Leases

12 Months Ended

Dec. 31, 2019

Leases [Abstract]

Leases

Leases:

On January 1, 2019, the Company adopted ASC Topic 842, which is intended to improve financial reporting about leasing transactions. Under the standard, organizations that lease assets, referred to as “Lessees” shall recognize on the balance sheet the assets and liabilities for the rights and obligations created by those leases. In addition, the standard requires disclosures including financial statements to assess the amount, timing and uncertainty of cash flows arising from leases.

The Company elected to use the practical expedients permitted under the transition guidance within the new standard, which among other things, allows the Company to carryforward the historical lease classification. The Company made an accounting policy election to account for leases with an initial term of 12 months or less similar to existing guidance for operating leases today. The Company recognized those lease payments in the Consolidated Statements of Operations on a straight-line basis over the lease term. Under the new standard, the Company’s lease liability is based on the present value of such payments and the related right-of-use asset will generally be based on the lease liability.

The impact of the adoption of Topic 842 on the accompanying consolidated balance sheet as of January 1, 2019 is as follows (in thousands):

	December 31, 2018		Adjustments Due to the Adoption of Topic 842				January 1, 2019
			Right-of-use asset		Lease liability
Property and equipment, net	$	3,072	$	939	$	—	$	4,011
Current liabilities	$	21,539	$	—	$	212	$	21,751
Other long-term liabilities	$	5,600	$	—	$	822	$	6,422

The components of lease expense were as follows:

	Twelve months ended December 31,
	2019		2018
Lease Cost
Operating lease cost
Operating lease	$	328	$	325
Variable lease costs	$	13	$	2
Total lease cost	$	341	$	327

Supplemental cash flow information related to leases were as follows:

	Twelve months ended December 31,
	2019		2018
Other information
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	$	351	$	327

	Twelve months ended December 31,
	2019		2018
Lease term and discount rate
Weighted-average remaining lease term operating leases	3.0 years		4.0 years
Weighted-average discount rate operating leases	11.8	%	11.8	%

Maturity of Lease Liabilities

Future minimum lease payments under non-cancellable leases as of December 31, 2019 were as follows:

Maturity of lease liabilities
2020		$360
2021		$370
2022		$219
	Total lease payments	$949
	Less: Interest	$(128)
	Present value of lease liabilities	$821

Components of Lease Assets and Liabilities

	December 31, 2019
Assets
Property and equipment, net operating lease-right of use asset	$	720
Liabilities
Current liabilities operating lease-current liability	$	281
Other long-term liabilities operating lease-noncurrent liability	$	540
Total lease liabilities	$	821