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Commitments (Tables)

3 Months Ended

Mar. 31, 2020

Summary of Lease Liabilities and Right-of-Use Assets

The table below summarizes the Company’s lease liabilities and corresponding right-of-use assets (in thousands):

	As of March 31, 2020
Assets
Operating	$	744
Financing	102
Total leased assets	$	846

Liabilities
Current:
Operating	$	136
Financing	108
Noncurrent:
Operating	624
Financing	4
Total lease liabilities	$	872

Weighted-average remaining lease term (years) - operating leases	6.74
Weighted-average remaining lease term (years) - finance leases	0.82
Weighted-average discount rate - operating leases		7.91	%
Weighted-average discount rate - finance leases		5	%

Summary of Lease Costs

The table below summarizes the Company’s lease costs from its unaudited consolidated condensed statement of operations, and cash payments from its unaudited consolidated condensed statement of cash flows during the three months ended March 31, 2020 (in thousands, except years and rates):

	Three Months Ended March 31, 2020
Lease expense:
Operating lease expense	$	55
Finance lease expense:
Depreciation of right-of-use assets	32
Interest expense on lease liabilities	2
Total lease expense	$	89

Cash payment information:
Operating cash used for operating leases	$	51
Financing cash used for financing leases	18
Total cash paid for amounts included in the measurement of lease liabilities	$	69

Summary of Future Minimum Annual Lease Payments under Operating and Financing Leases

Total rent expenses for the three months ended March 31, 2020 was $95,000, which includes leases in the table above, month-to-month operating leases, and common area maintenance charges.

The Company’s future minimum annual lease payments under operating and financing leases at March 31, 2020 are as follows in (thousands):

	Financing			Operating
	Leases			Leases

Remaining 2020	$	105		$	159
2021	7			183
2022	—			123
2023	—			100
Thereafter	—			447
Total minimum lease payments	$	112		$	1,012
Less: amount representing interest	0				(252	)
Present value of obligations under leases	112				760
Less: current portion		(108	)		(136	)
Noncurrent lease obligations	$	4		$	624