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Leases (Tables)
 3 Months Ended
Mar. 31, 2020
Leases [Abstract]  
Schedule of Condensed Consolidated Balance Sheet

The Company’s right-of-use assets and lease liabilities are recognized at their discounted present value under the following captions in the unaudited condensed consolidated balance sheet at March 31, 2020 and December 31, 2019:

 

    March 31, 2020     December 31, 2019  
    (in thousands)  
Right of use asset balance            
Operating lease   $ 167     $ 179  
Lease liability balance                
Short-term operating lease   $ 59     $ 58  
Long-term operating lease     127       142  
    $ 186     $ 200  
Schedule of Lease Costs

The Company recognizes lease expense on a straight-line basis excluding short-term and variable lease payments which are recognized as incurred. Short-term lease costs represent payments for our Houston office lease, which has a lease term of one year. Beginning in March 2020, the Company subleased its Denver office and recognized sublease income.

 

   

Three Months Ended

March 31,

  
    2020     2019  
    (in thousands)  
             
Operating lease cost   $ 17     $ 17  
Short-term lease cost     4       4  
Sublease income     (5 )     -  
Total lease cost     16     $ 21  
Schedule of Weighted Average Lease

The Company’s Denver office operating lease does not contain an implicit interest rate that can be readily determined. Therefore, the Company used the incremental borrowing rate of 8.75% as established under the Company’s prior credit facility as the discount rate.

 

   

Three Months Ended

March 31,

  
    2020     2019  
    (in thousands)  
Weighted average lease term (years)     2.8       3.8  
Weighted average discount rate   $ 8.75 %     8.75 %
Schedule of Future Minimum Lease Commitments

The future minimum lease commitments as of March 31, 2020 are presented in the table below. Such commitments are reflected at undiscounted values and are reconciled to the discounted present value on the unaudited condensed consolidated balance sheet as follows:

 

    Amount  
      (in thousands)  
Remainder of 2020   $ 55  
2021     75  
2022     76  
2023     6  
Total lease payments   $ 212  
Less: imputed interest     (26 )
Total lease liability   $ 186  
Schedule of Operating Leases

The net capitalized cost of the building subject to operating leases at March 31, 2020 and December 31, 2019 is as follows:

 

   

March 31,

2020

    

December 31,

2019

  
    (in thousands)  
Building subject to operating leases   $ 4,012     $ 4,012  
Less: accumulated depreciation     (3,269 )     (3,244 )
Building subject to operating leases, net   $ 743     $ 768  
Schedule of Future Lease Maturities

The future lease maturities of the Company’s operating leases as of March 31, 2020 are presented in the table below. Such maturities are reflected at undiscounted values to be received on an annual basis.

 

    Amount  
    (in thousands)  
Remainder of 2020   $ 119  
2021     161  
2022     165  
2023     169  
2024     163  
Remaining through June 2029     695  
Total lease maturities    $ 1,472  
Schedule of Operating Lease Income

The Company recognized the following operating lease income related to its Riverton, Wyoming office building for the three months ended March 31, 2020 and 2019:

 

   

Three Months Ended

March 31,

  
    2020     2019  
    (in thousands)  
Operating lease income   $ 56     $ 48