• Filing Date: 2020-05-13
  • Form Type: 10-Q
  • Description: Quarterly report
v3.20.1
OPERATING LEASES
3 Months Ended
Mar. 31, 2020
Leases [Abstract]  
OPERATING LEASES

We have operating leases for office facilities in various locations throughout the United States. The Company’s leases have remaining terms of one to five years. Certain of the Company’s leases include options to extend the term of the lease or to terminate the lease prior to the end of the initial term. When it is reasonably certain that the Company will exercise the option, the Company will include the impact of the option in the lease term for purposes of determining total future lease payments.

 

Operating lease expense from continuing operations for the three months ended March 31, 2020 and 2019 was $48,000 and $25,000, respectively, and is part of general and administrative expenses in the accompanying unaudited condensed consolidated statement of operations.

 

Cash paid for amounts included in the measurement of operating lease liabilities from continuing operations was $48,000 and $0 for the three months ended March 31, 2020 and 2019.

 

Supplemental balance sheet information related to leases as of March 31, 2020 was as follows (dollars in thousands): 

  

Operating lease right-of-use lease assets from continuing operations   $ 383  
Operating lease right-of-use lease assets from held for sale and discontinued operations     582  
Total operating lease right-of-use assets   $ 965  
         
Lease liability, short-term   $ 231  
Lease liability, long-term     172  
Lease liability from held for sale and discontinued operations     751  
  Total operating lease liabilities   $ 1,154  
         
Weighted Average Remaining Lease Term - operating leases from continuing operations     2.1  
         
Weighted Average Discount Rate - operating leases     9 %

 

Maturities of lease liabilities were as follows (dollars in thousands):

 

2020 (remainder 2020)   $ 442  
2021     412  
2022     177  
2023     178  
2024     100  
Total lease payments     1,309  
Less imputed interest     (155 )
Maturities of lease liabilities   $ 1,154