
 
 
    
 
 
    
 
 
 
Total lease cost
   $ 200      $ 197      $ 572      $ 550  
    
 
 
    
 
 
    
 
 
    
 
 
 
 
(1)
Operating lease payments included in the measurement of the Company’s lease liabilities are comprised of fixed payments according to the terms of the Company’s leases.
(2)
Variable lease payments consist of the Company’s utility costs billed by and paid to its landlord. Variable lease payments are presented as operating expenses in the Company’s Consolidated Statement of Operations in the same line item as expense arising from fixed lease payments and in net cash used in operating activities in the Company’s Statement of Cash Flows.