Leases (Tables)

12 Months Ended

Dec. 31, 2020

For the years ended December 31, 2020 and 2019, a summary of the Company’s lease information is shown below:

	Year Ended December 31,
(In thousands)	2020		2019
Lease cost:
Operating lease costs	$	672	$	672
Other information:
Cash paid for operating leases	$	704	$	687
Right-of-use assets obtained in exchange for operating lease liabilities	$	-	$	3,042
Weighted average discount rate for operating leases⁽¹⁾		-		8	%

(1)

The Company used 8.0%, its estimated incremental borrowing rate for similar secured assets, as the discount rate for the leases to determine the present value of the lease payments because the implicit rate in each lease is not readily determinable. The discount rate was calculated on the basis of information available as of January 1, 2019, the application date.

Scheduled Future Maturities and Present Value of Operating Lease Liabilities

As of December 31, 2020, scheduled future maturities and present value of the operating lease liabilities are as follows:

(In thousands)
Year	December 31, 2020
2021	$	724
2022		743
2023		765
2024		542
2025		77
Total maturities	$	2,851
Present value included in consolidated balance sheet:
Current portion of operating lease liabilities	$	552
Noncurrent operating lease liabilities		1,908
Total operating lease liabilities	$	2,460
Difference between the maturities and the present value of operating lease liabilities	$	391