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LEASES | 12 Months Ended
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Dec. 31, 2020
LEASES |
LEASES | 12. 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 right-of-use asset and related lease liability, but rather expensed in the period incurred. The Company is party to several leases that are 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:
|  | Year ended
|  |  | December 31,
(thousands of dollars) |  | 2020
Operating Lease Cost |  |  |
Continuing Operations |  | $ | 155
Discontinued Operations |  |  | 6
|  | $ | 161
Supplemental cash flow information related to leases was as follows:
|  | Year ended
(thousands of dollars) |  | December 31, 2020
Cash flows from operating leases |  | $ | 153
Right-of-use assets obtained in exchange for lease obligations: |  |  |
Operating leases |  | $ | 353
Supplemental balance sheet information related to leases was as follows:
(thousands of dollars, except lease term and discount rate) |  |  | December 31, 2020
Operating Leases |  |  |  |
Operating lease right-of-use assets |  |  | $ | 353
Current portion of lease liabilities |  |  | $ | 149
Operating lease liabilities – long term portion |  |  |  | 214
Total operating lease liabilities |  |  | $ | 363
|  |  | December 31,
|  |  | 2020
Weighted Average Remaining Lease Term (in years) |  |  | 3.0 |
Discount Rate |  |  | 9.5 | %
Maturities of lease liabilities are as follows:
Lease payments by year (in thousands) |  | December 31, 2020
2021 |  | $ | 156
2022 |  |  | 158
2023 |  |  | 92
Total lease payments |  |  | 406
(Less) imputed interest |  |  | (43)
Total |  | $ | 363
As of December 31, 2020, the company has $0.4 million in right-of-use assets and $0.4 million in related lease liabilities ($0.1 million of which is current). The most significant operating lease is for its corporate office in Centennial, Colorado, with $0.4 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 $0.4 million.

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- Definition The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability. + 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 + Details
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