On January 1, 2019, we adopted ASU No. 2016-02, Leases (Topic 842), and its amendments and elected the effective date transition method, which included recognizing a cumulative effect adjustment through opening accumulated deficit as of that date. We recorded $431,000 of operating lease assets and operating lease obligations as of January 1, 2019.

The Company is subject to various non-cancelable operating leases for office space and IT equipment expiring at various dates through November 2022. These leases do not have significant rent escalation, holidays, concessions, leasehold improvement incentives, or other buildout clauses. Further, the leases do not contain contingent rent provisions.

Most of these leases include an option to renew. The exercise of lease renewal options is typically at our sole discretion; therefore, the majority of renewals to extend the lease terms are not included in our right-of-use ("ROU") assets and lease liabilities because they are not reasonably certain of exercise. We regularly evaluate the renewal options and, when they are reasonably certain of exercise, we include the renewal period in our lease term.

Because most of our leases do not provide an implicit rate, we use our incremental borrowing rate in determining the present value of the lease payments. The incremental borrowing rate represents an estimate of the interest rate we would incur at lease commencement to borrow an amount equal to the lease payments on a collateralized basis over the term of a lease. We used incremental borrowing rates as of January 1, 2019 for operating leases that commenced prior to that date. We have a centrally managed treasury function; therefore, based on the applicable lease terms and the current economic environment, we apply a portfolio approach for determining the incremental borrowing rate.

Under Accounting Standards Codification (ASC) 840, rent expense for office facilities for the year ended December 31, 2018 was $574,000.

The cost components of our operating leases were as follows (in thousands) for the year ended December 31, 2019:

		Total
Operating lease costs	$	265
Variable lease costs		306
Total	$	571

Variable lease costs consist primarily of property taxes, insurance, and common area or other maintenance costs for our leased facilities and equipment, which are paid based on actual costs incurred by the lessor.

Maturities for our lease liabilities for all operating leases are as follows (in thousands) as of December 31, 2019:

		Total
2020	$	167
2021		11
2022		8
2023 and thereafter		—
Total lease payments		186
Less: Interest		(4	)
Present value of lease liabilities	$	182

As of December 31, 2018, minimum rental commitments under non-cancelable operating leases under prior lease accounting rules (ASC 840) were (in thousands):

	2019		2020		2021		2022		2023
$	247		150		10		9		—

The weighted average remaining lease terms and discount rates for all of our operating leases were as follows as of December 31, 2019:

	December 31, 2019
Remaining lease term and discount rate:
Weighted average remaining lease term (years)	0.98
Weighted average discount rate	4.75	%

Cash paid for amounts included in the measurement of operating lease liabilities was $264,000 for the year ended December 31, 2019, and this amount is included in operating activities in the Consolidated Statements of Cash Flows. Separate from the initial recognition of the existing leases, there were no operating lease assets obtained in exchange for new operating lease liabilities for the year ended December 31, 2019.