Quarterly report pursuant to Section 13 or 15(d)

Leases

v3.19.2
Leases
6 Months Ended
Jun. 30, 2019
Leases [Abstract]  
Leases



NOTE 14.  LEASES



The Company has entered into leases for certain facilities, vehicles and other equipment. Our operating leases have remaining contractual terms of up to six years, some of which include options to extend the leases for up to five years.   Our operating lease costs are primarily related to facility leases for inventory warehousing, administration offices and vehicles.  The Company’s finance leases are immaterial.



Operating lease ROU assets and liabilities as of June 30, 2019 are as follows:







 

 

 

 

 



 

Balance Sheet Classification

 

June 30, 2019



 

 

 

 

 

Assets

 

 

 

 

 

Operating lease ROU assets

 

Other long-term assets

 

$

1,522 



 

 

 

 

 

Liabilities

 

 

 

 

 

Current operating lease liabilities

 

Accounts payable and accrued liabilities

 

$

707 

Noncurrent operating lease liabilities

 

Other long-term liabilities

 

$

822 



 

 

 

 

 

Operating lease costs are as follows:







 

 

 

 

 

 

 

 



 

Affected line item in the Condensed Consolidated

 

Three Months Ended

 

Six Months Ended



 

Statements of Comprehensive Income

 

June 30, 2019

 

June 30, 2019

Lease costs

 

Cost of goods sold, Selling, general and administrative

 

$

194 

 

$

363 

Variable lease costs

 

Cost of goods sold, Selling, general and administrative

 

 

51 

 

 

115 

Short-term lease costs

 

Cost of goods sold, Selling, general and administrative

 

 

47 

 

 

109 



 

 

 

$

292 

 

$

587 



 

 

 

 

 

 

 

 

The maturity of operating lease liabilities as of June 30, 2019 are as follows:







 

 

 

Years Ending December 31,

 

Future Minimum Lease Payments

2019 (excluding the six months ended June 30, 2019)

 

$

388 

2020

 

 

729 

2021

 

 

340 

2022

 

 

87 

2023 and thereafter

 

 

59 

Total future minimum lease payments

 

 

1,603 

Less: amount representing interest

 

 

(74)

Present value of future minimum lease payments

 

 

1,529 

Less: current lease obligations

 

 

(707)

Long-term lease obligations

 

$

822 



 

 

 

As of June 30, 2019, our operating leases have a weighted-average remaining lease term of 2.2 years and a weighted-average discount rate of 3.97%.  Total rent expense of the Company for the three and six months ended June 30, 2018 was $194 and $421, respectively, as determined prior to the adoption of ASU 842.  Future minimum lease payments required under noncancelable operating leases that have initial or remaining noncancelable lease term in excess of one year at December 31, 2018 as determined prior to the adoption of ASU 842 are as follows:







 

 

 

Years Ending December 31,

 

Future Minimum Lease Payments

2019

 

$

687 

2020

 

 

634 

2021

 

 

243 

2022

 

 

24 

2023

 

 

 -

Thereafter

 

 

 -



 

$

1,588