Quarterly report pursuant to Section 13 or 15(d)

COMMITMENTS AND CONTINGENCIES (Tables)

v3.20.2
COMMITMENTS AND CONTINGENCIES (Tables)
 9 Months Ended
Sep. 30, 2020
Commitments and Contingencies Disclosure [Abstract]  
SCHEDULE OF COMPONENTS OF LEASE COST

Components of lease cost are as follows:

 

    For the three months ended September 30,     For the nine months ended September 30,  
    2020     2019     2020     2019  
Operating lease cost   $ 434,000     $ 434,000     $ 1,302,000     $ 1,157,000  
Variable lease cost   $ 81,000     $ 82,000     $ 256,000     $ 241,000  
Short-term lease cost   $ 19,000     $ 32,000     $ 43,000     $ 113,000  
                                 
SCHEDULE OF SUPPLEMENTAL CASH FLOW INFORMATION RELATED TO LEASES

The following table presents information about the amount and timing of cash flows arising from operating leases as of September 30, 2020:

 

Maturity of lease liabilities:      
2020, remainder   $ 425,000  
2021     1,713,000  
2022     1,727,000  
2023     1,741,000  
2024     1,781,000  
Thereafter     1,885,000  
Total undiscounted operating lease payments     9,272,000  
Less: imputed interest     2,046,000  
Present value of operating lease liabilities   $ 7,226,000  
         
Balance sheet classification:        
Current portion of lease liability   $ 1,709,000  
Long-term lease liability     5,517,000  
Total operating lease liabilities   $ 7,226,000  
         
Other information:        
Weighted-average remaining lease term for operating leases      64 months  
Weighted-average discount rate for operating leases     9.6%