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LEASES | 6 Months Ended
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Jun. 30, 2019
LEASES |
LEASES | 14. LEASES Lease Adoption January 1, 2019 In February 2016, the FASB issued ASU No. 2016‑02, “Leases (Topic 842)”. This new standard requires lessees to recognize leases on their balance sheets. It also requires a dual approach for lessee accounting under which a lessee accounts for leases as finance leases or operating leases with the recognition of a right-of-use asset and a corresponding lease liability. For operating leases, the lessee recognizes straight-line lease expense. The new lease accounting standard along with the clarifying amendments subsequently issued by the FASB, collectively became effective for the Company on January 1, 2019. The Company adopted the new lease accounting standard by applying the new lease guidance at the adoption date on January 1, 2019, and as allowed under the transition relief provided in ASU 2018‑11, elected not to restate comparative periods. As of January 1, 2019, in connection with the adoption of the new lease accounting standard, the Company recorded a right-of-use lease asset totaling $595,870 with a corresponding lease liability totaling $599,596. The right-of-use assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Right-of-use assets and lease liabilities are recognized at the commencement date of the lease based on the present value of lease payments over the lease term using a discount rate of 9.5%. This rate is the Company’s current estimated incremental borrowing rate. The Company has operating leases for corporate offices, storage space and equipment. The leases have remaining lease terms of 1 to 5 years, one of which includes an option to extend the corporate office lease for 3 years. Under our corporate office lease, we are required to reimburse the lessor each month for common use expenses such as maintenance and security services. Because these amounts are variable from year to year and not specifically set in the lease terms, they are not included in the measurement of the ROU asset and related lease liability, but rather expensed in the period incurred. The Company is party to several leases that are for under one year in length. These include such leases as those for land used in exploration and mining activities, office equipment, machinery, office space, storage and other. The Company has elected the short-term lease exemptions allowed under the new leasing standards, whereby leases with initial terms of one year or less are not capitalized and instead expensed on a straight-line basis over the lease term. The components of lease expense were as follows:
|  | June 30
(thousands of dollars) |  | 2019
Operating lease cost |  | $ | 81
Supplemental cash flow information related to leases was as follows:
|  | Six months
|  | ended
|  | June 30, 2019
Cash paid for amounts included in lease liabilities: |  |  |
(thousands of dollars) |  |  |
Operating cash flows from operating leases |  | $ | 77
Right-of-use assets obtained in exchange for lease obligations: |  |  |
Operating leases |  | $ | 541
Supplemental balance sheet information related to leases was as follows:
|  | June 30,
(thousands of dollars, except lease term and discount rate) |  | 2019
Operating Leases |  |  |
Operating lease right-of-use assets |  | $ | 541
Current portion of lease liabilities |  | $ | 151
Operating lease liabilities – long term portion |  |  | 396
Total operating lease liabilities |  | $ | 547
|  |  | June 30,
|  |  | 2019
Weighted Average Remaining Lease Term | Operating leases |  | 4.2 | Years
Discount Rate | Operating leases |  | 9.5 | %
Maturities of lease liabilities are as follows:
|  |  | Operating
| Lease payments by year (In thousands) |  | Leases
| 2019 |  | $ | 79
| 2020 |  |  | 159
| 2021 |  |  | 161
| 2022 |  |  | 162
| 2023 |  |  | 94
| Total lease payments |  |  | 655
| Less imputed interest |  |  | (108)
| Total |  | $ | 547
As of June 30, 2019, the company has $0.5 million in ROU assets and $0.5 million in related lease liabilities ($0.2 million of which is current). The most significant operating lease is for its corporate office in Centennial, Colorado, with $0.6 million remaining in undiscounted cash payments through the end of the lease term in 2023. The total undiscounted cash payments remaining on operating leases through the end of their respective terms is $0.7 million.

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- Definition The entire disclosure for lessee entity's leasing arrangements including, but not limited to, all of the following: (a.) The basis on which contingent rental payments are determined, (b.) The existence and terms of renewal or purchase options and escalation clauses, (c.) Restrictions imposed by lease agreements, such as those concerning dividends, additional debt, and further leasing. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -URI http://asc.fasb.org/subtopic&trid=77888251 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 840 -URI http://asc.fasb.org/topic&trid=2208923 + Details
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