Quarterly report pursuant to Section 13 or 15(d)

OPERATING LEASE OBLIGATIONS (Tables)

v3.23.1
OPERATING LEASE OBLIGATIONS (Tables)
3 Months Ended
Mar. 31, 2023
OPERATING LEASE OBLIGATIONS  
Schedule of rent expense and quantitative information

The Company recorded rent expense as follows:

    

Three Month Period Ended March 31,

($’s in thousands)

2023

    

2022

Operating lease cost

$

24

$

26

Variable lease cost

 

1

1

Total lease cost

$

25

$

27

The following table summarizes quantitative information about the Company’s operating leases:

    

Three-Month Period Ended March 31,

($’s in thousands)

    

2023

    

2022

Cash paid for amounts included in the measurement of lease liabilities

$

17

$

25

Weighted-average remaining lease term - operating leases

 

1.8

 

0.8

Weighted-average discount rate - operating leases

 

6.25

%  

 

4.0

%

Summary of operating lease liability

As of March 31, 2023, future minimum lease payments under lease agreements associated with the Company’s operations were as follows:

$’s in thousands

    

    

Remainder of 2023

$

76

2024

 

102

2025

 

9

Total lease payments

 

187

Less: present value discount

 

(10)

Total operating lease liabilities

$

177