LEASES (Tables)

9 Months Ended

Sep. 30, 2020

LEASES

Schedule of lease cost

	Three months		Nine months
	ended,		ended,
	September 30,		September 30,
(in thousands)	2020		2020
Operating lease cost	$	534	$	1,611

Net lease cost $ 534 $ 1,611

Schedule of classification of lease liabilities

The balance sheet classification of lease liabilities was as follows:

	September 30,
(in thousands)	2020
Liabilities
Lease liability current portion	$	1,614
Lease liability non-current		9,806
Total lease liability	$	11,420

Schedule of lease liability maturity

As of September 30, 2020, the maturities of lease liabilities were as follows:

	Operating
(in thousands)		leases
Remainder of 2020	$	475
2021		1,889
2022		1,911
2023		1,914
2024		1,797
After 2024		10,618
Total lease payments		18,604
Less: interest		(7,184)
Present value of lease liabilities(*)	$	11,420

(*) As our leases do not provide an implicit rate, we use our incremental borrowing rate based on the information available at commencement date and considering the term of the lease to determine the present value of lease payments. We used the incremental borrowing rate of 10.25% on February 28, 2019, for operating leases that commenced prior to that date.