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Leases (Tables) | 9 Months Ended
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Sep. 30, 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 September 30, 2020 and December 31, 2019:
|  | September 30, 2020 |  |  | December 31, 2019 |
|  | (in thousands) |
Right of use asset balance |  |  |  |  |  |  |  |
Operating lease |  | $ | 141 |  |  | $ | 179 |
Lease liability balance |  |  |  |  |  |  |  |
Short-term operating lease |  | $ | 63 |  |  | $ | 58 |
Long-term operating lease |  |  | 95 |  |  |  | 142 |
|  | $ | 158 |  |  | $ | 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, Texas office lease, which has a lease term of one year. Beginning in March 2020, the Company subleased its Denver, Colorado office and recognized sublease income.
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
|  | 2020 |  |  | 2019 |  |  | 2020 |  |  | 2019 |
|  | (in thousands) |
Operating lease cost |  | $ | 17 |  |  | $ | 17 |  |  | $ | 51 |  |  | $ | 51 |
Short-term lease cost |  |  | 6 |  |  |  | 4 |  |  |  | 16 |  |  |  | 11 |
Sublease income |  |  | (10 | ) |  |  | - |  |  |  | (25 | ) |  |  | - |
Total lease costs |  | $ | 13 |  |  | $ | 21 |  |  | $ | 42 |  |  | $ | 62 |
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.
|  | September 30, |
|  | 2020 |  |  | 2019 |
|  | (in thousands) |
Weighted average lease term (years) |  |  | 2.3 |  |  |  | 3.3 |
Weighted average discount rate |  |  | 8.75 | % |  |  | 8.75 | %
Schedule of Future Minimum Lease Commitments | The future minimum lease commitments as of September 30, 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 |
Remainder of 2020 |  | $ | 18 |
2021 |  |  | 75 |
2022 |  |  | 76 |
2023 |  |  | 6 |
Total lease payments |  |  | 175 |
Less: imputed interest |  |  | (17 | )
Total lease liability |  | $ | 158 |
Schedule of Operating Leases | The net capitalized cost of the building and the land subject to operating leases at September 30, 2020 and December 31, 2019 are as follows:
|  | September 30, 2020 |  |  | December 31, 2019 |
|  | (in thousands) |
Building subject to operating leases |  | $ | 4,654 |  |  | $ | 4,654 |
Land |  |  | 380 |  |  |  | 380 |
Less: accumulated depreciation |  |  | (3,658 | ) |  |  | (3,599 | )
Loss on real estate held for sale |  |  | (651 | ) |  |  | - |
Building subject to operating leases, net |  | $ | 725 |  |  | $ | 1,435 |
Schedule of Future Lease Maturities | The future lease maturities of the Company’s operating leases as of September 30, 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 |  | $ | 40 |
2021 |  |  | 161 |
2022 |  |  | 165 |
2023 |  |  | 169 |
2024 |  |  | 163 |
Remaining through June 2029 |  |  | 695 |
Total lease maturities |  | $ | 1,393 |
Schedule of Loss on Rental Property | The Company recognized the following loss on rental property related to its Riverton, Wyoming office building for the three and nine months ended September 30, 2020 and 2019:
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
|  | 2020 |  |  | 2019 |  |  | 2020 |  |  | 2019 |
|  | (in thousands) |
Operating lease income |  | $ | 51 |  |  | $ | 54 |  |  | $ | 161 |  |  | $ | 150 |
Operating lease expense |  |  | (56 | ) |  |  | (34 | ) |  |  | (143 | ) |  |  | (99 | )
Depreciation |  |  | - |  |  |  | (36 | ) |  |  | (58 | ) |  |  | (90 | )
Rental property loss, net |  | $ | (5 | ) |  | $ | (16 | ) |  | $ | (40 | ) |  | $ | (39 | )

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- Definition Tabular disclosure for lessee's operating leases. Includes, but is not limited to, description of lessee's operating lease, existence and terms of renewal or purchase options and escalation clauses, restrictions imposed by lease, such as those concerning dividends, additional debt, and further leasing, rent holidays, rent concessions, or leasehold improvement incentives and unusual provisions or conditions. + References Reference 1: http://fasb.org/us-gaap/role/ref/otherTransitionRef -Publisher FASB -Name Accounting Standards Codification -Topic 840 -SubTopic 10 -Section 55 -Paragraph 40 -Subparagraph (Note 1,3) -URI http://asc.fasb.org/extlink&oid=121580752&loc=d3e38371-112697 Reference 2: http://fasb.org/us-gaap/role/ref/otherTransitionRef -Publisher FASB -Name Accounting Standards Codification -Topic 840 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=121573735&loc=d3e41499-112717 Reference 3: http://fasb.org/us-gaap/role/ref/otherTransitionRef -Publisher FASB -Name Accounting Standards Codification -Topic 460 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=121555522&loc=d3e12069-110248 Reference 4: http://fasb.org/us-gaap/role/ref/otherTransitionRef -Publisher FASB -Name Accounting Standards Codification -Topic 840 -SubTopic 20 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=121573735&loc=d3e41502-112717 Reference 5: http://fasb.org/us-gaap/role/ref/otherTransitionRef -Publisher FASB -Name Accounting Standards Codification -Topic 840 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=121549808&loc=d3e36991-112694 + Details
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- Definition Tabular disclosure of future minimum payments required in the aggregate and for each of the five succeeding fiscal years for operating leases having initial or remaining noncancelable lease terms in excess of one year and the total minimum rentals to be received in the future under noncancelable subleases as of the balance sheet date. + References Reference 1: http://fasb.org/us-gaap/role/ref/otherTransitionRef -Publisher FASB -Name Accounting Standards Codification -Topic 840 -SubTopic 20 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=121573735&loc=d3e41502-112717 + Details
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