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LEASES | 9 Months Ended
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Sep. 30, 2019
LEASES |
LEASES | 14. LEASES The Company adopted ASU No. 2016-02, Leases (Topic 842) on January 1, 2019 and recognized leases with duration greater than 12 months on the balance sheet using the modified retrospective approach. Prior year financial statements have not been restated and therefore those amounts are not presented below. In addition, the Company elected the package of practical expedients permitted under the transition guidance within the new standard, which among other things, allowed for a carry-forward of the historical lease classification. For leases with terms greater than 12 months, the Company has recorded the related Right-Of-Use asset and liability at the present value of lease payments over the term. Renewal options have been factored into the determination of lease payments when appropriate. There are no residual value guarantees on the existing leases. The Company estimates its incremental borrowing rate, at lease commencement, to determine the present value of lease payments, since most of the Company’s leases do not provide an implicit rate of return. The Company’s lease population consists primarily of office equipment. The Company does not have any finance leases. The Company determines at contract inception, if an arrangement is a lease or contains a lease based on whether the Company obtains the right to control the use of specifically identifiable property, plant and equipment for a period of time in exchange for consideration. The Company has elected not to separate non-lease components from lease components for its leases. Variable lease payments are recognized as expense when incurred. As of September 30, 2019, the Company had no operating leases that had not yet commenced. Lease position: The table below presents the assets and liabilities related to operating leases recorded on the balance sheet: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Classification on the Consolidated |  | ​ | ​
(in thousands) | ​ | Balance Sheet | ​ | September 30, 2019
Assets: |  | ​ |  |  | ​ |
Operating lease right-of-use assets |  | ​ | Other assets | ​ | $ | 171
​ | ​ | ​ | ​ | ​ | ​ | ​
Liabilities: |  | ​ |  | ​ |  | ​
Current maturities of operating leases |  | ​ | Accrued expenses and other liabilities | ​ | $ | 47
Long-term operating lease liabilities |  | ​ | Other long-term liabilities | ​ |  | 122
Total lease liabilities | ​ | ​ | ​ | ​ | $ | 169
​ Lease Costs: The components of lease expense for the period are reported as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Classification on the Consolidated |  | Three months ended |  | Nine months ended
(in thousands) | ​ | Statements of Operations | ​ | September 30, 2019 | ​ | September 30, 2019
Operating lease cost |  | ​ | Selling, general and administrative expenses | ​ | $ | 13 | ​ | $ | 39
Short-term lease cost |  | ​ | Selling, general and administrative expenses | ​ |  | 1 | ​ |  | 2
Total lease cost | ​ | ​ | ​ | ​ | $ | 14 | ​ | $ | 41
​ Other information: ​
​ | ​ | ​ | ​ | ​
Cash paid for amounts included in the measurement of lease liabilities –operating leases (in thousands) |  | $ | 34 | ​
Weighted average remaining lease term –operating leases | ​ |  | 3.5 | years
Weighted average discount rate – operating leases | ​ |  | 3.68 | %
​ Lease Commitments: Future minimum lease payments at September 30, 2019 were as follows: ​
​ | ​ | ​ | ​
Maturity of lease liabilities | ​ | ​ | ​
(in thousands) |  | Operating Leases
2019 (excluding the nine months ended September 30, 2019) | ​ | $ | 13
2020 | ​ |  | 52
2021 | ​ |  | 52
2022 | ​ |  | 52
2023 | ​ |  | 10
Thereafter | ​ |  | —
Total lease payments | ​ |  | 179
Less: Amounts representing interest | ​ |  | (10)
Present value of lease liabilities | ​ | $ | 169
​ In the second quarter of 2019, the Company entered into an operating lease as the lessor for certain real estate leased to a third party under an operating lease with an initial term of 36 months. The lease requires fixed monthly payments and does not contain clauses for future rent escalations or renewal options. There are no terms and conditions under which the lessee has the option to purchase this asset. As of September 30, 2019, projected future lease income on this lease totaled $588,750 scheduled to be received as follows: 2019 - $58,875 (excluding the nine months ended September 30, 2019), 2020 - $235,500, 2021 - $235,500 and 2022 - $58,875. During the three and nine months ended September 30, 2019, the Company recorded rental income of $59 thousand and $88 thousand and is classified as part of selling, general and administrative expenses on the consolidated statements of operations.

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- Definition The entire disclosure for finance leases of lessee. Includes, but is not limited to, description of lessee's finance lease and maturity analysis of finance 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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