XML 22 R12.htm IDEA: XBRL DOCUMENT
v3.21.1

Leases | 3 Months Ended
--- | ---
Mar. 31, 2021
Leases [Abstract] |
Leases | 5. LEASES During the three months ended March 31, 2021, the Company acquired right-of-use assets and operating lease liability of $82 thousand associated with entering into a non-cancellable, long-term lease agreement for office space in Houston, Texas. The Company’s right-of-use assets and lease liabilities are recognized at their discounted present value under the following captions in the consolidated balance sheets at March 31, 2021 and December 31, 2020:
|  | March 31, 2021 |  |  | December 31, 2020 |
|  | (in thousands) |
Right of use asset balance |  |  |  |  |  |  |  |
Operating lease |  | $ | 190 |  |  | $ | 127 |
Lease liability balance |  |  |  |  |  |  |  |
Short-term operating lease |  | $ | 101 |  |  | $ | 65 |
Long-term operating lease |  |  | 110 |  |  |  | 78 |
|  | $ | 211 |  |  | $ | 143 |
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, prior to February 2021, when the Company entered into a new 25-month lease for its Houston office. Beginning in March 2020, the Company subleased its Denver, Colorado office and recognizes sublease income as a reduction of rent expense. Following are the amounts recognized as components of rental expense for the three months ended March 31, 2021 and 2020:
|  | Three months ended March 31, |
|  | 2020 |  |  | 2020 |
|  | (in thousands) |
Operating lease cost |  | $ | 24 |  |  |  | 17 |
Short-term lease cost |  |  | 4 |  |  |  | 4 |
Sublease income |  |  | (16 | ) |  |  | (5 | )
Total lease costs |  | $ | 12 |  |  | $ | 16 |
The Company’s Denver and Houston office operating leases do not contain implicit interest rates that can be readily determined; therefore, the Company used the incremental borrowing rates in effect at the time the Company entered into the leases.
|  | As of March 31, |
|  | 2021 |  |  | 2020 |
|  | (in thousands) |
Weighted average lease term (years) |  |  | 1.9 |  |  |  | 2.8 |
Weighted average discount rate |  |  | 9.26 | % |  |  | 8.75 | %
The future minimum lease commitments as of March 31, 2021 are presented in the table below in thousands. Such commitments are reflected at undiscounted values and are reconciled to the discounted present value on the consolidated balance sheet as follows:
|  | Amount |
Remainder of 2021 |  | $ | 90 |
2022 |  |  | 122 |
2023 |  |  | 17 |
Total lease payments |  |  | 229 |
Less: imputed interest |  |  | (18 | )
Total lease liability |  | $ | 211 |
As discussed in Note 3- Real Estate Held for Sale, the Company owns a 14-acre tract in Riverton, Wyoming with a two-story, 30,400 square foot office building. The building is not depreciated while it is held for sale. The net capitalized cost of the building and the land subject to operating leases at March 31, 2021 and December 31, 2020 are as follows:
|  | March 31, 2021 |  |  | December 31, 2020 |
|  | (in thousands) |
Building subject to operating leases |  | $ | 4,654 |  |  | $ | 4,654 |
Land |  |  | 380 |  |  |  | 380 |
Less: accumulated depreciation |  |  | (3,599 | ) |  |  | (3,599 | )
Loss on leased real estate held for sale |  |  | (651 | ) |  |  | (651 | )
Building subject to operating leases, net |  | $ | 725 |  |  | $ | 725 |
The future lease maturities of the Company’s operating leases as of March 31, 2021 are presented in the table below. Such maturities are reflected at undiscounted values to be received on an annual basis.
|  | Amount |
|  | (in thousands) |
Remainer of 2021 |  | $ | 122 |
2022 |  |  | 165 |
2023 |  |  | 169 |
2024 |  |  | 163 |
Remaining through June 2029 |  |  | 695 |
Total lease maturities |  | $ | 1,314 |
The Company recognized, as a component of rental and other loss in the unaudited condensed consolidated statements of operations, the following operating lease income and expense related to its Riverton, Wyoming office building for the three months ended March 31, 2021 and 2020:
|  | Three months ended March 31, |
|  | 2021 |  |  | 2020 |
|  | (in thousands) |
Operating lease income |  | $ | 51 |  |  | $ | 56 |
Operating lease expense |  |  | (34 | ) |  |  | (44 | )
Depreciation |  |  | - |  |  |  | (29 | )
Rental property gain (loss), net |  | $ | 17 |  |  | $ | (17 | )

X
- References No definition available. + Details
Name: | us-gaap_LeasesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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
Name: | us-gaap_LeasesOfLesseeDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration