NOTE 11 – 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 December 31, 2019, the Company has right-of-use assets of $0.4 million and a total lease liability for operating leases of $0.4 million of which $6,000 is included in operating lease liabilities, noncurrent and $0.4 million is included in operating lease liabilities, current.

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

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 $0.5 million for year ended December 31, 2019.

Other information related to leases was as follows: