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LEASES | 3 Months Ended
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Mar. 31, 2021
LEASES [Abstract] |
LEASES | NOTE 11 – LEASES The Company leases space under non-cancelable operating leases for several office and manufacturing locations. These leases do not have significant rent escalation holidays, concessions, leasehold improvement incentives, or other build-out clauses. Further, the leases do not contain contingent rent provisions. Most leases include one or more options to renew. The exercise of lease renewal options is typically at the Company’s sole discretion; therefore, the majority of renewals to extend the lease terms are not included in the Company’s right-of-use assets and lease liabilities as they are not reasonably certain of exercise. The Company regularly evaluates the renewal options, and when they are reasonably certain of exercise, the Company includes the renewal period in its lease term. As most of the Company’s leases do not provide an implicit rate, the Company uses its incremental borrowing rate based on the information available at the lease commencement date in determining the present value of the lease payments. The Company has a centrally managed treasury function; therefore, based on the applicable lease terms and the current economic environment, it applies a portfolio approach for determining the incremental borrowing rate. The components of lease expense were as follows:
|  | Three Months Ended March 31, |
|  | 2021 |  |  | 2020 |
Operating lease cost |  | $ | 515 |  |  | $ | 377 |
Short-term lease cost |  |  | 79 |  |  |  | 50 |
Lease cost |  | $ | 594 |  |  | $ | 427 |
Supplemental cash flow information related to operating leases was as follows for the three months ended March 31, 2021 and 2020:
|  | Three Months Ended March 31, |
|  | 2021 |  |  | 2020 |
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |  |  |
Operating cash outflow from operating leases |  | $ | 594 |  |  | $ | 427 |
Maturities of lease liabilities for all operating leases were as follows as of March 31, 2021:
|  | December 31, |
2021 |  | $ | 1,834 |
2022 |  |  | 2,439 |
2023 |  |  | 978 |
2024 |  |  | 876 |
2025 |  |  | 22 |
Total lease payments |  |  | 6,149 |
Less: Interest |  |  | (800 | )
Present value of lease liabilities |  | $ | 5,349 |
The weighted average remaining lease terms and discount rates for all operating leases were as follows as of March 31, 2021 and December 31, 2020:
|  | March 31, 2021 |  |  | December 31, 2020 |
Remaining lease term and discount rate: |  |  |  |  |  |
Weighted average remaining lease term (years) |  |  | 1.93 |  |  |  | 2.11 |
Weighted average discount rate |  |  | 4.87 | % |  |  | 5.14 | %

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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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