Quarterly report pursuant to Section 13 or 15(d)

Leases

Leases

3 Months Ended

Mar. 31, 2020

The Company currently maintains one finance lease for equipment and two operating leases for real estate. The finance lease is immaterial to the Company's condensed consolidated financial statements. The operating leases have terms of 76 and 42 months and include one or more options to extend the duration of the agreements. These operating leases are included in "Other assets" on the Company's condensed consolidated balance sheets and represent the Company's right to use the underlying assets for the term of the leases. The Company's obligation to make lease payments are included in "Lease liability, current portion" and "Lease liability, non-current portion" on the Company's condensed consolidated balance sheets. The Company recognized sublease income of $108,150 and $43,750 for the three months ended March 31, 2020 and March 31, 2019, respectively.

Based on the present value of the lease payments for the remaining lease term of the Company's existing leases, as of March 31, 2020, total right-of-use assets were approximately $1.08 million and operating lease liabilities were approximately $1.25 million. As of March 31, 2019, the Company's total right-of-use assets were approximately $1.53 million and operating lease liabilities were approximately $1.75 million.

Information related to the Company's right-of-use assets and related lease liabilities were as follows (in thousands):


	Three Months Ended March 31,
	2020		2019
Cash paid for operating lease liabilities	$	158	$	154
Operating lease cost	$	144	$	144


	March 31, 2020		December 31, 2019
Weighted-average remaining lease term	2.0 Years		2.2 Years
Weighted-average discount rate	9.66	%	9.66	%

Future maturities of lease liabilities as of March 31, 2020 are as follows (in thousands):


Due in 12-month period ended March 31,
2021	$	647
2022	$	634
2023	$	91


	$	1,372
Less imputed interest	$	(120)
Total lease liabilities	$	1,252

Current operating lease liabilities	$	563
Non-current operating lease liabilities	$	689
	$	1,252

Note: Excludes a finance lease with current liability of $5 and a non-current liability of $25.