Operating Leases - Right-of-Use Assets and Lease Liability Obligations

6 Months Ended

Jun. 30, 2019

Operating Leases - Right-of-Use Assets and Lease Liability Obligations

4. Operating Leases – Right-of-Use Assets and Lease Liability Obligations

The Company has only one operating lease which is for office space that expires in January 2022. Below is a summary of the Company’s right-of-use assets and lease liabilities as of June 30, 2019 (in thousands, except for years and %):

Right-of-use assets	$	730

Lease liability obligations, current	$	288
Lease liability obligations, less current portion		513
Total lease liability obligations	$	801

Weighted-average remaining lease term	2.58 years

Weighted-average discount rate		6.00	%

During the three and six months ended June 30, 2019, the Company recognized $77,000 and $154,000, respectively, in operating lease expenses, which are included in operating expenses in the Company’s statement of operations.

Approximate future minimum lease payments for the Company’s right-of-use assets over the remaining lease period as of June 30, 2019 are as follows (in thousands):

Remainder of 2019	$	163
2020		333
2021		343
2022		29
Total minimum lease payments	$	868
Less: amount representing interest	$	(67	)
Total lease liability obligations	$	801