Quarterly report pursuant to Section 13 or 15(d)

LEASES

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LEASES
9 Months Ended
Sep. 30, 2019
Leases [Abstract]  
LEASES

NOTE 9 – LEASES 

 

The Company has various 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 September 30, 2019, the Company has right-of-use assets of $0.5 million and a total lease liability for operating leases of $0.5 million of which $0.1 million is included in operating lease liabilities, noncurrent and $0.4 million is included in operating lease liabilities, current.

 

At September 30, 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   $ 113  
2020     358  
2021     6  
    $ 477  

 

 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. In April 2019, the Company entered into a lease amendment, resulting in the Company recognizing an additional operating lease liability of approximately $0.1 million based on the present value of the minimum rental payments. The Company also recognized a corresponding increase to ROU assets of approximately $0.1 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 and $0.3 million for the three and nine months ended September 30, 2019. Amortization expense was $0.1 million and $0.3 million for the three and nine months ended September 30, 2019.

 

Other information related to leases was as follows:

 

    Nine Months Ended
September, 2019
 
Cash paid for amounts included in the measurement of lease liabilities:    
Operating cash flow from operating leases (in thousands)   $ 333  
         
Weighted Average Remaining Lease Term        
Operating leases       1.09 years  
         
Weighted Average Discount Rate        
Operating leases     3.37 %