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LEASES | 3 Months Ended
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Mar. 31, 2021
LEASES [Abstract] |
LEASES | NOTE 4 – LEASES The Company leases land and office equipment under operating leases from non-related parties. Our leases have remaining lease terms of 1 year to 76 years, some of which include options to automatically extend the leases for up to 66 years. Payments made under operating leases are recognized in the consolidated statement of operations on a straight-line basis over the period of the lease. The annual lease payments for the land operating leases increase each year either by the most recent increase in the Consumer Price Index or by 3%, as applicable based on the lease agreements. Periodically, the annual lease payment for one operating land lease is determined based on the fair market value of the applicable parcel of land. None of the operating leases contain contingent rent provisions. The commencement date of all the operating leases is the earlier of the date we become legally obligated to make rent payments or the date we may exercise control over the use of the land or equipment. The Company currently does not have any financing leases and does not have any lessor leases that require disclosure. Management made certain assumptions related to the separation of lease and nonlease components and to the discount rate used when calculating the right of use asset and liability amounts for the operating leases. As our leases do not provide an implicit rate, we use our incremental borrowing rates for long term and short term agreements and apply the rates accordingly based on the term of the lease agreements to determine the present value of lease payments. Rent expense for all operating leases except those with terms of 12 months or less comprises:
| (in thousands) |
| Three Months Ended |  | Three Months Ended |
| March 31, 2021 |  | March 31, 2020 |
Minimum rentals |  | $ | 7 |  |  | $ | 7 |
Contingent rentals |  |  | — |  |  |  | — |
|  | $ | 7 |  |  | $ | 7 |
Supplemental cash flow information related to leases is as follows:
| (in thousands) |
| Three Months Ended |  |  | Three Months Ended |
| March 31, 2021 |  |  | March 31, 2020 |
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |  |  |
Operating cash flows from operating leases |  | $ | 7 |  |  | $ | 7 |
Right-of-use assets obtained in exchange for lease obligations: |  |  |  |  |  |  |  |
Operating leases |  | $ | 455 |  |  | $ | 474 |
Supplemental balance sheet information related to leases is as follows:
|  | (in thousands, except lease term and discount rate) |
|  | March 31, 2021 |  |  | December 31, 2020 |
Operating Leases: |  |  |  |  |  |
Operating lease right-of-use assets |  | $ | 455 |  |  | $ | 460 |
Other current liabilities |  | $ | 20 |  |  |  | 20 |
Operating lease liabilities |  |  | 427 |  |  |  | 432 |
Total operating lease liabilities |  | $ | 447 |  |  | $ | 452 |
Weighted Average Remaining Lease Term |  |  |  |  |  |  |  |
Operating leases |  | 59 years |  |  | 59 years |
Weighted Average Discount Rate |  |  |  |  |  |  |  |
Operating leases |  |  | 3.6 | % |  |  | 5.0 | %
Maturities of operating lease liabilities that have initial or remaining non-cancelable lease terms in excess of one year as of March 31, 2021 are as follows:
|  | (in thousands) |
|  | Operating Leases |
Year |  |  |
2021 |  | $ | 42 |
2022 |  |  | 23 |
2023 |  |  | 23 |
2024 |  |  | 23 |
2025 |  |  | 24 |
Thereafter |  |  | 1,304 |
Total undiscounted lease payments |  | $ | 1,439 |
Less effects of discounting |  |  | (992 | )
Total lease liabilities recognized |  | $ | 447 |
As of March 31, 2021, we have not entered into operating or finance leases that will commence at a future date.

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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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