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Leases (Tables) | 3 Months Ended
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Mar. 31, 2021
Leases [Abstract] |
Schedule of 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 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 |
Schedule of Lease Costs | 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 |
Schedule of Weighted Average Lease | 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 | %
Schedule of Future Minimum Lease Commitments | 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 |
Schedule of Operating Leases | 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 |
Schedule of Future Lease Maturities | 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 |
Schedule of Loss on Rental Property | 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 | )

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- Definition Tabular disclosure of condensed balance sheet, including, but not limited to, balance sheets of consolidated entities and consolidation eliminations. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 3 -Paragraph i -Subsection 10 + Details
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- Definition Tabular disclosure of lessee's lease cost. Includes, but is not limited to, interest expense for finance lease, amortization of right-of-use asset for finance lease, operating lease cost, short-term lease cost, variable lease cost and sublease income. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=123408670&loc=SL77918686-209980 + Details
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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 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=123406913&loc=d3e41499-112717 Reference 2: 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=124440162&loc=d3e12069-110248 Reference 3: 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=123406913&loc=d3e41502-112717 Reference 4: 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=123389372&loc=d3e36991-112694 Reference 5: http://fasb.org/us-gaap/role/ref/otherTransitionRef -Publisher FASB -Name Accounting Standards Codification -Topic 840 -SubTopic 10 -Section 55 -Paragraph 40 -Subparagraph (Note 3) -URI http://asc.fasb.org/extlink&oid=123403562&loc=d3e38371-112697 + 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=123406913&loc=d3e41502-112717 + Details
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