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Leases
6 Months Ended
Jun. 30, 2021
Leases [Abstract]  
Leases Leases As of June 30, 2021, the Company had one leased property used as office facilities with a remaining lease term of 1.3 years, and one leased property that was classified as a “short-term” lease. In accordance with Topic 842, leases with a term of 12 months or less are not recorded on the Company’s consolidated balance sheet. For the office facilities, the Company
recognizes a right-of-use-asset and lease liability in accordance with Topic 842. The liability and asset are then amortized as payments are made. Adoption of Topic 842 resulted in the recording of a right-of-use asset and lease liability of approximately $3.2 million and $3.3 million, respectively, as of January 1, 2020.
Future minimum payments required under operating leases, by year and in aggregate, that have initial or remaining non-cancellable lease terms in excess of one year, are as follows (in thousands):
As of
June 30, 2021
Operating
leases
Finance
leases
2021$547 $61 
2022911 101 
Thereafter— — 
$1,458 $162 
Leases Leases As of June 30, 2021, the Company had one leased property used as office facilities with a remaining lease term of 1.3 years, and one leased property that was classified as a “short-term” lease. In accordance with Topic 842, leases with a term of 12 months or less are not recorded on the Company’s consolidated balance sheet. For the office facilities, the Company
recognizes a right-of-use-asset and lease liability in accordance with Topic 842. The liability and asset are then amortized as payments are made. Adoption of Topic 842 resulted in the recording of a right-of-use asset and lease liability of approximately $3.2 million and $3.3 million, respectively, as of January 1, 2020.
Future minimum payments required under operating leases, by year and in aggregate, that have initial or remaining non-cancellable lease terms in excess of one year, are as follows (in thousands):
As of
June 30, 2021
Operating
leases
Finance
leases
2021$547 $61 
2022911 101 
Thereafter— — 
$1,458 $162