Polar Power, Inc. Quarterly report pursuant to Section 13 or 15(d)

Leases (Tables)

9 Months Ended

Sep. 30, 2020

The components of rent expense and supplemental cash flow information related to leases for the period are as follows:

	Nine Months Ended September 30, 2020			Nine Months Ended September 30, 2019
Lease Cost
Operating lease cost (of which $74 is included in general and administration and $451 is included in cost of sales in the Company’s statement of operations for the nine months ended September 30, 2020, and for the same period in 2019, respectively)	$	525		$	525

Other Information
Weighted average remaining lease term – operating leases (in years)		2.7			3.7
Average discount rate – operating leases		3.75	%		3.75	%

The supplemental balance sheet information related to leases for the period is as follows:

	At September 30, 2020		At December 31, 2019
Operating leases
Long-term right-of-use assets, net of amortization of $89 and $155, respectively	$	1,721	$	2,187

Short-term operating lease liabilities	$	657	$	618
Long-term operating lease liabilities		1,162		1,660
Total operating lease liabilities	$	1,819	$	2,278

Maturities of the Company’s lease liabilities are as follows (in thousands):

Year Ending	Operating Leases
2020		168
2021		721
2022		747
2023		272
Total lease payments		1,908
Less: Imputed interest/present value discount		(89	)
Present value of lease liabilities	$	1,819