Quarterly report pursuant to Section 13 or 15(d)

Leases

v3.19.2
Leases
6 Months Ended
Jun. 30, 2019
Leases  
Leases

Note 12. Leases

The Company entered into an agreement to lease approximately 11,040 square feet of space on the 12th floor of the building located at 555 Long Wharf Drive, New Haven, Connecticut that commenced February 22, 2019 (the “Commencement Date”). The premises were occupied in March 2019.

The term of the 12th floor lease continues from the Commencement Date through the last day of the calendar month immediately following the seventh anniversary of the Commencement Date.

The Company’s improvement costs were approximately $619 and are being amortized over the life of the lease.

Maturities of the operating lease liability are as follows:

 

 

 

 

 

Year ending December 31,

    

Amount

2019 (excluding the six months ended June 30, 2019)

 

$

102

2020

 

 

208

2021

 

 

196

2022

 

 

219

2023

 

 

225

Thereafter

 

 

506

Total lease payments

 

 

1,456

Less imputed interest

 

 

(186)

Total lease liability

 

 

1,270

Less current portion

 

 

(158)

Operating lease liability

 

$

1,112

 

The current portion of the Company’s operating lease liability of $158 as of June 30, 2019 is included in other current liabilities on the balance sheet.

The Company recorded amortization charges and interest expense of $62 and $17, respectively related to its operating lease right-of-use asset for the six months ended June 30, 2019.

The Company has an option to renew the lease for one additional five-year term at 95% of the then-prevailing market rates but not less than the rental rate at the end of the initial lease term.