Quarterly report pursuant to Section 13 or 15(d)

LEASES (Tables)

v3.21.1
LEASES (Tables)
3 Months Ended
Mar. 31, 2021
LEASES  
Schedule of right of use assets

The consolidated balance sheets include the following amounts for right of use (“ROU”) assets as of March 31, 2021 and December 31, 2020 (stated in thousands):

    

March 31, 

December 31, 

2021

    

2020

Operating

 

$

67

 

$

124

Finance

 

764

 

608

Total

 

$

831

 

$

732

Schedule of components of lease cost

The following are the components of lease cost for operating and finance leases (stated in thousands):

Three Months Ended March 31,

2021

    

2020

Lease cost:

Operating leases

$

64

$

44

Finance leases:

Amortization of ROU assets

117

111

Interest on lease liabilities

17

18

Total finance lease cost

134

129

Total lease cost

$

198

$

173

The following are the weighted average lease terms and discount rates for operating and finance leases:

As of

    

March 31, 2021

Weighted average remaining lease term:

Operating leases

 

0.3

years

Finance leases

 

3.5

years

Weighted average discount rate:

Operating leases

 

6.9

%

Finance leases

 

8.0

%

Schedule of future minimum lease payments and related lease liabilities of operating leases

Future minimum lease payments and related lease liabilities as of March 31, 2021 were as follows (stated in thousands):

    

    

    

Total

Operating

Finance

Lease

Leases

Leases

Liabilities

Remainder 2021

$

64

$

420

$

484

2022

 

 

521

 

521

2023

 

 

246

 

246

2024

194

194

2025

147

147

Thereafter

 

 

24

 

24

Total lease payments

 

64

 

1,552

 

1,616

Less: imputed interest

 

(1)

 

(203)

 

(204)

Present value of lease liabilities

63

1,349

1,412

Less: current portion of lease liabilities

 

63

 

560

 

623

Noncurrent lease liabilities

$

$

789

$

789

Schedule of future minimum lease payments and related lease liabilities of financing leases

Future minimum lease payments and related lease liabilities as of March 31, 2021 were as follows (stated in thousands):

    

    

    

Total

Operating

Finance

Lease

Leases

Leases

Liabilities

Remainder 2021

$

64

$

420

$

484

2022

 

 

521

 

521

2023

 

 

246

 

246

2024

194

194

2025

147

147

Thereafter

 

 

24

 

24

Total lease payments

 

64

 

1,552

 

1,616

Less: imputed interest

 

(1)

 

(203)

 

(204)

Present value of lease liabilities

63

1,349

1,412

Less: current portion of lease liabilities

 

63

 

560

 

623

Noncurrent lease liabilities

$

$

789

$

789