Operating Leases (Tables)

3 Months Ended

Mar. 31, 2020

Schedule of Operating Lease Expense Recognized in Financial Statements

The table below summarizes the amounts recognized in the financial statements related to operating leases for the periods presented (in thousands):


	For the three months ended March 31,
	2020		2019
Rent expense for long-term operating leases	$	443	$	415
Rent expense for short-term leases		61		86
Total rent expense	$	504	$	501

Schedule of Net Present Value of Operating Lease Liability

The following table presents the maturity profile of the Company’s operating lease liabilities based on the contractual undiscounted payments with a reconciliation of these amounts to the remaining net present value of the operating lease liability reported in the condensed consolidated balance sheet as of March 31, 2020 (in thousands):


Year	Amount
2020	$	1,188
2021		1,232
2022		1,182
2023		1,031
2024		1,048
2025 and thereafter		4,585
Total lease payments		10,266
Less: Interest		(3,016)
Net present value of lease liabilities	$	7,250

Current portion	$	922
Long-term portion		6,328
Total	$	7,250

Schedule of Weighted Average Remaining Lease Terms and Discount Rates

The weighted-average remaining lease terms and discount rates for all of our operating leases as of March 31, 2020 were as follows:


Weighted-average lease term remaining	68 months
Weighted-average discount rate	8.92	%