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Fixed Assets (Tables) | 9 Months Ended
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Sep. 30, 2019
Fixed Assets |
Summary of Fixed Assets | Fixed assets are summarized as follows:
|  | September 30, |  | December 31,
|  | 2019 |  | 2018
|  | (unaudited) |  |  |
Machinery and equipment |  | $ | 863,000 |  | $ | 853,000
Office furniture and equipment |  |  | 178,000 |  |  | 186,000
Leasehold improvements |  |  | 150,000 |  |  | 150,000
Right of use asset-operating leases |  |  | 1,138,000 |  |  | 637,000
Accumulated depreciation and amortization |  |  | (1,595,000) |  |  | (1,369,000)
|  | $ | 734,000 |  | $ | 457,000
Schedule Of Leases Cost | Lease costs for the nine months ended September 30, 2019 and 2018 and other quantitative disclosures are as follows (unaudited):
|  | For the three months ended Setpember 30, |  | For the nine months ended September 30,
|  | 2019 |  | 2018 |  | 2019 |  | 2018
Lease cost: |  |  |  |  |  |  |  |  |  |  |  |
Operating lease cost |  | $ | 58,000 |  | $ | 52,000 |  | $ | 175,000 |  | $ | 158,000
Total lease cost |  | $ | 58,000 |  | $ | 52,000 |  | $ | 175,000 |  | $ | 158,000
Other information: |  |  |  |  |  |  |  |  |  |  |  |
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |  |  |  |  |  |  |  |  |
Operating cash flows from operating leases |  |  |  |  | $ | 178,000 |  |  |  |  |  |
Right-of-use assets obtained in exchange for new operating lease liabilities |  |  |  |  | $ | 505,000 |  |  |  |  |  |
For operating lease: |  |  |  |  |  |  |  |  |  |  |  |
Weighted average remaining lease term (in years) |  |  |  |  |  | 3.34 |  |  |  |  |  |
Weighted average discount rate |  |  |  |  |  | 7.17 | % |  |  |  |  |
During the nine months ended September 30, 2019, the Company recorded a right-of-use assets and operating lease liabilities amounting to $505,000 upon extensions of the leases for its office space in Seattle, Washington through May 2023 and its offices space in Tulsa, Oklahoma through August 2022.
Schedule of minimum future payments | During the nine months ended September 30, 2019, the Company recorded a right-of-use assets and operating lease liabilities amounting to $505,000 upon extensions of the leases for its office space in Seattle, Washington through May 2023 and its offices space in Tulsa, Oklahoma through August 2022. Minimum future payments under the Company’s leases at September 30, 2019 and their application to the corresponding lease liabilities are as follows (unaudited):
|  | Discounted lease |  | Payments due under
|  | liability payments |  | lease agreements
2019 (remaining 3 months) |  |  | 48,000 |  |  | 59,000
2020 |  |  | 177,000 |  |  | 215,000
2021 |  |  | 169,000 |  |  | 193,000
2022 |  |  | 178,000 |  |  | 190,000
2023 |  |  | 71,000 |  |  | 73,000
Total |  | $ | 643,000 |  | $ | 730,000

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- Definition Tabular disclosure of undiscounted cash flows of lessee's operating lease liability. Includes, but is not limited to, reconciliation of undiscounted cash flows to operating lease liability recognized in statement of financial position. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=77888426&loc=SL77918701-209980 + Details
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- Definition Tabular disclosure of physical assets used in the normal conduct of business and not intended for resale. Includes, but is not limited to, balances by class of assets, depreciation and depletion expense and method used, including composite depreciation, and accumulated deprecation. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(13)) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6391035&loc=d3e2868-110229 + Details
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