Leases (Tables)

9 Months Ended

Sep. 30, 2020

Schedule of Supplemental Balance Sheet Information Related to Leases

As of September 30, 2020, 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 September 30, 2020		As of December 31, 2019
Assets
Lease right-of-use assets	$	2,813,000	$	3,951,000
Liabilities
Lease liabilities	$	3,181,000	$	4,409,000

Schedule of Additional Information Related to Leases

Lease Term and Discount Rate	As of September 30, 2020
Weighted average remaining lease term – operating leases (in years)		2.3
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 usually determined by the leased square footage in proportion to the overall office building.

	Three Months Ended September 30,				Nine Months Ended September 30,
	2020		2019		2020		2019
Operating lease cost	$	609,000	$	509,000	$	1,755,000	$	1,268,000
Short-term lease cost		20,000		81,000		83,000		321,000
Variable lease cost		65,000		40,000		281,000		165,000
Sublease income		—		—		—		—
Total Rent and occupancy	$	694,000	$	630,000	$	2,119,000	$	1,754,000

Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	$	614,000	$	512,000	$	1,845,000	$	1,338,000

Lease right-of-use assets obtained in exchange for new lease liabilities
Operating leases	$	278,000	$	—	$	2,353,000	$	4,943,000

Schedule of Future Minimum Base Rental Payment

Future annual minimum payments for operating leases with initial terms of greater than one year as of September 30, 2020 were as follows:

Year	Amount
2020	$	606,000
2021		1,403,000
2022		755,000
2023		543,000
2024		56,000
Remaining balance of lease payments		3,363,000
Difference between undiscounted cash flows and discounted cash flows		182,000
Lease liabilities	$	3,181,000