Leases

6 Months Ended

Jun. 30, 2020

We lease our office facilities in Menlo Park, California. On January 1, 2019, we recognized a right-of-use asset and a corresponding lease liability of $1.9 million. Effective October 1, 2019, we amended the lease to extend its term from March 31, 2020 to March 31, 2022 and to add more space beginning April 1, 2020. As a result of this amendment, we recognized an additional right-of-use asset and corresponding lease liability of $3.0 million. Effective June 17, 2020, we amended the lease commencement date for the additional space to June 15, 2020. As a result of this amendment, we recognized an additional right-of-use asset and corresponding lease liability of $0.8 million. The right-of-use asset and lease liability recognized equals the present value of the remaining payments due under our amended lease.

As the operating lease for our facilities does not include an expressly stated interest rate, we calculated the present value of remaining lease payments using a discount rate equal to the interest rate we would pay on a loan with monthly payments and a term equal to the monthly payments and remaining term of our lease. We recognize operating lease payments as expenses using the straight-line method over the term of the lease.

Operating lease expense for each of the three and six months ended June 30, 2020 was approximately $0.4 million and $0.8 million, respectively.

For any future operating lease transactions, we will recognize operating lease right-of-use assets and liabilities equal to the present value of the expected lease payments at the lease commencement date.

Our right-of-use assets and related lease liabilities were as follows:


	Three Months Ended June 30,						Six Months Ended June 30,
	2020		2019		2020		2019

	(in thousands)
Cash paid for operating lease liability	$	422	$	391	$	812	$	769
Right-of-use assets obtained in exchange for new operating lease liability	$	775	$	—	$	775	$	1,878

As of June 30, 2020, our operating lease had a weighted average remaining lease term of 21 months and a weighted average discount rate of 4.8 percent.

As of June 30, 2020, future minimum lease payments under non-cancelable operating leases were as follows (in thousands):


2020 (remainder)	$	1,055
2021	2,109
2022	530
	3,694
Less imputed interest	(189)
Total lease liabilities	$	3,505