|12 Months Ended|
Dec. 31, 2019
On August 7, 2015, the Company signed a lease for 21,697 square feet of mixed office and manufacturing space in Alameda, CA. The term of the lease is 76 months plus 6 months pre-commencement date for tenant improvement construction. The total cost of the lease is $3.0 million which was being amortized over 82 months at approximately $37,000 per month. As of December 31, 2016, the landlord had paid for $0.9 million in tenant improvements. The tenant improvements cost has been included in owned assets and deferred rent and was being amortized over the life of the lease.
In July 2018, the Company signed a lease for 14,016 square feet of mixed office and warehouse space in McCarran, Nevada. The lease term is 42 months. The total cost of the lease is $0.4 million, which is being amortized over 42 months at approximately $9,000 per month.
Amortization of deferred rent expense for the years ended December 31, 2019 and December 31, 2018 was $0.04 million and $0.1 million, respectively.In October 2018, the Company moved its corporate headquarters to its McCarran, Nevada facility and ceased to use its Alameda, California facility. In February 2019, the Company sublet the California facility. Upon vacating the property, the Company wrote off the remaining amount of deferred rent in the amount of $0.8 million, and recorded a liability for the present value of remaining lease payments less estimated sublease income in the amount of $0.3 million recorded in the balance sheet as lease liability. Additionally, the Company wrote off the net book value of its leasehold improvements of approximately $0.8 million during the fourth quarter of 2018.
The entire disclosure for deferred rent.A deferred rent is a long-term prepaid expense that is treated as an asset on a balance sheet and is carried forward until it is actually used.
No definition available.