LEASES (Tables)

6 Months Ended

Jun. 30, 2019

Leases [Abstract]

Lease Cost

The following components of lease expense are included in the Company’s condensed consolidated statements of operations for the three and six months ended June 30, 2019:

	Three months ended,		Six months ended,
(in thousands)	June 30, 2019		June 30, 2019
Operating lease cost	$	575	$	993
Net lease cost	$	575	$	993

Lease Liability Maturity

As of June 30, 2019, the maturities of lease liabilities were as follows:

(in thousands)	Operating leases
Remainder of 2019	$	685
2020		1,348
2021		1,353
2022		1,374
2023		1,367
After 2023		10,282
Total lease payments		16,409
Less: Interest		(7,064	)
Present value of lease liabilities(*)	$	9,345

(*) 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.