Operating Leases

9 Months Ended

Sep. 30, 2020

Operating Leases The Company has operating leases for two offices with terms that expire in 2022 and 2023. The Company estimates its incremental borrowing rate, at lease commencement, to determine the present value of lease payments, since most of the Company's leases do not provide an implicit rate of return. The Company recognizes lease expense on a straight-line basis over the lease term. For lease agreements entered into or reassessed after the adoption of Topic 842, the Company elected to account

for non-lease components associated with its leases and lease components as a single lease component. Each of the Company's leases include options for the Company to extend the lease term and/or sub-lease space in whole or in part.

Operating lease liabilities and right-of-use assets were recorded in the following captions of our balance sheet were as follows (in thousands):


	September 30, 2020		December 31, 2019
Right-of Use Assets:
Other assets	$	653	$	906
Total Right-of-Use Asset	$	653	$	906

Operating Lease Liabilities:
Accrued liabilities	$	359	$	353
Other long-term liabilities	351		624
Total Operating Lease Liabilities	$	710	$	977

As of September 30, 2020, the weighted average remaining lease term for our operating leases was 2.1 years, and the weighted average discount rate for our operating leases was 9.625%. Future minimum lease payments under the lease agreements as of September 30, 2020 were as follows (in thousands):


Years ended	Operating Leases

2020	103
2021	414
2022	239
2023	27
Total lease payments	783
Less: Amounts representing interest	(73)
Present value of lease liabilities	$	710