LEASES

12 Months Ended

Dec. 31, 2021

LEASES

The Company’s leases are primarily for office space, the largest being an office building lease for the Company’s Lakewood, Colorado corporate offices. As of December 31, 2021, this lease has a remaining term of approximately 17 months and includes an option to extend the lease for one five-year term. Certain of our other leases include variable payments for lessor operating expenses that are not included within right-of-use (“ROU”) assets and lease liabilities in the 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 Consolidated Balance Sheets.

Total lease cost includes the following components:


	Years ended December 31,
	2021		2020		2019
Operating leases	$	308	$	339	$	381
Short-term leases	324		297		297
Sublease income	—		—		(56)
Total lease expense	$	632	$	636	$	622

The weighted average remaining lease term and weighted average discount rate were as follows:


	Years ended December 31,
	2021		2020		2019
Weighted average remaining lease term of operating leases	1.4 years		2.4 years		3.3 years
Weighted average discount rate of operating leases	9.0	%	9.0	%	9.0	%

Supplemental cash flow information related to leases was as follows:


	Years ended December 31,
	2021		2020		2019
Operating cash flow information:
Cash paid for amounts included in the measurement of operating lease liabilities	$	343	$	367	$	333

Future minimum payments of operating lease liabilities as of December 31, 2021 are as follows:


Years ending December 31:
2022	$	350
2023	147
2024	—
2025	—
2026	—
Thereafter	—
Total lease payments	$	497
Less: Interest	(28)
Present value of lease liabilities	$	469