• Filing Date: 2020-08-03
  • Form Type: 10-Q
  • Description: Quarterly report
v3.20.2
OPERATING LEASES
6 Months Ended
Jun. 30, 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 June 30, 2020 and 2019 was $56,000 and $52,000, and for the six months ended June 30, 2020 and 2019 was $104,000 and $75,000, 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 $64,000 and $104,000 for the three and six months ended June 30, 2020.

 

Supplemental balance sheet information related to leases as of June 30, 2020 was as follows (dollars in thousands): 

 

Operating lease right-of-use lease assets from continuing operations   $ 330  
         
Current portion of lease liability   $ 231  
Long-term portion of lease liability     114  
Total lease liability from continuing operations   $ 345  
         
Weighted average remaining lease term - operating leases from continuing operations     1.93  
         
Weighted average discount rate - operating leases     9 %
         

 

2020   $ 125  
2021     195  
2022     19  
2023     19  
2024     18  
Total lease payments     376  
Less imputed interest     31  
Maturities of lease liabilities   $ 345