We determine if an arrangement is a lease at inception. On our balance sheet, our office leases are included in right-of-use (“ROU”) lease asset, net and related lease liabilities are included in operating lease and operating lease, long-term. We determined that we do not currently have any leases that we are required to classify as 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 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.

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, in 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.

Our leases have remaining terms of one to eight years. The only leases that contain renewal options are for office space leases at our Seattle, Bellevue and Taiwan locations. 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 made the decision not to renew our Taiwan lease, exiting that facility in February 2020 (see Note 11, “Restructuring Costs”). Because of changes in our business, we are not able to determine with reasonable certainty whether we will renew our Seattle lease. As a result, we have not considered renewal options when recording ROU assets, lease liabilities or lease expense.

The following tables present the components of our lease expense and supplemental cash flow information related to our leases for the three months ended March 31, 2020 (in thousands):

	Three months ended
Total component lease expense was as follows (in thousands):	March 31, 2020
Operating leases	$	264
Supplemental cash flow information related to leases was as follows (in thousands):
Cash paid for amounts included in the measurement of lease liabilities	$	173

The following table presents supplemental balance sheet information related to our operating leases as of March 31, 2020 (dollars in thousands):

	March 31, 2020
Right-of-use lease assets	$	1,499

Current portion of operating lease liability	$	421
Operating lease liability, net of current portion		1,168
Total operating lease liabilities	$	1,589

Weighted average remaining lease term	6.2 years
Weighted average discount rate		8.2	%

The following table presents the amounts we are obligated to pay, by maturity, under our operating leases liabilities as of March 31, 2020 (in thousands):


Years Ended December 31,
2020, remainder of year	$	349
2021		272
2022		249
2023		255
2024		262
After 2024		709
Total minimum lease payments		2,096
Less: amount representing interest		(507	)
Present value of lease liabilities	$	1,589