Annual report pursuant to Section 13 and 15(d)

LEASES (Tables)

v3.20.1
LEASES (Tables)
12 Months Ended
Dec. 31, 2019
Leases [Abstract]  
Lessee, Operating Lease, Lease Terms
The Company's weighted average remaining lease term and weighted average discount rate for operating leases as of December 31, 2019 is shown below:
Weighted average remaining lease term (years)
 
4.24
Weighted average discount rate (%)
 
4.75
Lessee, Operating Lease, Liability, Maturity
The future minimum obligations under operating leases in effect as of December 31, 2018 having a noncancelable term in excess of one year are as follows:
 
 
December 31, 2018
2019
 
$
658,000

2020
 
726,000

2021
 
748,000

2022
 
557,000

2023
 
555,000

2024
 
376,000

Future minimum obligations
 
$
3,620,000

The table below reconciles the undiscounted cash flows for each of the first five years and total of the remaining years to the total operating lease liabilities recognized on the condensed consolidated balance sheets as of December 31, 2019:
 
 
 
2020
 
726,000

2021
 
748,000

2022
 
557,000

2023
 
555,000

2024
 
376,000

Total minimum lease payments
 
2,962,000

Less: imputed interest
 
(291,000
)
Total operating lease liabilities
 
$
2,671,000