|3 Months Ended|
Mar. 31, 2020
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:
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.
The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability.
Reference 1: http://www.xbrl.org/2003/role/disclosureRef