Leases

9 Months Ended

Sep. 30, 2020

Leases [Abstract]

Leases

7. Leases

The Company has operating and finance leases for buildings and other assets such as vehicles and office equipment. The Company’s leases have remaining lease terms ranging from 1 year to 3 years.

The tables below present financial information related to the Company’s leases.

The Company adopted the new lease accounting standard as of January 1, 2019, using the modified retrospective transition method. The tables below present financial information related to the Company’s leases

Supplemental balance sheets information related to leases as of September 30, 2020 and December 31, 2019 are as follows (in thousands):

Leases	Classification		September 30, 2020		December 31, 2019
Assets
Operating lease		Operating lease right-of-use assets	$	2,032	$	1,876
Finance lease		Property, plant and equipment, net		207		258
Total lease assets			$	2,239	$	2,134
Liabilities
Current
Operating		Operating lease liabilities	$	1,390	$	1,625
Finance		Other current liabilities		62		60
Non-current
Operating		Other non-current liabilities		642		251
Finance		Other non-current liabilities		158		208
Total lease liabilities			$	2,252	$	2,144

The following table presents the weighted average remaining lease term and discount rate:

	September 30, 2020			December 31, 2019
Weighted average remaining lease term
Operating leases		1.4 years			1.1 years
Finance leases		3.3 years			4.0 years
Weighted average discount rate
Operating leases		6.82	%		7.19	%
Finance leases		7.75	%		7.75	%

The components of lease cost included in the Company’s consolidated statements of operations, are as follows (in thousands):

	Three Months Ended				Nine Months Ended
	September 30, 2020		September 30, 2019		September 30, 2020		September 30, 2019
Operating lease cost	$	480	$	483	$	1,409	$	1,509
Finance lease cost
Amortization of right-of-use assets		16		15		47		48
Interest on lease liabilities		4		5		13		17
Total lease cost	$	500	$	503	$	1,469	$	1,574

The above table does not include an immaterial cost of short-term leases for the three and nine months ended September 30, 2020 and 2019.

Other lease information is as follows (in thousands):

	Three Months Ended				Nine Months Ended
	September 30, 2020		September 30, 2019		September 30, 2020		September 30, 2019
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	$	480	$	483	$	1,409	$	1,509
Operating cash flows from finance leases		4		5		13		17
Financing cash flows from finance leases		15		13		43		41

The aggregate future lease payments for operating and finance leases as of September 30, 2020 are as follows (in thousands):

	Operating Leases			Finance Leases
2020	$	358		$	19
2021		1,459			77
2022		308			77
2023		16			77
Thereafter		—			—
Total future lease payments		2,141			250
Less: Imputed interest		(109	)		(30	)
Present value of future payments	$	2,032		$	220