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

Operating Leases (Tables)

3 Months Ended

Mar. 31, 2021

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

	Three Months Ended March 31, 2021			Three Months Ended March 31, 2020
Lease Cost
Operating lease cost (of which $25 is included in general and administration and $150 is included in cost of sales in the Company’s statement of operations for the three months ended March 31, 2021, and $25 and $150 for the same period in 2020, respectively)	$	175		$	175

Other Information
Weighted average remaining lease term – operating leases (in years)		2.2			3.2
Average discount rate – operating leases		3.75	%		3.75	%

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

	At March 31, 2021		At December 31, 2020
Operating leases
Long-term right-of-use assets, net of amortization of $160 and $1,265 respectively	$	1,403	$	1,563

Short-term operating lease liabilities	$	682	$	670
Long-term operating lease liabilities		815		990
Total operating lease liabilities	$	1,497	$	1,660

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

Year Ending	Operating Leases
2021 (remaining 9 months)		535
2022		747
2023		280
Total lease payments		1,562
Less: Imputed interest/present value discount		(65	)
Present value of lease liabilities	$	1,497