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Leases
 3 Months Ended
Mar. 31, 2020
Leases [Abstract]  
Leases

NOTE 5—LEASES

 

OmniMetrix leases office space and office equipment under operating lease agreements. The office lease expires on September 30, 2025. The office equipment lease was entered into in April 2019 and has a sixty-month term. Operating lease payments for the three months ended March 31, 2020 and 2019 were $28,000 and $27,000, respectively. The future minimum lease payments on non-cancelable operating leases as of March 31, 2020 using a discount rate of 4.5% are $573,000.

 

Supplemental cash flow information related to leases consisted of the following (in thousands):

 

    March 31,  
     2020     2019  
Cash paid for operating lease liabilities   $ 28       ―  
                 

 

Supplemental balance sheet information related to leases consisted of the following:

 

    2020  
Weighted average remaining lease terms for operating leases     5.47  
         

 

The table below reconciles the undiscounted future minimum lease payments under non-cancelable lease agreements having initial terms in excess of one year to the total operating lease liabilities recognized on the consolidated balance sheet as of March 31, 2020 (in thousands):

 

   

Twelve-month

period ended

March 31,

  
2021   $ 80  
2022     122  
2023     125  
2024     129  
2025     129  
Thereafter     67  
Total undiscounted cash flows     652  
Less: Imputed interest     (79 )
Present value of operating lease liabilities (a)   $ 573  

 

  (a) Includes current portion of $55,000 for operating leases.