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Leases

9 Months Ended

Sep. 30, 2019

NOTE 4 -

LEASES

On January 1, 2019, the Company adopted ASU 2016-02, Leases (Topic 842) (“ASU 2016-02”) using the modified retrospective approach for all lease arrangements at the beginning period of adoption. Leases existing for the reporting period beginning January 1, 2019 are presented under ASU 2016-02. The Company leases office space and vehicles under operating leases. At September 30, 2019, the Company’s ROU assets and lease liabilities for operating leases totaled $421 and $445, respectively. The impact of adopting the new lease standard was not material to the Company’s condensed consolidated statement of operations for the periods presented.

Supplemental cash flow information related to operating leases was as follows (unaudited):

	Nine Months ended September 30, 2019

Cash payments for operating leases	$	235

Leases recorded on the balance sheet consist of the following (in thousands):

	September 30, 2019
Assets
Operating lease right of use asset	$	421

Liabilities
Operating lease – current	$	314
Operating lease - non-current	$	131
	$	445

	September 30, 2019

Operating leases weighted average remaining lease term (in years)		2
Operating leases weighted average discount rate		7	%

Undiscounted maturities of operating lease payments as of September 30, 2019 are summarized as follows (in thousands):

	Operating Leases

Remainder of 2019	$	83
2020		302
2021		79
Total future lease payments	$	464
Less imputed interest		(19	)
Total lease liability balance	$	445