Leases (Tables)

3 Months Ended

Mar. 31, 2021

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

Lease cost recognized in the Company’s Condensed Consolidated Statements of Operations and other information is summarized as follows (in thousands):

	Three months ended March 31,
	2020			2021
Operating lease cost	$	420		$	471
Short-term operating lease cost (1)		30			-
Total operating lease cost (2)	$	450		$	471
Other information:
Weighted-average remaining lease term - operating leases	4.9 years			2.6 years
Weighted-average discount rate - operating leases (3)		5.0	%		4.8	%

(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 December 31, 2020. The Company has recognized short-term operating lease costs on a straight-line basis. As of March 31, 2021, 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 March 31, 2021 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.

Schedule of Operating Lease Liabilites

As of March 31, 2021, the Company’s operating lease liabilities were as follows (in thousands):

	Total
Gross future operating lease payments	$	4,856
Less: imputed interest		(307	)
Present value of total operating lease liabilities		4,549
Less: current portion of operating lease liabilities		(1,807	)
Total long-term operating lease liabilities	$	2,742