Leases (Tables)

12 Months Ended

Dec. 31, 2019

Schedule of Supplemental Balance Sheet Information Related to Leases

As of December 31, 2019, the Company does not believe that any of the renewal options under the existing leases are reasonably certain to be exercised; however, the Company will continue to assess and monitor the lease renewal options on an ongoing basis.

	As of December 31, 2019
Assets
Lease right-of-use assets	$	2,810,000
Liabilities
Lease liabilities	$	3,114,000

Schedule of Additional Information Related to Leases

Lease Term and Discount Rate
Weighted average remaining lease term – operating leases (in years)	3.0
Weighted average discount rate – operating leases	5.0%

Schedule of Lease Costs and Other Lease Information

The following table represents lease costs and other lease information. The Company has elected the practical expedient to not separate lease and non-lease components, and as such, the variable lease cost primarily represents variable payments such as common area maintenance and utilities which are determined by the leased square footage in proportion to the overall office building.

	Year Ended December 31, 2019
Operating lease cost	$	905,000
Short-term lease cost		446,000
Variable lease cost		50,000
Sublease income		—
Total Rent and occupancy	$	1,401,000

Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	$	928,000

Lease right-of-use assets obtained in exchange for new lease liabilities
Operating leases	$	3,817,000

Schedule of Maturities of Lease Liabilities

Future annual minimum payments for operating leases with initial terms of greater than one year as of December 31, 2019 were as follows:

Year	Amount
2020	$	1,410,000
2021		878,000
2022		513,000
2023		493,000
2024		56,000
Thereafter		—
Remaining balance of lease payments		3,350,000
Difference between undiscounted cash flows and discounted cash flows		236,000
Lease liabilities	$	3,114,000