Annual report pursuant to Section 13 and 15(d)

Commitments and Contingencies

v3.20.1
Commitments and Contingencies
12 Months Ended
Dec. 31, 2019
Commitments And Contingencies Disclosure [Abstract]  
Commitments and Contingencies

NOTE 8. COMMITMENTS AND CONTINGENCIES

Leases

The Company leases facilities under operating lease arrangements expiring at various years through fiscal 2024. Certain of the Company’s leases contain standard rent escalation and renewal clauses. Under certain leases, the Company is required to pay operating expenses in addition to base rent.  Rent expense for lease payments is recognized on a straight-line basis over the lease term.

As of December 31, 2019, future minimum lease payments were as follows:

 

 

 

Minimum

 

 

 

Annual

 

 

 

Lease

 

Year Ending December 31,

 

Payments

 

2020

 

$

2,443

 

2021

 

 

2,211

 

2022

 

 

1,852

 

2023

 

 

1,680

 

2024

 

 

1,730

 

Total minimum payments

 

$

9,916

 

 

The total rent expense for all operating leases was $2,987 and $2,134 for the years ended December 31, 2019 and 2018, respectively.

Other Contingencies

From time to time, the Company may be involved in litigation relating to claims arising out of its operations in the normal course of business. The Company currently is not a party to any legal proceedings, the adverse outcome of which, in management’s opinion, individually or in the aggregate, would have a material adverse effect on the Company’s results of operations, financial position or cash flows.