Quarterly report pursuant to Section 13 or 15(d)

Operating leases

v3.20.2
Operating leases
 9 Months Ended
Sep. 30, 2020
Leases [Abstract]  
Operating leases Operating leases
The table below presents certain information related to the lease costs for operating leases for the three and nine months ended September 30, 2020 and 2019:
Dollars in thousands
For the Nine Months Ended
For the Three Months Ended
September 30,
2020		 September 30,
2019		 September 30,
2020		 September 30,
2019
Operating lease costs $ 331  $ 219  $ 110  $ 95 
Variable lease costs 27  24  11  8 
Total operating lease costs $ 358  $ 243  $ 121  $ 103 
As of September 30, 2020, the weighted-average remaining operating lease term was 1.9 years and the incremental borrowing rate was 12.5% for operating leases recognized on the Company’s condensed consolidated balance sheets. Short term lease costs, excluding expenses relating to leases with a lease term of one month or less, were less than $0.1 million for the nine months ended September 30, 2020. During the three and nine months ended September 30, 2019, the Company recorded less than $0.1 million of short term lease costs, respectively.
Rent expense was $0.2 and $0.4 million for the three and nine months ended September 30, 2020, respectively, and $0.2 million and $0.3 million for the three and nine months ended September 30, 2019, respectively.
Undiscounted cash flows
The table below reconciles the undiscounted cash flows for the remaining term of the operating lease liabilities recorded on the condensed consolidated balance sheets:
Dollars in thousands Operating Leases
Remainder of 2020 $ 114 
2021 464 
2022 246 
2023 7 
Total minimum lease payments $ 831 
Less: amount of lease payments representing interest 86 
Present value of future minimum lease payments $ 745 
Less: current obligations under leases 395 
Long-term lease obligations $ 350