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Leases | 12 Months Ended
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Dec. 31, 2020
Leases [Abstract] |
Leases |
Note 9. | Leases
The Company has two operating lease agreements, each for the use of office space in the ordinary course of business. The first lease renews annually on an automatic basis and based on original assumptions, management is reasonably certain to exercise the renewal option through 2026. The original term of the second lease was ten years and amended in January 2017 to provide for an additional seven years, with a termination date on September 30, 2026. The rate used in determining the present value of lease payments is based upon an estimate of the Company’s incremental secured borrowing rate commensurate with the term of the underlying lease. These leases are accounted for as operating leases, whereby lease expense is recognized on a straight-line basis over the term of the lease. Lease expense reported for each of the years ended December 31, 2020 and 2019 was $1,014. Additional information regarding the Company’s real estate operating leases is as follows:
|  | Year Ended December 31, 2020 |  |  | Year Ended December 31, 2019 |
Other information on operating leases: |  |  |  |  |  |
Cash payments included in the measurement of lease liabilities reported in operating cash flows |  | $ | 978 |  |  |  | 815 |
Right-of-use assets included in other assets on the consolidated balance sheet |  |  | 4,832 |  |  |  | 5,476 |
Weighted average discount rate |  |  | 6.8 | % |  |  | 6.8 | %
Weighted average remaining lease term in years |  | 5.9 years |  |  | 6.9 years |
The following table presents maturities and present value of the Company’s lease liabilities:
|  | Lease Liability |
2021 |  | $ | 1,015 |
2022 |  |  | 1,031 |
2023 |  |  | 1,048 |
2024 |  |  | 1,065 |
2025 |  |  | 1,083 |
Thereafter |  |  | 942 |
Total undiscounted lease payments |  |  | 6,184 |
Less: present value adjustment |  |  | 1,116 |
Operating lease liability included in accounts payable and accrued expenses on the consolidated balance sheet |  | $ | 5,068 |
As of December 31, 2020, the Company has no operating leases that have not yet commenced.

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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://fasb.org/us-gaap/role/ref/otherTransitionRef -Publisher FASB -Name Accounting Standards Codification -Topic 840 -URI http://asc.fasb.org/topic&trid=2208923 + Details
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