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Leases
12 Months Ended
Dec. 31, 2019
Leases [Abstract]  
Leases

Note 7. Leases

As part of the Elevation Transaction disclosed in Note 2 above, Elevation assumed our warehouse leases on March 10, 2020 and will assume our office lease at the end of March 2020, at which point we will enter into a sublease agreement with Elevation as our lessor of half of our office space. Given that the sublease will result in the termination of the right to use our warehouse office space, and the lease conveyances were probable and estimable as of December 31, 2019, we reduced our previously capitalized right-of-use assets and lease liabilities to reflect two months of our warehouse leases and three months of our office lease as of December 31, 2019.

The accounting treatment for our leases remains the same. We treat our leases as a single lease component as we have elected the practical expedient to combine these components for all leases. As most of the leases do not provide an implicit rate, we calculated the right-of-use assets and lease liabilities using our secured incremental borrowing rate at the lease commencement date. We currently do not have any finance leases outstanding.

Information related to leases was as follows:

 

 

2019

 

Operating lease information:

 

 

 

 

Operating lease cost

 

$

793

 

Operating cash flows from operating leases

 

 

773

 

Net assets obtained in exchange for new operating lease liabilities

 

 

2,862

 

 

 

 

 

 

Weighted average remaining lease term in years

 

 

0.51

 

Weighted average discount rate

 

 

5.0

%

Future minimum annual lease payments are as follows:

2020

 

 

178

 

2021

 

 

7

 

2022

 

 

1

 

Total minimum lease payments

 

$

186

 

Less imputed interest

 

 

(30

)

 

 

 

 

 

Total operating lease liability

 

$

156