|6 Months Ended|
Jun. 30, 2019
|Lessee Disclosure [Abstract]|
Note 11. Leases
The Company leases its principal executive offices in Newark, California, under a non-cancelable operating lease which expires in October 2021. This lease does not have significant rent escalation holidays, concessions, leasehold improvement incentives, or other build-out clauses. Further, the lease does not contain contingent rent provisions or renewal options. Our lease includes both lease (e.g., fixed payments including rent, taxes, and insurance costs) and non-lease components (e.g., common-area or other maintenance costs) which are accounted for as a single lease component as we have elected the practical expedient to group lease and non-lease components for all leases. Upon adoption of ASC 842 on January 1, 2019, the Company recognized an operating lease right-of-use asset of $0.9 million and a corresponding lease lability of $0.9 million, using a discount rate of 6% which reflects the Company’s incremental borrowing rate for a similar asset and similar term as of the date of adoption. The operating lease cost recognized for the three and six months ended June 30, 2019 was $0.1 million and $0.2 million, respectively. Rent expense recognized for the three and six months ended June 30, 2018 was $0.1 million and $0.2 million, respectively.
Supplemental information related to the operating lease as follows (in thousands):
Maturities of the lease liability at June 30, 2019 are as follows (in thousands):
The Company does not have any finance leases.
The following table is shown for comparative purposes only. The future minimum lease payments under the non-cancelable lease at December 31, 2018 were as follows (in thousands):
The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability.
Reference 1: http://www.xbrl.org/2003/role/disclosureRef