Quarterly report pursuant to Section 13 or 15(d)

LEASES

v3.23.2
LEASES
6 Months Ended
Jun. 30, 2023
LEASES  
LEASES

NOTE 6 - LEASE

 

On May 12, 2021, the Company entered into a lease arrangement for office space with Beckman/Lomas LLC, an entity controlled by a close family member of a director. Effective June 1, 2022, the related party divested its interests in the property, and as such, the lease agreement no longer constitutes a related party transaction.

 

On April 19, 2022, the Company entered into a lease arrangement for office space with an annual rent of $13 (£11) with the term of April 2022 through September 2023.

 

The following summarizes right-of use asset and lease information about the Company’s operating lease as of June 30, 2023:

 

 

 

Six months ended

 

 

 

June 30,

 

 

 

2023

 

 

2022

 

 

 

 

 

 

 

 

Lease cost

 

 

 

 

 

 

Operating lease cost

 

$ 21

 

 

$ 19

 

 

 

 

 

 

 

 

 

 

Other information

 

 

 

 

 

 

 

 

Cash paid for operating cash flows from operating leases

 

$ 23

 

 

$ 22

 

Right-of-use assets obtained in exchange for new operating lease liability

 

$ -

 

 

$ 20

 

 

 

 

 

 

 

 

 

 

Weighted-average remaining lease term — operating leases (year)

 

 

1.17

 

 

 

2.03

 

Weighted-average discount rate — operating leases

 

 

3.00 %

 

 

2.98 %

 

Future minimum lease payments under the operating lease liability have non-cancellable lease payments at June 30, 2023 as follows:

 

 

 

Total

 

Year Ended December 31,

 

 

 

2023 - Remaining 6 months

 

$ 17

 

2024

 

 

24

 

Thereafter

 

 

-

 

 

 

 

41

 

Less: Imputed interest

 

 

(1 )

Operating lease liabilities

 

 

40

 

 

 

 

 

 

Operating lease liability - current

 

 

34

 

Operating lease liability - non-current

 

$ 6