LEASES

3 Months Ended

Mar. 31, 2020

7. LEASES

Under ASC 842, the Company determines if an arrangement is a lease at inception. Right-of-use assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the obligation to make lease payments arising from the lease. Some leases include options to extend or terminate the lease, which are included in the lease term when it is reasonably certain that the option will be exercised. Lease expense is recognized on a straight-line basis over the lease term.

The following table summarizes supplemental statement of operations information related to operating and finance lease costs as indicated (in thousands):

	Three months ended March 31,
Supplemental statement of operations information:	2020		2019
Operating lease cost	$	535	$	526

Amortization of right-to-use assets	$	114	$	113
Interest on lease liabilities		14		17
Finance lease cost	$	128	$	130

The following table summarizes undiscounted future operating and finance lease payments as of March 31, 2020 and for the five years thereafter (in thousands):

As of March 31, 2020	Operating Leases		Finance Leases
2020 - remaining	$	1,281	$	393
2021		1,645		519
2022		1,621		394
2023		1,019		20
2024		102		13
Thereafter		76		—
Total undiscounted lease payments		5,744		1,339
Less: imputed interest		488		82
Total	$	5,256	$	1,257

The following table summarizes supplemental information related to operating and finance leases as indicated below:

	As of March 31, 2020
	Operating Leases			Finance Leases
Weighted-average remaining lease term	5 - 65 months			14 - 52 months
Weighted-average discount rate		5.4	%		4.8	%
Range of remaining term	41 months			34 months

The following table summarizes balance sheet information related to financing leases as indicated (in thousands):

	As of
Financing Lease Right-of-Use Assets and Liabilities:	March 31, 2020			December 31, 2019
Property and equipment, at cost	$	5,573		$	5,627
Accumulated depreciation		(3,780	)		(3,697	)
Property and equipment, net	$	1,793		$	1,930

Other current liabilities	$	473		$	474
Other long-term liabilities		784			914
Total finance lease liabilities	$	1,257		$	1,388