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Leases | 12 Months Ended
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Dec. 31, 2020
Leases [Abstract] |
Leases | The Company leases space under a non-cancelable operating lease for its corporate headquarters. This lease has escalating lease terms and also includes a tenant incentive that was recorded at the time the lease was originally entered into. The lease does not contain contingent rent provisions. The Company also has a lease for additional office space under an operating lease. The lease for the Company’s corporate headquarters includes both lease (e.g., fixed payments including rent, taxes, and insurance costs) and non-lease components (e.g., fixed common-area or other maintenance costs) which are accounted for as a single lease component as the Company elected the practical expedient to group lease and non-lease components for all leases. The lease for the Company’s additional office space is non-cancelable with a lease term of less than one year and therefore, the Company elected the practical expedient to exclude this short-term lease from the Company’s right-of-use assets and lease liabilities. The Company’s incremental borrowing rate used in determining the present value of the lease payments was based on information available at the lease commencement date. The cost components of the Company’s operating leases were as follows for the years ended December 31, 2020 and 2019:
|  | Year ended December 31, 2020 |
|  | Corporate |  |  | Additional |  |  | Operating |
|  | Headquarters |  |  | Office Space |  |  | Leases |
Operating lease cost |  | $ | 150,000 |  |  | $ | - |  |  | $ | 150,000 |
Variable lease cost |  |  | 104,000 |  |  |  | - |  |  |  | 104,000 |
Short-term lease cost |  |  | - |  |  |  | 40,000 |  |  |  | 40,000 |
Total |  | $ | 254,000 |  |  | $ | 40,000 |  |  | $ | 294,000 |
|  | Year ended December 31, 2019 |
|  | Corporate |  |  | Additional |  |  | Operating |
|  | Headquarters |  |  | Office Space |  |  | Leases |
Operating lease cost |  | $ | 150,000 |  |  | $ | - |  |  | $ | 150,000 |
Variable lease cost |  |  | 106,000 |  |  |  | - |  |  |  | 106,000 |
Short-term lease cost |  |  | - |  |  |  | 38,000 |  |  |  | 38,000 |
Total |  | $ | 256,000 |  |  | $ | 38,000 |  |  | $ | 294,000 |
Variable lease costs consist primarily of taxes, insurance, and common area or other maintenance costs for the Company’s leased corporate headquarters which are paid based on actual costs incurred by the lessor. Maturities of the Company’s lease liabilities for its corporate headquarters operating lease were as follows as of December 31, 2020:
2021 |  | $ | 57,000 |
Less: Interest |  |  | 1,000 |
Present value of lease liabilities |  | $ | 56,000 |
The remaining lease term as of December 31, 2020 and 2019, was 0.25 years and 1.25 years, respectively. The discount rate as of both December 31, 2020 and 2019 was 6%. The cash outflow for operating leases for the years ended December 31, 2020 and December 31, 2019 was $222,000 and $217,000, respectively. The Company plans to enter into a lease for a new operations center in suburban Minneapolis for a two-year term commencing in March 2021. The Company also plans to enter into a lease by April 2021 for new headquarters near downtown Minneapolis.

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- 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
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