Quarterly report pursuant to Section 13 or 15(d)

Leases

v3.20.1
Leases
 3 Months Ended
Mar. 31, 2020
Leases [Abstract]  
Leases
7. LEASES

 

Finance lease assets are included in fixed assets, net of accumulated depreciation.

 

The table below presents the lease-related assets and liabilities recorded in the Condensed Consolidated Balance Sheet:

 

    Classification on the Balance Sheet   March 31, 2020
        (unaudited)
Assets            
Financing lease assets   Property and equipment, net   $ 475  
Operating lease assets   Operating lease right of use assets     2,811  
Total lease assets       $ 3,286  
             
Liabilities            
Current            
Financing lease liabilities   Other accrued expenses   $ 160  
Operating lease liabilities   Other accrued expenses     1,251  
Total current lease liabilities       $ 1,411  
Noncurrent            
Financing lease liabilities   Other long-term liabilities     85  
Operating lease liabilities   Operating lease liabilities, net of current portion     1,384  
Total long-term lease liabilities         1,469  
Total lease liabilities       $ 2,880  

 

The weighted average remaining lease term for the Company’s operating leases was 2.6 years as of March 31, 2020 and the weighted average discount rate for those leases was 6.0%. The Company’s operating lease expenses are recorded within cost of revenue and general and administrative expenses. With respect to the Rutherford lease, in March 2020 the Company delivered a notice of early termination which would terminate the lease in March 2021.

 

The table below reconciles the cash flows to the lease liabilities recorded on the Company’s Condensed Consolidated Balance Sheet as of March 31, 2020:

 

    Operating Leases   Financing Leases
2020     1,189       170  
2021     878       120  
2022     660       13  
2023     250       -  
Total minimum lease payments     2,977       303  
Less: amount of lease payments representing effects of discounting     342       58  
Present value of future minimum lease payments     2,635       245  
Less: current obligations under leases     1,251       160  
Long-term lease obligations   $ 1,384     $ 85  

 

As of March 31, 2020, contractual obligations with terms exceeding one year and estimated minimum future rental payments required by non-cancelable operating leases with initial or remaining lease terms exceeding one year were as follows:

 

          Less than     1 to 3     3 to 5     After  
    Total     1 Year     Years     Years     5 Years  
Operating lease obligations   $ 2,977     $ 1,189     $ 1,538     $ 250     $ -