Quarterly report pursuant to Section 13 or 15(d)

Operating leases

v3.20.1
Operating leases
3 Months Ended
Mar. 31, 2020
Operating leases [Abstract]  
Operating leases
Note 8 – Operating leases

The table below presents certain information related to the lease costs for operating leases for the three months ended March 31, 2020 and 2019:

Dollars in thousands
 
March 31, 2020
   
March 31, 2019
 
Operating lease costs
 
$
109
     
44
 
Variable lease costs
   
8
     
8
 
Total operating lease costs
 
$
117
     
52
 

As of March 31, 2020, the weighted-average remaining operating lease term was 2.3 years and the incremental borrowing rate was 12.5% for operating leases recognized on our 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 three months ended March 31, 2020 and 2019, respectively.

Rent expense for each of the three months ended March 31, 2020 and 2019 was $0.1 million.

Undiscounted cash flows
The table below reconciles the undiscounted cash flows for each of the first four years and total of the remaining years to the operating lease liabilities recorded on the condensed consolidated balance sheets.

Operating Leases
 
Remainder of 2020
 
$
344
 
2021
   
459
 
2022
   
240
 
2023
   
5
 
Total minimum lease payments
 
$
1,048
 
Less: amount of lease payments representing interest
   
130
 
Present value of future minimum lease payments
 
$
918
 
Less: current obligations under leases
   
352
 
Long-term lease obligations
 
$
566