Leases

12 Months Ended

Dec. 31, 2020

Leases

Leases

Note 13. Leases

The Company is a lessee under leases for land, office space and equipment with third parties, all of which are accounted for as operating leases under ASC 842, which was adopted by the Company on January 1, 2019. These leases generally have an initial term of one to seven years and provide for fixed monthly payments. Some of these leases provide for future rent escalations and renewal options and certain leases also obligate us to pay the cost of maintenance, insurance and property taxes. Lease cost is recorded in selling, general, and administrative expense in the accompanying Consolidated Statements of Operations. Total lease cost was $0.8 million and $0.9 million for the years ended December 31, 2020 and 2019, respectively. Leases with a term of one year or less are classified as short-term and are not recognized in the statement of financial position.

A summary of the classification of operating leases on our accompanying Consolidated Balance Sheets as of December 31, 2020 and 2019 (amounts in thousands):

		December 31,			December 31,
		2020			2019
Operating lease right-of-use assets		$	1,820	$	1,833
Operating lease liability, current	(Other accrued expenses)		609		538
Operating lease liability, non-current	(Other long-term liabilities)	$	1,400	$	1,574

Components of lease cost reflected in our accompanying Consolidated Statements of Operations for the year ended December 31, 2020 and 2019 (amounts in thousands):

	Year Ended December 31,
	2020		2019
Operating lease cost	$	656	$	656
Short-term lease cost		105		223
Total lease cost	$	761	$	879

A summary of weighted-average remaining lease term and weighted-average discount rate as of December 31, 2020:

Weighted-average remaining lease term	3.7	years
Weighted average discount rate	6.3	%

Supplemental cash flow and other non-cash information for the years ended December 31, 2020 and 2019 (amounts in thousands):

	Year Ended December 31,
	2020		2019
Operating cash flows from operating leases	$	677	$	719
Operating lease right-of-use assets obtained in exchange for new operating lease liabilities		541		393

Future annual minimum lease commitments as of December 31, 2020 were as follows (amounts in thousands):

	December 31, 2020
2021	$	718
2022		614
2023		494
2024		226
2025		201
Total minimum payments	$	2,253
Less: amount representing interest		(244)
Lease liability	$	2,009