Annual report pursuant to Section 13 and 15(d)

Commitments and Contingencies (Tables)

v3.20.1
Commitments and Contingencies (Tables)
12 Months Ended
Dec. 31, 2019
Commitments And Contingencies Disclosure [Abstract]  
Summary of Quantitative Information Associated with Amounts Recognized in Condensed Consolidated Financial Statements for Lease The following table summarizes certain quantitative information associated with the amounts recognized in the unaudited condensed consolidated financial statements for the Lease (dollars in thousands):

 

 

 

 

Year Ended December 31, 2019

 

Operating lease cost

 

 

$

664

 

Variable lease cost

 

 

 

41

 

Total operating lease expense

 

 

$

705

 

 

 

 

 

 

 

Cash paid for amounts included in the measurement of operating lease liability

 

 

$

497

 

 

 

 

 

 

 

 

 

 

December 31, 2019

 

Remaining Lease term (years)

 

 

 

9.59

 

Discount rate

 

 

 

15

%

 

Future Minimum Lease Payments Future minimum lease payments for all operating leases as of December 31, 2019 and 2018 are as follows (in thousands):

 

 

 

 

 

December 31, 2019

 

2020

 

 

 

$

507

 

2021

 

 

 

 

517

 

2022

 

 

 

 

527

 

2023

 

 

 

 

715

 

2024

 

 

 

 

730

 

Thereafter

 

 

 

 

3,533

 

Total

 

 

 

$

6,529

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2018

 

2019

 

 

 

$

498

 

2020

 

 

 

 

508

 

2021

 

 

 

 

518

 

2022

 

 

 

 

529

 

2023

 

 

 

 

716

 

Thereafter

 

 

 

 

4,203

 

Total

 

 

 

$

6,972

 

Presentation of Operating Lease Liability and Right-of-Use Asset

The presentation of the operating lease liability and right-of-use asset as of December 31, 2019 and January 1, 2019 are as follows (in thousands):

 

 

December 31, 2019

 

 

January 1, 2019

 

Present value of future minimum lease payments

 

$

3,362

 

 

$

3,368

 

 

 

 

 

 

 

 

 

 

Operating lease liability, current portion

 

$

36

 

 

$

23

 

Operating lease liability, long-term portion

 

 

3,326

 

 

 

3,345

 

Total operating lease liability

 

$

3,362

 

 

$

3,368

 

 

 

 

 

 

 

 

 

 

Difference between future minimum lease payments and discounted cash flows

 

$

3,167

 

 

$

3,604

 

 

 

 

 

 

 

 

 

 

Operating lease right-of-use asset

 

$

3,191

 

 

$

3,365