Quarterly report pursuant to Section 13 or 15(d)


3 Months Ended
Mar. 31, 2019
Leases [Abstract]  



The Company has operating lease agreements, which are primarily for office space. These agreements frequently include one or more renewal options and require the Company to pay for utilities, taxes, insurance and maintenance expense. No lease agreement imposes a restriction on the Company’s ability to engage in financing transactions or enter into further lease agreements. At March 31, 2019, the Company has right-of-use assets of $0.6 million and a total lease liability for operating leases of $0.6 million of which $0.2 million is included in long-term lease liabilities and $0.4 million is included in current lease liabilities.


At March 31, 2019, future minimum lease payments for operating leases with non-cancelable terms of more than one year were as follows (in thousands):


Year Ending December 31,      
Remainder of 2019   $ 306  
2020     284  
2021     6  
    $ 596  


 In January 2019, the Company entered into a new operating lease, resulting in the Company recognizing an operating lease liability of approximately $0.4 million based on the present value of the minimum rental payments. The Company also recognized corresponding ROU assets of approximately $0.4 million. As the Company’s leases do not provide an implicit rate, the Company uses an incremental borrowing rate based on the information available at the transition date and commencement date in determining the present value of lease payments. Operating lease expense was $0.1 million for the three months ended March 31, 2019. Amortization expense was $0.1 million for the three months ended March 31, 2019.


Other information related to leases was as follows:

    Three Months Ended March 31,  
Cash paid for amounts included in the measurement of lease liabilities:   2019  
Operating cash flow from operating leases (in thousands)   $ 108  
Weighted Average Remaining Lease Term        
Operating leases     1.77 years  
Weighted Average Discount Rate        
Operating leases     3.36 %