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Leases (Tables) | 9 Months Ended
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Sep. 30, 2020
Leases [Abstract] |
Schedule of Supplemental Balance Sheet Information Related to Leases | As of September 30, 2020, the Company does not believe that any of the renewal options under the existing leases are reasonably certain to be exercised; however, the Company will continue to assess and monitor the lease renewal options on an ongoing basis.
|  | As of September 30, 2020 |  |  | As of December 31, 2019 |
Assets |  |  |  |  |  |
Lease right-of-use assets |  | $ | 2,813,000 |  |  | $ | 3,951,000 |
Liabilities |  |  |  |  |  |  |  |
Lease liabilities |  | $ | 3,181,000 |  |  | $ | 4,409,000 |
Schedule of Additional Information Related to Leases |
Lease Term and Discount Rate |  | As of September 30, 2020 |
Weighted average remaining lease term – operating leases (in years) |  |  | 2.3 |
Weighted average discount rate – operating leases |  |  | 5.0 | %
Schedule of Lease Costs and Other Lease Information | The following table represents lease costs and other lease information. The Company has elected the practical expedient to not separate lease and non-lease components, and as such, the variable lease cost primarily represents variable payments such as common area maintenance and utilities which are usually determined by the leased square footage in proportion to the overall office building.
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
|  | 2020 |  |  | 2019 |  |  | 2020 |  |  | 2019 |
Operating lease cost |  | $ | 609,000 |  |  | $ | 509,000 |  |  | $ | 1,755,000 |  |  | $ | 1,268,000 |
Short-term lease cost |  |  | 20,000 |  |  |  | 81,000 |  |  |  | 83,000 |  |  |  | 321,000 |
Variable lease cost |  |  | 65,000 |  |  |  | 40,000 |  |  |  | 281,000 |  |  |  | 165,000 |
Sublease income |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Total Rent and occupancy |  | $ | 694,000 |  |  | $ | 630,000 |  |  | $ | 2,119,000 |  |  | $ | 1,754,000 |
Cash paid for amounts included in the measurement of lease liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Operating cash flows from operating leases |  | $ | 614,000 |  |  | $ | 512,000 |  |  | $ | 1,845,000 |  |  | $ | 1,338,000 |
Lease right-of-use assets obtained in exchange for new lease liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Operating leases |  | $ | 278,000 |  |  | $ | — |  |  | $ | 2,353,000 |  |  | $ | 4,943,000 |
Schedule of Future Minimum Base Rental Payment | Future annual minimum payments for operating leases with initial terms of greater than one year as of September 30, 2020 were as follows:
Year |  | Amount |
2020 |  | $ | 606,000 |
2021 |  |  | 1,403,000 |
2022 |  |  | 755,000 |
2023 |  |  | 543,000 |
2024 |  |  | 56,000 |
Remaining balance of lease payments |  |  | 3,363,000 |
Difference between undiscounted cash flows and discounted cash flows |  |  | 182,000 |
Lease liabilities |  | $ | 3,181,000 |

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- Definition Tabular disclosure of lessee's lease cost. Includes, but is not limited to, interest expense for finance lease, amortization of right-of-use asset for finance lease, operating lease cost, short-term lease cost, variable lease cost and sublease income. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=121609121&loc=SL77918686-209980 + Details
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- Definition Tabular disclosure of future minimum payments required in the aggregate and for each of the five succeeding fiscal years for operating leases having initial or remaining noncancelable lease terms in excess of one year and the total minimum rentals to be received in the future under noncancelable subleases as of the balance sheet date. + References Reference 1: http://fasb.org/us-gaap/role/ref/otherTransitionRef -Publisher FASB -Name Accounting Standards Codification -Topic 840 -SubTopic 20 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=121573735&loc=d3e41502-112717 + Details
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