9.LEASES

The Company’s lease portfolio consists of office leases with lease terms ranging from less than one year to seven years, with the weighted average lease term being three years.

Certain leases provide for increases in future lease payments once the term of the lease has expired, as defined in the lease agreements. These leases generally also include real estate taxes.

Short term leases, having a lease term at commencement of 12 months or less, are not capitalized and the expenses are recognized in the period incurred.

Included below is other information regarding leases for the three months ended March 31, 2020 and 2019:


	Three Months Ended March 31,
	2020	2019
Other information
Operating lease expense	$ 117	$ 30
Short-term lease expense	5	5
Cash paid for operating leases	117	30
Weighted-average remaining lease term (years)– operating leases (1)	4	3
Weighted-average discount rate – operating leases	4.85%	4.85%

(1)

The Company’s lease terms include options to extend the lease when it is reasonably certain the Company will exercise its option. Additionally, the Company considered any historical and economic factors in determining if a lease renewal or termination option would be exercised.

As of March 31, 2020, maturities of lease liabilities by fiscal year were as follows:


Remaining 2020		$ 340
2021		361
2022		307
2023		182
2024		5
2025 and thereafter		6
Total lease payments		1,201
Less: interest		(83)
Total operating lease liabilities		$ 1,118