Annual report pursuant to Section 13 and 15(d)

Commitments and Contingencies (Tables)

v3.21.1
Commitments and Contingencies (Tables)
12 Months Ended
Dec. 31, 2020
Commitments and Contingencies  
Schedule of lease expense

During the years ended December 31, 2020 and 2019, the Company recorded $3.2 million and $3.2 million, respectively, as lease expense to current period operations.

    

Year Ended December 31, 

($ in thousands)

2020

2019

Lease Cost

 

Operating lease cost

$

3,246

$

3,199

Shared lease costs

 

(1,873)

(1,876)

Variable lease cost

 

593

801

Total lease expense

$

1,966

$

2,124

Summary of Quantitative Information about Operating Leases

The following tables summarize quantitative information about the Company’s operating leases, under the adoption of ASC Topic 842, Leases:

    

Year Ended December 31, 

 

($ in thousands)

2020

2019

 

Operating cash flows from operating leases

$

(2,958)

$

(3,001)

Right-of-use assets exchanged for new operating lease liabilities

634

Weighted-average remaining lease term – operating leases (years)

 

5.7

 

6.3

Weighted-average discount rate – operating leases

 

6.3

%  

 

6.2

%

Schedule of Future Minimum Lease Payments

    

Future Lease

($ in thousands)

Liability

Year Ended December 31, 2021

$

3,353

Year Ended December 31, 2022

 

3,461

Year Ended December 31, 2023

 

3,233

Year Ended December 31, 2024

 

3,193

Year Ended December 31, 2025

 

3,244

Other

 

17,028

Total operating lease liabilities

 

33,512

Less: present value discount

 

(8,772)

Net operating lease liabilities, short-term and long-term

$

24,740