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As of January 31, 2021, the Company had operating leases for facilities expiring at various dates through 2026.
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The components of lease expense for the fiscal year ended January 31, 2021 are as follows:
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For the Fiscal Years Ended January 31,
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2021
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2020
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(Amounts in thousands)
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Operating lease cost
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$
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1,351
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$
|
906
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Short term lease cost, net
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34
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27
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Total lease cost
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$
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1,385
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$
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933
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Supplemental cash flow information related to the Company’s operating leases was as follows:
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For the Fiscal Years Ended January 31,
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2021
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2020
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(Amounts in thousands)
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Cash paid for amounts included in the measurement of lease liabilities
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Operating cash flows from operating leases
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$
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1,072
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$
|
906
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Supplemental balance sheet information related to the Company’s operating leases was as follows:
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As of January 31, 2021
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As of January 31, 2020
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(Amounts in thousands)
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Operating lease right-of-use assets
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$
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4,968
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$
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4,860
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Current portion, operating lease liabilities
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1,387
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|
722
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Operating lease liabilities, long term
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4,070
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4,348
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Total operating lease liabilities
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$
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5,457
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$
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5,070
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Weighted average remaining lease term (years)
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4.0
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5.0
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Weighted average incremental borrowing rate
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5.0
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%
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5.0
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%
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The current portion, operating lease liabilities is included in the balance of accrued expenses at January 31, 2021. Rent payments for continuing operations were approximately $1.1 million for the fiscal year ended January 31, 2021. Future minimum lease payments for operating leases with initial or remaining terms in excess of one year at January 31, 2021 are as follows:
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Payments for
Operating Leases
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For the Fiscal Years Ended January 31,
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(Amounts in thousands)
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2022
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$
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1,320
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2023
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|
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1,466
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2024
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|
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1,507
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2025
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1,550
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2026
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|
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59
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Total lease payments
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5,902
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Less interest
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445
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Total operating lease liabilities
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$
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5,457
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In March 2021, we entered into a Termination Agreement for our current headquarters office lease at 500 Totten Pond Road, Waltham, Massachusetts that provides for an early termination of such sublease effective March 21, 2021 (see Note 1).
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