Quarterly report pursuant to Section 13 or 15(d)

Leases

v3.19.3
Leases
9 Months Ended
Sep. 30, 2019
Leases [Abstract]  
Leases
Leases
The Company currently maintains one finance lease for equipment and two operating leases for real estate. Our finance lease is immaterial to our condensed consolidated financial statements. Our 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 September 30, 2019 condensed consolidated balance sheet 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 September 30, 2019 condensed consolidated balance sheet. The Company recognized sublease income of $105,000 and $253,750 for the three and nine months ended September 30, 2019, respectively.
Based on the present value of the lease payments for the remaining lease term of the Company's existing leases, as of September 30, 2019, total right-of-use assets were approximately $1.31 million and operating lease liabilities were approximately $1.51 million. The right-of-use assets are reported in "Other Assets" in the condensed consolidated balance sheet.
Information related to the Company's right-of-use assets and related lease liabilities were as follows (in thousands):
 
Three months ended September 30, 2019
Nine months ended September 30, 2019
Cash paid for operating lease liabilities
$
157

$
466

Operating lease cost
$
144

$
433

 
September 30, 2019
Weighted-average remaining lease term
2.5 Years

Weighted-average discount rate
9.66
%

Maturities of lease liabilities as of September 30, 2019 were as follows (in thousands):
 
 
Due in 12-month period ended September 30,
 
2020
$
638

2021
$
656

2022
$
393

 
$
1,687

Less imputed interest
$
(179
)
Total lease liabilities
$
1,508

 
 
Current operating lease liabilities
$
530

Non-current operating lease liabilities
$
978

 
$
1,508

Note: Excludes a finance lease with current liability of $6 and a non-current liability of $27.