LEASES (Tables)

3 Months Ended

Mar. 31, 2021

LEASES

Schedule of lease cost

The following components of lease expense are included in the Company’s condensed consolidated statements of operations for the three months ended March 31, 2021 and 2020:

	March 31,		March 31,
(in thousands)	2021		2020
Operating lease cost	$	532	$	507
Net lease cost	$	532	$	507

Schedule of classification of lease liabilities

The balance sheet classification of lease liabilities was as follows:

	March 31,		December 31,
(in thousands)	2021		2020
Liabilities
Lease liability current portion	$	1,533	$	1,669
Lease liability non-current		10,349		10,412
Total lease liability	$	11,882	$	12,081

Schedule of lease liability maturity

As of March 31, 2021, the maturities of lease liabilities were as follows:

	Operating
(in thousands)		leases
2022	$	2,035
2023		2,040
2024		1,924
2025		1,653
After 2026		9,884
Total lease payments		17,536
Less: interest		(7,158)
Present value of lease liabilities(*)	$	10,378

(*) 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.