Leases (Tables)

9 Months Ended

Sep. 30, 2020

Schedule of Lease Cost Recognized in Consolidated Statement of Operations and Other Information

Lease cost recognized in the Company’s consolidated statements of operations and other information is summarized as follows (in thousands):

	Three months ended September 30, 2020		Nine months ended September 30, 2020
Operating lease cost	$	463	$	1,265
Short-term operating lease cost (1)		-		46
Total operating lease cost (2)	$	463	$	1,311
Other information:
Weighted-average remaining lease term - operating leases			2.9 years
Weighted-average discount rate - operating leases (3)				4.9	%

(1)

The Company elected the practical expedient permitted in ASC Topic 842. As such, its short-term prior operating lease in Wichita, Kansas was not recognized as a liability on the Company’s balance sheet as of September 30, 2020. The Company has recognized short-term operating lease costs on a straight-line basis. As of September 30, 2020, the Company no longer has any short-term operating leases.

(2)

The discount rate used to compute the present value of total lease liabilities as of September 30, 2020 was based on the Company's estimated incremental borrowing rate of similar secured borrowings available to the Company as of the commencement date of lease or implementation date of ASC 842 on January 1, 2019.

Schedule of Operating Lease Liabilites

As of September 30, 2020, the Company’s operating lease liabilities were as follows (in thousands):

	Total
Gross future operating lease payments	$	5,813
Less: imputed interest		(443	)
Present value of total operating lease liabilities		5,370
Less: current portion of operating lease liabilities		(1,821	)
Total long-term operating lease liabilities	$	3,549