Quarterly report pursuant to Section 13 or 15(d)

Leases

v3.20.1
Leases
3 Months Ended
Mar. 31, 2020
Leases  
Leases

Note 11. 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, or 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 $642 and are being amortized over the life of the lease.

Maturities of the operating lease liability are as follows:

 

 

 

 

Year ending December 31,

    

Amount

2020 (excluding the three months ended March 31, 2020)

 

$

157

2021

 

 

196

2022

 

 

219

2023

 

 

225

2024

 

 

230

Thereafter

 

 

275

Total lease payments

 

 

1,302

Less imputed interest

 

 

(149)

Total lease liability

 

 

1,153

Less current portion

 

 

(192)

Operating lease liability

 

$

961

 

The current portion of the Company’s operating lease liability of $192 as of March 31, 2020 is included in other current liabilities on the balance sheet.

The Company recorded lease expense of $54 and $22 related to its operating lease right-of-use asset for the three months ended March 31, 2020 and 2019, respectively.

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.