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

OPERATING LEASES (Tables)

3 Months Ended

Mar. 31, 2022

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

	Three Months Ended March 31, 2022			Three Months Ended March 31, 2021
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, 2022, and $25 and $150 for the same period in 2021, respectively)	$	175		$	175

Other Information
Weighted average remaining lease term – operating leases (in years)		1.2			2.2
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, 2022		At December 31, 2021
Operating leases
Long-term right-of-use assets, net of accumulated amortization of $2,069 and $1,903, respectively	$	748	$	914

Short-term operating lease liabilities	$	691	$	721
Long-term operating lease liabilities		123		268
Total operating lease liabilities	$	814	$	989

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

Year Ending	Operating Leases
2022 (remaining 9 months)		563
2023		280
Total lease payments		843
Less: Imputed interest/present value discount		(29	)
Present value of lease liabilities	$	814