XML 27 R16.htm IDEA: XBRL DOCUMENT
v3.21.1

LEASES | 3 Months Ended
--- | ---
Mar. 31, 2021
Leases [Abstract] |
LEASES | LEASES We lease our office space under lease arrangements with expiration dates on or before February 29, 2024. We recognize lease expense on a straight-line basis over the lease term. Leases with an initial term of 12 months or less are not recorded on the Condensed Consolidated Balance Sheets. We combine lease and non-lease components for new and reassessed leases. We apply discount rates to operating leases using a portfolio approach. Below is a summary of our right-of-use assets (“ROU”) assets and lease liabilities as of March 31, 2021 and December 31, 2020, respectively (in thousands):
| Balance Sheets Classification | March 31, 2021 |  | December 31, 2020
Assets |  |  |  |
Right-of-use assets | Other assets | $ | 1,439 |  |  | $ | 1,607 |
Liabilities |  |  |  |
Operating lease liabilities - current | Other current liabilities | 1,365 |  |  | 1,382 |
Operating lease liabilities - long-term | Other long-term liabilities | 1,351 |  |  | 1,677 |
Total lease liabilities |  | $ | 2,716 |  |  | $ | 3,059 |
On January 31, 2020, we entered into an agreement to lease approximately 5,000 square feet of office space in San Francisco, California (“SF Facility”). This facility is used for administrative functions. The lease commenced in the first quarter of 2020 and expires in 2022. In the first quarter of 2020, we recorded a lease liability of $0.6 million, which represents the present value of the lease payments using an estimated incremental borrowing rate of 3.50%. We also recognized ROU of $0.6 million which represents our right to use an underlying asset for the lease term. Operating lease ROU assets and liabilities are recognized at the commencement date based on the present value of lease payments over the lease term. As a result of COVID-19, we implemented work-from-home policy in the first quarter of 2020. Our San Francisco office has been closed since the first quarter of 2020 and we expect our San Francisco-based employees to continue to work-from-home in the foreseeable future. We have been actively seeking a sublease tenant for the SF Facility. In the fourth quarter of 2020, we recorded $0.3 million impairment charge to the SF Facility ROU asset. On November 12, 2014, we entered into an amendment to the lease of approximately 42,000 square feet office space in San Jose, California facilities (“SJ Facility”). The lease commenced in May 2015 and expires as of April 2023. On March 12, 2020, we entered into a sublease agreement with Neato Robotics, Inc. (“Neato”) for the SJ Facility. This sublease commenced in June 2020 and ends on April 30, 2023 which is the lease termination date of the original SJ Facility lease. In accordance with provisions of ASC 842 Lease s (“ASC 842”), we treated the sublease as a separate lease as we were not relieved of the primary obligation under the original lease. We continue to account for the original SJ Facility, as a lessee, in the same manner as prior to the commencement date of the sublease. We accounted for the sublease as a lessor of the lease. We classified the sublease as an operating lease as it did not meet the criteria of a Sale-Type or Direct Financing lease. At the commencement date of the sublease, we recognized initial direct costs of $0.3 million. These deferred costs will be amortized over the terms of the sublease payments. As of March 31, 2021, $0.1 million was reported in Prepaid expenses and other current assets and $0.1 million was reported in Other assets on our Condensed Consolidated Balance Sheets. We recognize operating lease expense and lease payments from the sublease, on a straight-line basis, in our Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) over the lease terms. During the three months ended March 31, 2021, and 2020, our net operating lease expenses are as follows (in thousands):
| Three Months Ended March 31, |  |
| 2021 |  | 2020 |  |  |  |
Operating lease cost | $ | 215 |  |  | $ | 273 |  |  |  |  |
Sublease income | (257) |  |  | — |  |  |  |  |
Net lease cost (income) | $ | (42) |  |  | $ | 273 |  |  |  |  |
The table below provides supplemental information related to operating leases for the three months ended March 31, 2021 and 2020 (in thousands except for lease term):
| Three Months Ended March 31,
| 2021 |  | 2020
Cash paid within operating cash flow | $ | 367 |  |  | $ | 349 |
Weighted average lease terms | 2.2 |  | 2.9
Weighted average discount rate | N/A |  | 3.5 | %
Minimum future lease payment obligations for our operating leases as of March 31, 2021 are as follows (in thousands):
For the Years Ending December 31, |
Remainder of 2021 |  | $ | 1,131 |
2022 |  | 1,225 |
2023 |  | 462 |
2024 |  | 25 |
Total |  | $ | 2,843 |
Future lease payments as of March 31, 2021 from our sublease agreement are as follows (in thousands):
For the Years Ending December 31, |
Remainder of 2021 |  | $ | 789 |
2022 |  | 1,077 |
2023 |  | 351 |
Total |  | $ | 2,217 |

X
- References No definition available. + Details
Name: | us-gaap_LeasesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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
Name: | us-gaap_LesseeOperatingLeasesTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration