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LEASES | 12 Months Ended
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Dec. 31, 2019
Leases [Abstract] |
LEASES |
8. | LEASES:
The Company has entered into operating leases to facilitate the expansion of its manufacturing, research and development, and selling, general and administrative activities. For purposes of calculating operating lease liabilities, lease terms may be deemed to include options to extend or terminate the lease when those events are reasonably certain to occur. The interest rate implicit in lease contracts is typically not readily determinable and as such the Company uses the appropriate incremental borrowing rate based on information available at the lease commencement date in determining the present value of the lease payments. The Company used the incremental borrowing rate on January 1, 2019 for operating leases that commenced prior to that date. Current lease agreements do not contain any residual value guarantees or material restrictive covenants. As of December 31, 2019, the Company did not have any finance leases and no additional operating leases that have not yet commenced. As stated in Note 2, effective January 1, 2019, the Company adopted Topic 842 using the modified retrospective transition method. As such, the Company did not restate financial statement or lease disclosure data for periods prior to January 1, 2019, which was prepared in accordance with ASC Topic 840, Leases. The following table presents the Company’s operating lease cost and supplemental cash flow information related to the Company’s operating leases (in thousands):
|  | Year Ended |
|  | December 31, 2019 |
Operating lease cost |  | $ | 1,855 |
Non-cash activity: |  |  |  |
Right-of-use assets obtained in exchange for lease obligations |  | $ | 9,776 |
As of December 31, 2019, current operating leases had remaining terms between one and nine years with options to extend the lease terms and the Company had operating lease right-of-use assets of $8.5 million, current operating lease liabilities of $1.6 million and long-term operating lease liabilities of $6.9 million. Operating lease cost was $1.7 million and $972,000 for the years ended December 31, 2018 and 2017, respectively. The following table presents weighted average assumptions used to compute the Company’s right-of-use assets and lease liabilities:
|  | December 31, 2019 |
Weighted average remaining lease term (in years) |  |  | 7.4 |
Weighted average discount rate |  |  | 5.5 | %
Undiscounted future minimum lease payments as of December 31, 2019, by year and in the aggregate, having non-cancelable lease terms in excess of one year were as follows (in thousands):
|  | Maturities of |
|  | Operating Lease Liabilities |
2020 |  | $ | 1,958 |
2021 |  |  | 1,278 |
2022 |  |  | 1,209 |
2023 |  |  | 1,070 |
2024 |  |  | 1,007 |
Thereafter |  |  | 3,825 |
Total lease payments |  |  | 10,347 |
Less imputed interest |  |  | (1,865 | )
Present value of lease payments |  | $ | 8,482 |
Future minimum lease payments as of December 31, 2018, by year and in the aggregate, having non-cancelable lease terms in excess of one year were expected to be as follows:
|  | Total Minimum |
|  | Lease Payments |
2019 |  | $ | 1,652 |
2020 |  |  | 1,512 |
2021 |  |  | 833 |
2022 |  |  | 833 |
2023 |  |  | 833 |
Thereafter |  |  | 4,721 |
Total lease payments |  | $ | 10,384 |

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- References No definition available. + Details
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- Definition The entire disclosure for lessee entity's leasing arrangements including, but not limited to, all of the following: (a.) The basis on which contingent rental payments are determined, (b.) The existence and terms of renewal or purchase options and escalation clauses, (c.) Restrictions imposed by lease agreements, such as those concerning dividends, additional debt, and further leasing. + References Reference 1: http://fasb.org/us-gaap/role/ref/otherTransitionRef -Publisher FASB -Name Accounting Standards Codification -Topic 840 -URI http://asc.fasb.org/topic&trid=2208923 + Details
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