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Leases | 9 Months Ended
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Sep. 30, 2020
Leases [Abstract] |
Leases |
5. | Leases
The Company’s operating lease right-of-use (“ROU”) assets and operating lease liabilities represent primarily leases for office spaces used to conduct our business. These leases have remaining terms of approximately 3 to 10 years which include one or more options to renew (which are included in valuing our ROU assets and liabilities). As most of our operating leases do not provide an implicit rate, the Company uses its incremental borrowing rate as the discount rate when determining the present value of the lease payments. The incremental borrowing rate is determined based on the Company’s secured borrowing rate, lease terms and current economic environment. Lease expense for operating leases is recognized on a straight-line basis over the lease term. Finance leases primarily consist of processing and transport equipment used by our facilities’ operations. Our finance leases also include a building with land for our waste treatment operations. The Company’s finance leases generally have initial terms between one to six years and some of the leases include options to purchase the underlying assets at fair market value at the conclusion of the lease term. The lease for the building and land has a term of two years with an option to buy at the end of the lease term, which the Company is reasonably certain to exercise. The Company adopted the policy to not recognize ROU assets and liabilities for short term leases. The components of lease cost for the Company’s leases for the three and nine months ended September 30, 2020 and 2019 were as follows (in thousands):
|  | Three Months Ended |  |  | Nine Months Ended |
|  | September 30, |  |  | September 30, |
|  | 2020 |  |  | 2019 |  |  | 2020 |  |  | 2019 |
Operating Leases: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Lease cost |  | $ | 114 |  |  | $ | 114 |  |  | $ | 342 |  |  | $ | 342 |
Finance Leases: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Amortization of ROU assets |  |  | 109 |  |  |  | 20 |  |  |  | 161 |  |  |  | 39 |
Interest on lease liability |  |  | 47 |  |  |  | 15 |  |  |  | 97 |  |  |  | 40 |
|  |  | 156 |  |  |  | 35 |  |  |  | 258 |  |  |  | 79 |
Short-term lease rent expense |  |  | 3 |  |  |  | 41 |  |  |  | 7 |  |  |  | 113 |
Total lease cost |  | $ | 273 |  |  | $ | 190 |  |  | $ | 607 |  |  | $ | 534 |
The weighted average remaining lease term and the weighted average discount rate for operating and finance leases at September 30, 2020 were:
|  | Operating Leases |  |  | Finance Leases |
Weighted average remaining lease terms (years) |  |  | 8.2 |  |  |  | 3.4 |
Weighted average discount rate |  |  | 8.0 | % |  |  | 7.9 | %
The following table reconciles the undiscounted cash flows for the operating and finance leases at September 30, 2020 to the operating and finance lease liabilities recorded on the balance sheet (in thousands):
|  | Operating Leases |  |  | Finance Leases |
2020 Remainder |  | $ | 112 |  |  | $ | 263 |
2021 |  |  | 450 |  |  |  | 554 |
2022 |  |  | 458 |  |  |  | 272 |
2023 |  |  | 466 |  |  |  | 149 |
2024 |  |  | 342 |  |  |  | 146 |
2025 and thereafter |  |  | 1,457 |  |  |  | 164 |
Total undiscounted lease payments |  |  | 3,285 |  |  |  | 1,548 |
Less: Imputed interest |  |  | (879 | ) |  |  | (158 | )
Present value of lease payments |  | $ | 2,406 |  |  | $ | 1,390 |
Current portion of operating lease obligations |  | $ | 265 |  |  | $ | — |
Long-term operating lease obligations, less current portion |  | $ | 2,141 |  |  | $ | — |
Current portion of finance lease obligations |  | $ | — |  |  | $ | 675 |
Long-term finance lease obligations, less current portion |  | $ | — |  |  | $ | 715 |
Supplemental cash flow and other information related to our leases were as follows for the three and nine months ended September 30, 2020 and 2019 (in thousands):
|  | Three Months Ended |  |  | Nine Months Ended |
|  | September 30, |  |  | September 30, |
|  | 2020 |  |  | 2019 |  |  | 2020 |  |  | 2019 |
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Operating cash flow used in operating leases |  | $ | 111 |  |  | $ | 109 |  |  | $ | 331 |  |  | $ | 326 |
Operating cash flow used in finance leases |  | $ | 47 |  |  | $ | 15 |  |  | $ | 97 |  |  | $ | 40 |
Financing cash flow used in finance leases |  | $ | 182 |  |  | $ | 73 |  |  | $ | 411 |  |  | $ | 174 |
ROU assets obtained in exchange for lease obligations for: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Finance liabilities |  | $ | 751 |  |  | $ | 390 |  |  | $ | 874 |  |  | $ | 528 |
Operating liabilities |  | $ | — |  |  |  | — |  |  |  | — |  |  |  | 182 |

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- Definition The entire disclosure for finance and operating leases of lessee. Includes, but is not limited to description of lease and maturity analysis of lease liability. + References No definition available. + Details
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- References No definition available. + Details
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