Journey Medical Corporation Quarterly report pursuant to Section 13 or 15(d)

Quarterly report pursuant to Section 13 or 15(d)

OPERATING LEASE OBLIGATIONS

OPERATING LEASE OBLIGATIONS

6 Months Ended

Jun. 30, 2022

NOTE 12. OPERATING LEASE OBLIGATIONS

The Company leases 3,681 square feet of office space in Scottsdale, Arizona. In August 2020, the Company amended its office lease and extended the lease term for an additional 25 months at an annual rate of approximately $0.1 million. The term of the amended lease commenced on December 1, 2020 and will expire on December 31, 2022.

At June 30, 2022 the Company’s operating lease liability was as follows:


($’s in thousands)
Remainder of 2022	$	50
Less: present value discount		(1)
Operating lease liabilities	$	49

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



	Three-Month Periods Ended							Six-Month Periods Ended
	June 30,							June 30,
	2022			2021			2022			2021
Lease cost :
Operating lease cost	$	27		$	21		$	53		$	44
Variable lease cost		1			1			2			2
Total lease cost		28			22			55			46

Other information:
Operating cash flows from operating leases	$	25		$	21		$	50		$	44
Weighted-average remaining lease term - operating leases		0.5			1.2			0.5			1.2
Weighted-average discount rate - operating leases		4.0	%		4.0	%		4.0	%		4.0	%