11. LEASES

The Company adopted Accounting Standards Update 2016-02, Leases (Topic 842) on January 1, 2019 using the modified retrospective transition method, and as a result did not adjust comparative periods. The Company has an operating lease for its corporate headquarters and several smaller leases, including financing leases for its automobile fleet and copiers. At the time of adoption, the Company recorded the following amounts (in thousands):


	Right-of-Use Asset		Current Portion of Lease Liability		Lease Liability, Net of Current Portion		Current Portion of Deferred Rent		Deferred Rent, Net of Current Portion		Accumulated Deficit
Operating leases	$	1,201	$	512	$	1,017	$	(94)	$	(234)	$	—
Financing leases		329		131		188		—		—		10
Total	$	1,530	$	643	$	1,205	$	(94)	$	(234)	$	10

The Company’s leases have remaining lease terms as of March 31, 2020 of from less than 1 year up to 2.3 years, some of which include options to extend the leases for up to 2 years.

The components of lease expense were as follows (in thousands):


	Three Months Ended
	March 31,
	2020		2019
Operating lease cost	$	130	$	130

Finance lease cost:
Amortization of right-of-use assets	$	54	$	53
Interest on lease liabilities		2		3
Total finance lease cost	$	56	$	56

Supplemental balance sheet information related to leases was as follows:


	Balance as of
	March 31,		December 31,
	2020		2019
Right-of-use assets:
Operating leases	$	670	$	781
Financing leases		260		354
Total right-of-use assets	$	930	$	1,135

Current portion of lease liability:
Operating leases	$	548	$	551
Financing leases		193		216
Total current portion of lease liability	$	741	$	767

Lease liability, net of current portion
Operating leases	$	331	$	466
Financing leases		68		136
Total lease liability, net of current portion	$	399	$	602

The weighted average remaining lease term as of March 31, 2020 was 1.5 years for operating leases and 1.3 years for financing leases. The weighted average discount rate as of March 31, 2020 was 7.8% for operating leases and 2.8% for financing leases.

Future payments of lease liabilities are as follows:


	Operating Leases		Finance Leases
2020 (rest of year)	$	454	$	158
2021		482		101
2022		-		7
Total lease payments		936		266
Less imputed interest		(57)		(5)
Total	$	879	$	261