NOTE 3 — OPERATING LEASES

The carrying value of right-of-use (“ROU”) assets and operating lease liabilities are as follows (in thousands):

As of December 31, 2020, the weighted average remaining lease term under operating leases was 2.2 years, and the weighted average discount rate for operating lease liabilities was 7.8%. For the three and six months ended December 31, 2020 , cash paid for amounts included in the measurement of operating lease liabilities was $65,000 and $134,000, respectively. For the three and six months ended December 31, 2019, cash paid for amounts included in the measurement of operating lease liabilities amounted was $68,000 and $136,000, respectively. These cash payments were included in the determination of net cash used in operating activities in the condensed consolidated statements of cash flows.

On October 28, 2020, the Company entered into an assignment, assumption and amendment of lease agreement for ancillary office space in Bend, Oregon. The leased space consists of approximately 5,000 square feet and provides for average monthly rent of approximately $8,700 through the expiration date in February 2024. The lease provides one option to renew the lease for an additional three years at market rates. The Company determined it was not reasonably assured that this renewal option would be exercised whereby the resulting lease term was estimated at 40 months.  Using a discount rate of 6.0%, the Company recognized a ROU asset and corresponding operating lease liability of approximately $0.3 million at inception of the lease.

Future payments under all operating lease agreements as of December 31, 2020 are as follows (in thousands):