Quarterly report pursuant to Section 13 or 15(d)

Leases

Leases

6 Months Ended

Jun. 30, 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 $108,000 and $216,000 for the three and six months ended June 30, 2020, respectively. The Company recognized sublease income of $105,000 and $149,000 for the three and six months ended June 30, 2019.

Based on the present value of the lease payments for the remaining lease term of the Company's existing leases, as of June 30, 2020, total right-of-use assets were approximately $0.96 million and operating lease liabilities were approximately $1.12 million. As of June 30, 2019, the Company's total right-of-use assets were approximately $1.42 million and operating lease liabilities were approximately $1.63 million.

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


	Three Months Ended June 30,						Six Months Ended June 30,
	2020		2019		2020		2019
Cash paid for operating lease liabilities	$	160	$	155	$	318	$	309
Operating lease cost	$	144	$	144	$	289	$	289


	June 30, 2020
Weighted-average remaining lease term	1.7 Years
Weighted-average discount rate	9.66	%

Future maturities of lease liabilities as of June 30, 2020 are as follows (in thousands):


Due in 12-month period ended June 30,
2021	$	652
2022	$	560



	$	1,212
Less imputed interest	$	(94)
Total lease liabilities	$	1,118

Current operating lease liabilities	$	579
Non-current operating lease liabilities	$	539
	$	1,118

Note: Excludes a finance lease with a current liability of $6 and a non-current liability of $22.