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Operating Leases (Tables)

6 Months Ended

Jun. 30, 2021

Operating Leases

Schedule of Operating Lease Expense Recognized in Financial Statements

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


		For the Three Months Ended						For the Six Months Ended
		June 30,						June 30,
		2021			2020			2021			2020
Rent expense for long-term operating leases		$	388		$	421		$	776		$	865
Rent expense for short-term leases			34			218			84			389
Total rent expense		$	422		$	639		$	860		$	1,254

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 June 30, 2021 (in thousands):


Year		Amount
2021		$	781
2022			1,523
2023			1,262
2024			1,033
2025			1,048
2026 and thereafter			3,495
Total lease payments			9,142
Less: Interest			2,298
Net present value of lease liabilities		$	6,844

Current portion		$	1,048
Long-term portion			5,796
Total		$	6,844

Schedule of Weighted Average Remaining Lease Terms and Discount Rates

The weighted average remaining lease terms and discount rates for all of the Company’s operating leases as of June 30, 2021 were as follows:


Weighted-average lease term remaining		59 months
Weighted-average discount rate		8.68	%