Quarterly report pursuant to Section 13 or 15(d)

OPERATING LEASE OBLIGATIONS (Tables)

v3.23.2
OPERATING LEASE OBLIGATIONS (Tables)
6 Months Ended
Jun. 30, 2023
OPERATING LEASE OBLIGATIONS  
Schedule of rent expense and quantitative information

The Company recorded rent expense as follows:

    

Three-Month Periods Ended June 30,

Six-Month Periods Ended June 30,

($’s in thousands)

2023

    

2022

    

2023

    

2022

Operating lease cost

$

24

$

27

$

48

$

53

Variable lease cost

 

1

1

2

2

Total lease cost

$

25

$

28

$

50

$

55

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

    

Three-Month Periods Ended June 30,

Six-Month Periods Ended June 30,

($’s in thousands)

    

2023

    

2022

    

2023

    

2022

Cash paid for amounts included in the measurement of lease liabilities

$

25

$

25

$

42

$

50

Weighted-average remaining lease term - operating leases

 

1.6

 

0.5

 

1.6

 

0.5

Weighted-average discount rate - operating leases

 

6.25

%  

 

4.0

%  

 

6.25

%  

 

4.0

%

Schedule of operating lease liability

As of June 30, 2023, future minimum lease payments under lease agreements associated with the Company’s operations were as follows:

$’s in thousands

    

    

Remainder of 2023

$

50

2024

 

102

2025

 

9

Total lease payments

 

161

Less: present value discount

 

(7)

Total operating lease liabilities

$

154