XML 37 R27.htm IDEA: XBRL DOCUMENT v3.20.2
Leases (Tables)
 9 Months Ended
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 )