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OPERATING LEASES | 12 Months Ended
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Dec. 31, 2020
Leases [Abstract] |
OPERATING LEASES | NOTE 7- OPERATING LEASES The Company’s leases consist of operating leases fo r office space in PRC, India, Japan and the United States. The Company determines if an arrangement is a lease at inception. As of December 31, 2020, the Company had no long-term leases that were classified as a financing lease. As of December 31, 2020, the Company did not have additional operating leases that have not yet commenced. Total operating lease expenses for the year ended December 31, 2020 were $1.5 million, including $0.8 million in cost of net sales and $0.7 million in operating expense on the consolidated statement of comprehensive income (loss). As of December 31, 2020, the Company recognized operating lease ROU assets of $1.2 million and total lease liabilities $1.5 million, including a current portion of $1.2 million for operating leases.
|  | For the year ended December 31, 2020 |  |  | For the year ended December 31, 2019 |
|  | (in thousands) |
Cash paid for amounts included in the measurement of lease liabilities |  |  |  |  |  |  |  |
Operating cash flows used in operating leases |  | $ | 1,337 |  |  | $ | 1,790 |
Right-of-use assets obtained in exchange the new lease obligations: |  |  |  |  |  |  |  |
Operating leases |  | $ | 1,183 |  |  | $ | 2,860 |
Weighted average remaining lease term |  |  |  |  |  |  |  |
Operating leases |  | 1.3 years |  |  | 1.9 years |
Weighted average discount rate |  |  |  |  |  |  |  |
Operating leases |  |  | 4.53 | % |  |  | 4.38 | %
Maturities of lease liabilities as of December 31, 2020 are as follows:
|  | Amount |
|  | (in thousands) |
2021 |  | $ | 1,263 |
2022 |  |  | 182 |
2023 |  |  | 82 |
2024 |  |  | — |
2025 |  |  | — |
Thereafter |  |  | — |
Total future lease payments |  |  | 1,527 |
Less: Imputed interest |  |  | 54 |
Total lease liability balance |  | $ | 1,473 |

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- Definition The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -URI http://asc.fasb.org/subtopic&trid=77888251 + Details
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