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LEASES | 12 Months Ended
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Dec. 31, 2020
Leases [Abstract] |
LEASES | LEASES We have entered into office space lease agreements, which qualify as operating leases under Topic 842. Under such leases, the lessors receive annual minimum (base) rent. The leases have original terms (excluding extension options) ranging from one to ten years. Our lease agreements do not contain any material residual value guarantees or material restrictive covenants. We record base rent expense under the straight-line method over the term of the lease. In the accompanying consolidated statements of comprehensive income (loss), rent expense is included in operating expenses under selling, general and administrative expenses. The components of the rent expense for the year ended December 31, 2020 were as follows:
Operating lease cost | $ | 2,153 |
Sublease income | (117) |
Net rent expense | 2,036 |
As of December 31, 2020, we had lease liabilities of $7,199, of which $1,833 is presented as a current liability, and Right of Use ("ROU") assets of $6,450 on the accompanying consolidated balance sheet. For purposes of calculating the ROU assets and lease liabilities for such leases, extension options are not included in the lease term unless it is reasonably certain we will exercise the option or the lessor has the sole ability to exercise the option. Our incremental borrowing rate of 10% is estimated to approximate our interest rate on a collateralized basis with similar terms and payments, using a portfolio approach. The weighted average remaining lease term of leases with a lease liability as of December 31, 2020 is 5 years. Supplemental cash flow information related to operating leases for the year ended December 31, 2020 follow:
Cash paid for amounts included in the measurement of lease liabilities: |
Operating cash outflows from operating leases | $ | 2,246 |
Non-cash operating activities: |
Operating lease assets obtained in exchange for new operating lease liabilities | $ | 1,052 |
Future minimum commitments over the life of all operating leases, which exclude variable rent payments, are as follows:
| Total Operating Leases
2021 | $2,354
2022 | 1,837
2023 | 1,142
2024 | 1,022
2025 | 828
Thereafter | 1,802
Total minimum lease payments | 8,985
Less imputed interest | (1,786)
Total lease liabilities | 7,199

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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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