Leases

3 Months Ended

Mar. 31, 2019

Leases [Abstract]

Leases

Note 13 - Leases

On February 14, 2019, the Company entered into a lease for new offices in Jupiter, Florida. The lease has an initial term of 18 months commencing March 1, 2019 until August 31, 2020 with a base annual rent of $89,437. The Company has an option to extend the lease for another year until August 31, 2021 for an annual rent of $94,884 and a second option for a further annual extension until August 31, 2022 for an annual rent of $97,730. The Company will record the lease obligations in accordance with ASC 842.

At March 31, 2019, the Company had operating lease liabilities of $0.1 million and right of use assets of $0.1 million, respectively, in the Condensed Consolidated Balance Sheet.

The following summarizes quantitative information about the Company’s operating leases (amounts in thousands, except lease term and discount rate):

	For the Three Months Ended March 31, 2019
Operating leases
Operating lease cost	$	8
Variable lease cost		4
Operating lease expense		12
Short-term lease rent expense		-
Total rent expense	$	12

	For the Three Months Ended March 31, 2019
Operating cash flows from operating leases	$	7
Right-of-use assets exchanged for operating lease liabilities	$	125
Weighted-average remaining lease term – operating leases (in years)		1.4
Weighted-average discount rate – operating leases		10.0	%

Maturities of the Company’s operating leases, are as follows (amounts in thousands):

Nine months ended December 31, 2019	$	75
Year Ended December 31, 2020		46
Total		121
Less present value discount		(2	)
Operating lease liabilities	$	119