|3 Months Ended|
Mar. 31, 2021
Effective January 1, 2019, the Company adopted ASC 842 using the optional transition method, applying no practical expedients. In accordance with the optional transition method, the Company did not recast the prior period consolidated financial statements. The lease term is the noncancelable period of the lease. There are no termination provisions or renewal periods reasonably certain of exercise or options controlled by the lessor.
The Company conducts its operations from leased facilities in Morrisville, North Carolina, San Antonio, Texas and New Brunswick, New Jersey, the leases for which will expire in 2027, 2023 and 2022. The leases are for general office space and lab space and require the Company to pay property taxes, insurance, common area expenses and maintenance costs.
Total cash paid for operating leases during the three months ended March 31, 2021 was $0.09 million and is included within cash flows from operating activities within the consolidated statement of cash flows.
The Company leases furniture and specialized lab equipment under finance leases. The related right-of-use assets are amortized on a straight-line basis over the lesser of the lease term or the estimated useful life of the asset. The effective interest rate is 6.17%.
The Company’s lease cost is reflected in the accompanying statements of operations and comprehensive loss as follows:
The weighted average remaining lease term and incremental borrowing rate as of March 31, 2021 were as follows:
Maturities of operating and finance lease liabilities as of March 31, 2021 were as follows:
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