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Leases | 6 Months Ended
--- | ---
Jun. 30, 2020
Leases [Abstract] |
Leases |
(7) | Leases
The Company recognizes right-of-use (“ROU”) assets and lease liabilities when it obtains the right to control an asset under a leasing arrangement with an initial term greater than twelve months. The Company leases its facilities under non-cancellable operating and financing leases. The Company evaluates the nature of each lease at the inception of an arrangement to determine whether it is an operating or financing lease and recognizes the ROU asset and lease liabilities based on the present value of future minimum lease payments over the expected lease term. The Company’s leases do not generally contain an implicit interest rate and therefore the Company uses the incremental borrowing rate it would expect to pay to borrow on a similar collateralized basis over a similar term in order to determine the present value of its lease payments. Pursuant to a 2014 sublease agreement (the “2014 Sublease”) and a 2015 sublease agreement (the “2015 Sublease”) the Company subleases portions of its leased premises in Dublin, Ireland to a sublessee. On May 15, 2020, the Company and its sublessee entered into amendments to the 2014 Sublease and 2015 Sublease pursuant to which (i) the 2014 Sublease and 2015 Sublease were extended from May 31, 2020 to August 2, 2021, and (ii) effective July 1, 2020, the leased premises under the 2015 Sublease would be expanded to include an additional 4,999 square ft of space, and (ii) effective July 1, 2020, the rent under the 2015 Sublease would increase from approximately $14,559 per month to $20,643 per month. The Company analyzed the terms of the amended 2014 Sublease and 2015 Sublease and determined that its ROU for the master operating lease was not impaired as a result of the amendments. On June 25, 2020, the Company entered into a sub-lease agreement (the “2021 Sub-Lease”) with its current sublessee under the 2014 Sublease and 2015 Sublease pursuant to which, effective August 2, 2021, the current sublessee would become the lessee and the Company would then sub-lease its portion of the premises from such current sublessee. The Company Rent under the 2021 Sub-Lease will be approximately $3,721.50 per month. Aside from the 2021 Lease, the Company has no operating or financing leases that have not yet commenced. The following table summarizes the Company’s operating and financing leases as of and for the six months ended June 30, 2020:
(in thousands) |  | US |  |  | Ireland |  |  | Total |
Lease cost |  |  |  |  |  |  |  |  |  |  |  |
Operating lease cost |  | $ | 236 |  |  | $ | 103 |  |  | $ | 339 |
Financing lease cost |  | 23 |  |  |  | — |  |  |  | 23 |
Sublease income |  |  | — |  |  |  | (98 | ) |  |  | (98 | )
Total |  | $ | 259 |  |  | $ | 5 |  |  | $ | 264 |
Other information |  |  |  |  |  |  |  |  |  |  |  |
Operating cash flows out from operating leases |  |  | (236 | ) |  |  | (103 | ) |  |  | (339 | )
Operating cash flows in from operating leases |  |  | - |  |  |  | 98 |  |  |  | 98 |
Operating cash flows out from financing leases |  |  | (22 | ) |  |  | — |  |  |  | (22 | )
Weighted average remaining lease term |  |  | 0.7 |  |  |  | 1.1 |  |  |  |  |
Weighted average discount rate - operating leases |  |  | 8 | % |  |  | 8 | % |  |  |  |
Remaining maturities of the Company’s operating leases, excluding short-term leases, are as follows:
(in thousands) |  | US |  |  | Ireland |  |  | Total |
Year ended December 31, 2020 |  | $ | 239 |  |  | $ | 105 |  |  | $ | 344 |
Year ended December 31, 2021 |  | $ | 78 |  |  |  | 122 |  |  |  | 200 |
Total |  | $ | 317 |  |  |  | 227 |  |  |  | 544 |
Less present value discount |  | $ | (9 | ) |  |  | (10 | ) |  |  | (19 | )
Operating lease liabilities included in the condensed consolidated balance sheet at June 30, 2020 |  | $ | 308 |  |  | $ | 217 |  |  | $ | 525 |

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