LEASES

6 Months Ended

Jun. 30, 2020

The Company determines whether an arrangement is a lease at its inception. Operating leases relate primarily to office space with remaining lease terms of two years. If operating leases include options to extend the lease term, management will consider the options in determining the lease term used to establish the Company's ROU assets and lease liabilities.

As most of the Company's leases do not provide an implicit rate, the Company's incremental borrowing rate based on the information available at lease commencement date was used to determine the present value of lease payments.

Components of lease cost are as follows:


	Three Months Ended June 30,						Six Months Ended June 30,
(in thousands)	2020		2019		2020		2019
Finance lease cost:
Amortization of leased asset	$	18	$	18	$	36	$	24
Interest on lease liabilities	6		7		12		10
Operating lease cost	194		547		499		993
Short-term lease cost	207		12		241		47
Total lease cost	$	425	$	584	$	788	$	1,074


	June 30, 2020
Weighted-average remaining lease term:
Operating leases	2.10 years
Finance leases	1.90 years
Weighted-average discount rate:
Operating leases	12.77	%
Finance leases	13.28	%

Supplemental cash flow information and non-cash activity related to the Company's operating leases are as follows:


	Six Months Ended June 30,
(in thousands)	2020				2019
Operating cash flow information:
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases			$	819			$	1,095
Operating cash flows from finance leases	12				10
Financing cash flows from finance leases	35				14
Non-cash activity:
Right-of-use assets obtained in exchange for lease obligations	$	—			$	1,259

Maturities of lease liabilities by year for leases are as follows:


(in thousands)	Operating Leases		Financing Leases
2020	$	252	$	48
2021	515		90
2022	316		39
2023 and beyond	—		—
Total lease payments	1,083		177
Less: Imputed interest	(139)		(21)
Present value of lease liabilities	$	944	$	156