We adopted ASU 2016-02 effective January 1, 2019 and elected the modified retrospective transition method, recording a cumulative-effect adjustment as of that date and presenting comparative prior year periods in accordance with Accounting Standards Codification Topic 840. On the date of adoption, we recorded a cumulative adjustment to recognize new net lease liabilities of $1.7 million and new right-of-use (ROU) assets of $1.2 million, for operating leases on our consolidated balance sheets, based on the present value of remaining rental payments for existing operating leases. As part of adoption, we also de-recognized $0.5 million in deferred rent. Adoption of the standard did not have a material impact on our statement of operations or statement of cash flows. As part of adoption, we elected the short-term lease recognition exemption for our facility rental and equipment leases (all leases that qualified), which means that we did not recognize ROU assets or lease liabilities for existing short-term leases (leases of 12-months or less) as of the January 1, 2019 adoption date. In addition, when adopting ASU 2016-02 we applied the following practical expedients to forego assessing:

We determine if an arrangement is a lease at inception. On our balance sheet, our office leases are included in ROU assets and related lease liabilities are included in the Operating leases and Operating leases, long-term statement line items. We determined that we do not currently have finance leases.

ROU assets represent our right to use the underlying assets for the lease term and operating lease liabilities represent our obligation to make lease payments arising from the lease agreements. Operating lease ROU assets and liabilities are recognized at the lease commencement date based on the present value of lease payments over the term of the lease. For leases that do not provide an implicit rate, we use an incremental borrowing rate based on information available at the commencement date to determine the present value of lease payments. We will use the implicit rate in the lease when readily determinable. Lease expense for lease payments is recognized on a straight-line basis over the lease term.

Our leases have remaining terms of one to eight years. The only leases that contain renewal options are for office space leases at our Bellevue and Taiwan locations. As of January 1, 2019, because of changes in our business, we were not able to determine with reasonable certainty whether we will renew our Bellevue or Taiwan leases, As a result, we have not considered renewal options when recording ROU assets, lease liabilities or lease expense. In the fourth quarter of 2019, we made the decision not to renew our Bellevue lease, which expires at the end of May 2020 and we do not intend to renew our Taiwan lease (see Note 17, “Restructuring Costs”).

In December 2019, we entered into an operating lease agreement for a new corporate office facility in Seattle, Washington. The term of the lease is 87 months, with a rent date starting on May 1, 2020 and the lease term ending on July 31, 2027. As a result of entering this lease agreement December 2019, we recorded additional ROU assets and net lease liabilities of $1.2 million on our consolidated balance sheets. There was no material impact to our statement of operations or statement of cash flows as a result of entering into this lease.

	Twelve months ended
Total component lease expense was as follows (in thousands):	December 31, 2019
Operating leases	$	992
Supplemental cash flow information related to leases was as follows (in thousands):
Cash paid for amounts included in the measurement of lease liabilities	$	1,359
Supplemental balance sheet information related to leases was as follows (dollars in thousands):	December 31, 2019
Operating leases:
Right of use	$	1,828
Current portion of operating leases liability	$	702
Operating leases liability, net of current portion		1,256
Total operating leases liabilities	$	1,958
Weighted Average Remaining Lease Term	5.25 years
Weighted Average Discount Rate		8.0	%

As of December 31, 2019, maturities of lease liabilities were as follows:	Operating leases
Years Ended December 31,
2020	$	727
2021		304
2022		249
2023		255
2024		262
Thereafter		709
Total minimum lease payments		2,506
Less: amount representing imputed interest		(548	)
Present value of lease liabilities	$	1,958