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Leases | 3 Months Ended
--- | ---
Mar. 31, 2020
Leases [Abstract] |
Leases |
6 | LEASES
On August 7, 2019, the Company entered into an operating lease agreement for 8,341 square feet of office space located in Lake Mary, Florida. The lease commenced on January 1, 2020 and has a lease term of 88 months with an option to extend for five years. The base rent for the lease will be adjusted annually by multiplying the base rent by 1.025. The initial lease liability was calculated as the present value of the lease payments using an incremental borrowing rate of 4.98%. The right-of-use asset was calculated as the initial amount of the lease liability, plus any lease payments made before lease commencement, plus initial direct costs, less any lease incentives. The lease liability and the right-of-use asset are recorded in the consolidated statements of financial position . The components of lease related expenses are as follows:
|  | Three Months Ended March 31, 2020 |  |  | Three Months Ended March 31, 2019 |
Operating lease expense (a) |  | $ | 608 |  |  | $ | 611 |
Finance lease expense: |  |  |  |  |  |  |  |
Amortization of right-of-use assets |  | $ | 21 |  |  | $ | 20 |
Interest on lease liabilities |  |  | 1 |  |  |  | 3 |
Total finance lease expense |  | $ | 22 |  |  | $ | 23 |
| (a) | Includes short-term lease costs of $200 and $311 for the three months ended March 31, 2020 and 2019, respectively.
Cash paid for amounts included in the measurement of lease liabilities:
|  | Three Months Ended March 31, 2020 |  |  | Three Months Ended March 31, 2019 |
Operating cash flows from operating leases |  | $ | 271 |  |  | $ | 254 |
Operating cash flows from finance leases |  | $ | 1 |  |  | $ | 3 |
Financing cash flows from finance leases |  | $ | 21 |  |  | $ | 18 |
|  | March 31, 20 20 |
Weighted average remaining lease term: |  |  |  |
Operating leases |  |  | 3.9 |
Finance leases |  |  | 1.6 |
Weighted average discount rate: |  |  |  |
Operating leases |  |  | 5.87 | %
Finance leases |  |  | 6.25 | %
Maturities of lease liabilities are as follows:
|  | Operating leases |  |  | Finance leases |
Remainder of 2020 |  | $ | 987 |  |  | $ | 44 |
2021 |  |  | 1,355 |  |  |  | 30 |
2022 |  |  | 1,140 |  |  |  | 10 |
2023 |  |  | 920 |  |  |  | — |
2024 |  |  | 562 |  |  |  | — |
Thereafter |  |  | 800 |  |  |  | — |
Undiscounted lease cash flow commitments |  |  | 5,764 |  |  |  | 84 |
Reconciling impact from discounting |  |  | (808 | ) |  |  | (4 | )
Lease liabilities on consolidated statement of financial position as of March 31, 2020 |  | $ | 4,956 |  |  | $ | 80 |

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- Definition The entire disclosure for lessee entity's leasing arrangements including, but not limited to, all of the following: (a.) The basis on which contingent rental payments are determined, (b.) The existence and terms of renewal or purchase options and escalation clauses, (c.) Restrictions imposed by lease agreements, such as those concerning dividends, additional debt, and further leasing. + References Reference 1: http://fasb.org/us-gaap/role/ref/otherTransitionRef -Publisher FASB -Name Accounting Standards Codification -Topic 840 -URI http://asc.fasb.org/topic&trid=2208923 + Details
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