Quarterly report pursuant to Section 13 or 15(d)

LEASES

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LEASES
6 Months Ended
Jun. 30, 2024
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 March 6, 2024, the Company entered into an amended agreement with the landlord to extend the lease commencing in September 2024 and effective until August 2027.

 

On April 19, 2022, the Company entered into a 2nd 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, 2024:

 

 

 

Six months ended

 

 

 

June 30,

 

 

 

2024

 

 

2023

 

 

 

 

 

 

 

 

Lease cost

 

 

 

 

 

 

Operating lease cost

 

$ 16

 

 

$ 21

 

 

 

 

 

 

 

 

 

 

Other information

 

 

 

 

 

 

 

 

Cash paid for operating cash flows from operating leases

 

$ 14

 

 

$ 23

 

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

 

$ 111

 

 

$ -

 

 

 

 

 

 

 

 

 

 

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

 

 

3.33

 

 

 

1.17

 

Weighted-average discount rate — operating leases

 

 

7.50 %

 

 

3.00 %

Future minimum lease payments under the operating lease liability have non-cancellable lease payments at June 30, 2024, as follows:

 

 

 

Total

 

Year Ended December 31,

 

 

 

2024

 

$ 20

 

2025

 

 

42

 

2026

 

 

43

 

2027

 

 

30

 

Thereafter

 

 

-

 

 

 

 

135

 

Less: Imputed interest

 

 

(15 )

Operating lease liabilities

 

 

120

 

 

 

 

 

 

Operating lease liability - current

 

 

33

 

Operating lease liability - non-current

 

$ 87