Quarterly report pursuant to Section 13 or 15(d)

Operating Leases

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Operating Leases
3 Months Ended
Mar. 31, 2020
Leases [Abstract]  
OPERATING LEASES

Note 12 – OPERATING LEASES

  

The Company has operating leases for its executive office (approximately 5,225 square feet of space) and office equipment. The remaining terms on these leases range from 3 to 4 years. The Company does not have any financing leases. The components of lease expense of $15 and $16 for the three months ended March 31, 2020 and March 31, 2019, respectively, were recorded in the condensed consolidated statements of operations.

 

There were no material operating and financing leases that the Company had entered into that were yet to commence as of March 31, 2020.

 

Components of the Company's right-of-use assets and liabilities calculations are as follows:

 

Cash paid for rent included in the measurement of operating lease liabilities cash flows   $ 75  
Right-of-use asset obtained in exchange for new operating lease liability     236  
Weighted-average remaining lease term - operating leases, in years     3.79  
Weighted-average discount rate - operating leases     11.7 %

 

Future minimum lease payments for operating leases in excess of one year as of March 31, 2020 are as follows:  

 

For the year ending December 31,   Amount  
2020   $ 51  
2021     77  
2022     80  
2023     3  
Total future minimum lease payments     211  
Imputed interest     (28 )
Total   $ 183