|3 Months Ended
Mar. 31, 2023
The Company has entered into a number of operating leases, primarily for office space and commercial property. These leases have remaining terms which range from 0.58 years to 5.25 years. The renewal option on one lease was exercised in February 2022 for an additional period of three years, extending this lease term to June 2025. The renewal option on another lease was derecognized in June 2022 as it is no longer reasonably certain that the option will be exercised, resulting in a reduction in the remaining term from 16 to six years. In September 2020, the Company entered into a sublease agreement for a commercial unit that extends through September 2023. In November 2021, the Company entered into a 12-month lease, with a rolling extension, for office space, and in May 2022, the Company entered into a 6-month lease for office space, which was extended to November 2023 and has elected not to apply the measurement and recognition requirements of ASC 842 to these short-term leases as any renewal term exercised or considered reasonably certain of exercise by the Company does not extend more than 12 months from the end of the previously determined lease term. Certain leases contain variable lease payments, including payments based on an index or rate. Variable lease payments based on an index or rate are initially measured using the index or rate in effect at lease commencement. Certain agreements contain both lease and non-lease components. The Company has elected to separately account for these components in determining the lease liabilities and right-of-use assets. The Company’s lease agreements generally do not provide an implicit borrowing rate; therefore, an internal incremental borrowing rate was determined based on information available at lease commencement date for the purposes of determining the present value of lease payments. The Company used the incremental borrowing rate on January 1, 2019 for all leases that commenced prior to that date. All operating lease expenses are recognized on a straight-line basis over the lease term. The Company recognized $106 and $146 of operating lease costs for right-of-use assets during the three months ended March 31, 2023 and 2022, respectively. The Company recognized $72 and $33 of rental expense on the short-term leases during the three months ended March 31, 2023 and 2022, respectively. The Company recognized $76 and $76 of sublease income during the three months ended March 31, 2023 and 2022, respectively.
Information related to the Company’s right-of-use assets and related lease liabilities is as follows:
Right-of-use assets and lease liabilities for the Company’s operating leases were recorded in the condensed consolidated balance sheet as follows, representing the Company’s right to use the underlying asset for the lease term (“Other assets”) and the Company’s obligation to make lease payments (“Other current liabilities” and “Other liabilities”):
Future lease payments included in the measurement of lease liabilities on the condensed consolidated balance sheet as of March 31, 2023 for the following five fiscal years and thereafter were as follows: