The Company leases office space and equipment, and certain office space is subleased. Management determines if a contract is a lease at the inception of the arrangement and reviews all options to extend, terminate, or purchase its right-of-use assets at the inception of the lease and accounts for these options when they are reasonably certain of being exercised.

Leases with an initial term of greater than twelve months are recorded on the consolidated balance sheet. Lease expense is recognized on a straight-line basis over the lease term.

The Company’s lease contracts generally do not provide a readily determinable implicit rate. For these contracts, the estimated incremental borrowing rate is based on information available at the inception of the lease.

	For the Three Months Ended March 31, 2019
	(unaudited)
Lease cost	$	397
Sublease income		(151	)
Total lease cost	$	246

Operating lease assets and liabilities are summarized as follows (in thousands):

	As of March 31, 2019
	(unaudited)
Right-of-use assets	$	2,419

Current lease liabilities	$	987
Long-term lease liabilities		1,876
Total lease liabilities	$	2,863

The maturity of operating lease liabilities is presented in the following table (in thousands):

	As of March 31, 2019
	(unaudited)
2019	$	858
2020		1,143
2021		1,109
2022		14
2023		—
Thereafter		—
Total lease payments		3,124
Less imputed interest		261
Present value of lease liabilities	$	2,863

As of March 31, 2019, we have an additional operating lease for office space that has not yet commenced with a lease liability totaling approximately $1.5 million. This lease will commence during the second quarter of 2019.