Leases

12 Months Ended

Dec. 31, 2019

Leases [Abstract]

Leases

9. Leases

The Company has various lease agreements in place for facilities and equipment. Terms of these leases include, in some instances, scheduled rent increases, renewals, purchase options and maintenance costs, and vary by lease. These lease obligations expire at various dates through 2023. As the rate implicit in each lease is not readily determinable, the Company uses its incremental borrowing rate based on information available at commencement to determine the present value of the lease payments. Based on the present value of the lease payments for the remaining lease term of the Company’s existing leases, the Company recognized right-of-use assets of $0.9 million, lease liabilities of $1.1 million, and a net adjustment to retained earnings of $0.2 million upon adoption on January 1, 2019. Right-of-use assets and lease liabilities commencing after January 1, 2019 are recognized at commencement date based on the present value of lease payments over the lease term. As of December 31, 2019, the right-of-use assets and lease liabilities were $0.7 million and $0.9 million, respectively. Leases with an initial term of 12 months or less (“short-term leases”) are not recorded on the balance sheet and are recognized on a straight-line basis over the lease term. Aggregate lease expense for the year ended December 31, 2019 was $0.9 million, consisting of $0.6 million in lease expense for lease liabilities recorded on the Company’s balance sheet and $0.3 million in short-term lease expense.

Maturities of lease liabilities as of December 31, 2019 are as follows:

	Operating Leases			Weighted-Average Remaining Term in Years
2020	$	549,116
2021		299,352
2022		37,477
Thereafter		38,564
Total lease payments		924,509
Less imputed interest (based on 6.3% weighted- average discount rate		(53,675	)
Present value of lease liability	$	870,834			1.9