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	$	-