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LEASES | 9 Months Ended
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Sep. 30, 2021
Leases [Abstract] |
LEASES | LEASES The Company’s leases primarily include operating leases for corporate offices. These leases have remaining lease terms from less than one year to four years, and include options to extend the leases for up to five years. Certain of our leases include variable payments for lessor operating expenses that are not included within right-of-use (“ROU”) assets and lease liabilities in the Condensed Consolidated Balance Sheets. The Company’s lease agreements do not contain any material residual value guarantees or restrictive covenants. Beginning January 1, 2019, operating ROU assets and operating lease liabilities are recognized based on the present value of lease payments over the lease term at commencement date. Operating leases in effect prior to January 1, 2019 were recognized at the present value of the remaining payments on the remaining lease term as of January 1, 2019. Because most of the Company’s leases do not provide an explicit rate of return, the Company’s incremental secured borrowing rate based on lease term information available at the commencement date of the lease will be used in determining the present value of lease payments. For purposes of calculating operating lease liabilities, lease terms may be deemed to include options to extend or terminate the lease when it is reasonably certain that we will exercise that option. The Company’s operating lease expense is recognized on a straight-line basis over the lease term and is recorded in General and Administration expenses. Short-term leases, which have an initial term of 12 months or less, are not recorded in the Condensed Consolidated Balance Sheets. Total lease cost includes the following components:
| Three months ended September 30, |  | Nine months ended September 30,
| 2021 |  | 2020 |  | 2021 |  | 2020
Operating leases | $ | 77 |  |  | $ | 78 |  |  | $ | 231 |  |  | $ | 262 |
Short-term leases | 81 |  |  | 74 |  |  | 243 |  |  | 223 |
Total lease expense | $ | 158 |  |  | $ | 152 |  |  | $ | 474 |  |  | $ | 485 |
The weighted average remaining lease term and weighted average discount rate were as follows:
| Nine months ended September 30,
| 2021 |  | 2020
Weighted average remaining lease term of operating leases | 1.7 years |  | 2.7 years
Weighted average discount rate of operating leases | 9.0 | % |  | 9.0 | %
Supplemental cash flow information related to leases was as follows:
| Three months ended September 30, |  | Nine months ended September 30,
| 2021 |  | 2020 |  | 2021 |  | 2020
Operating cash flow information: |  |  |  |  |  |  |
Cash paid for amounts included in the measurement of operating lease liabilities | $ | 87 |  |  | $ | 85 |  |  | $ | 257 |  |  | $ | 282 |
Future minimum payments of operating lease liabilities as of September 30, 2021 are as follows:
Years Ending December 31: |
2021 (excluding the nine months ended September 30, 2021) | $ | 87 |
2022 | 350 |
2023 | 147 |
2024 | — |
2025 | — |
Thereafter | — |
Total lease payments | $ | 584 |
Less: interest | (40) |
Present value of lease liabilities | $ | 544 |

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- Definition The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -URI http://asc.fasb.org/subtopic&trid=77888251 + Details
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