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

Leases (Tables)

6 Months Ended

Jun. 30, 2020

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

	Six Months Ended June 30, 2020			Six Months Ended June 30, 2019
Lease Cost
Operating lease cost (of which $49 is included in general and administration and $301 is included in cost of sales in the Company’s statement of operations for the six months ended June 30, 2020, and for the same period in 2019, respectively)	$	350		$	350

Other Information
Weighted average remaining lease term – operating leases (in years)		2.9			3.9
Average discount rate – operating leases		3.75	%		3.75	%

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

	At June 30, 2020		At December 31, 2019
Operating leases
Long-term right-of-use assets, net of amortization of $108 and $155, respectively	$	1,878	$	2,187

Short-term operating lease liabilities	$	645	$	618
Long-term operating lease liabilities		1,331		1,660
Total operating lease liabilities	$	1,976	$	2,278

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

Year Ending	Operating Leases
2020		343
2021		721
2022		747
2023		272
Total lease payments		2,083
Less: Imputed interest/present value discount		(107	)
Present value of lease liabilities	$	1,976