Quarterly report pursuant to Section 13 or 15(d)

Commitments and Contingencies (Tables)

v3.19.3
Commitments and Contingencies (Tables)
9 Months Ended
Sep. 30, 2019
Commitments And Contingencies Disclosure [Abstract]  
Summary of Quantitative Information Associated with Amounts Recognized in Unaudited 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):

 

 

 

Three Months Ended September 30, 2019

 

 

Nine Months Ended September 30, 2019

 

Operating lease cost

 

$

166

 

 

$

498

 

Variable lease cost

 

 

8

 

 

 

25

 

Total operating lease expense

 

$

174

 

 

$

523

 

 

 

 

 

 

 

 

 

 

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

 

$

111

 

 

$

330

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

September 30, 2019

 

Remaining Lease term (years)

 

 

 

 

 

 

9.84

 

Discount rate

 

 

 

 

 

 

15

%

 

Future Minimum Lease Payments   Future minimum lease payments for the Lease as of September 30, 2019 and December 31, 2018 are as follows (in thousands):

 

 

 

 

 

December 31, 2018

 

2019

 

 

 

$

498

 

2020

 

 

 

 

508

 

2021

 

 

 

 

518

 

2022

 

 

 

 

529

 

2023

 

 

 

 

716

 

Thereafter

 

 

 

 

4,203

 

Total

 

 

 

$

6,972

 

 

 

 

 

 

 

 

 

 

 

 

September 30, 2019

 

2019

 

 

 

$

167

 

2020

 

 

 

 

507

 

2021

 

 

 

 

517

 

2022

 

 

 

 

527

 

2023

 

 

 

 

715

 

Thereafter

 

 

 

 

4,263

 

Total

 

 

 

$

6,696

 

 

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

The presentation of the operating lease liability and right-of-use asset as of September 30, 2019 and January 1, 2019 are as follows (in thousands):

 

 

September 30, 2019

 

 

January 1, 2019

 

Present value of future minimum lease payments

 

$

3,409

 

 

$

3,368

 

 

 

 

 

 

 

 

 

 

Operating lease liability, current portion

 

$

31

 

 

$

23

 

Operating lease liability, long-term portion

 

 

3,378

 

 

 

3,345

 

Total operating lease liability

 

$

3,409

 

 

$

3,368

 

 

 

 

 

 

 

 

 

 

Difference between future minimum lease payments and discounted cash flows

 

$

3,287

 

 

$

3,604

 

 

 

 

 

 

 

 

 

 

Operating lease right-of-use asset

 

$

3,238

 

 

$

3,365