• Filing Date: 2020-11-09
  • Form Type: 10-Q
  • Description: Quarterly report
v3.20.2
OPERATING LEASES
9 Months Ended
Sep. 30, 2020
Leases [Abstract]  
OPERATING LEASES

The Company has operating leases for office facilities in various locations throughout the United States. The Company’s leases have remaining terms of one to four 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 September 30, 2020 and 2019 was $72,000 and $57,000, and for the nine months ended September 30, 2020 and 2019 was $175,000 and $131,000, 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 $168,000 for the three and nine months ended September 30, 2020.

 

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

 

Operating lease right-of-use lease assets from continuing operations   $ 276  
         
Current portion of lease liability   $ 232  
Long-term portion of lease liability     60  
Total lease liability from continuing operations   $ 292  
         
Weighted average remaining lease term - operating leases from continuing operations     1.78  
         
Weighted average discount rate - operating leases     9 %
         
2020   $ 63  
2021     195  
2022     19  
2023     19  
2024     18  
Total lease payments     314  
Less imputed interest     22  
Maturities of lease liabilities   $ 292