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Note 5 - Leases

12 Months Ended

Dec. 31, 2021

Lessee, Finance and Operating Leases [Text Block]

Note 5. Leases

The Company is obligated under non-cancelable lease agreements for the rental of office space and various other lease agreements for the leasing of office equipment. These operating leases expire at various dates through 2027. In addition to the minimum base rent, the office space lease agreements provide that the Company shall pay its pro-rata share of real estate taxes and operating costs as defined in the lease agreements. The Company also leases certain corporate office facilities from an affiliate.

During 2021, $0.1 million of lease payments were classified as amortization expense, and included within cash used in financing activities on the Company’s statement of cash flows. At December 31, 2021, the weighted-average remaining lease term was 4.4 years for operating leases and 3.5 years for finance type leases. At December 31, 2021, the weighted average discount rate was 3.8% for operating leases and 4.8% for finance type leases.

The following table presents additional information regarding the Company’s financing and operating leases for the years ended December 31, 2021 and 2020 (in thousands):

	Year ended December 31, 2021		Year ended December 31, 2020
Finance lease expense
Amortization of ROU assets	$	77	$	97
Interest on lease liabilities		9		14
Operating lease expense		629		1,157
Short term lease expense		279		250

Cash paid for amounts included in the measurement of lease liabilities for finance leases
Financing cash flows		87		109

Cash paid for amounts included in the measurement of lease liabilities for operating leases
Operating cash flows		580		1,140

ROU assets obtained in exchange for lease liabilities
Finance leases		58		-
Operating leases		1,749		332

As of December 31, 2021, future maturities of lease liabilities were as follows (in thousands):

	Operating			Finance
2022	$	522		$	68
2023		399			68
2024		313			63
2025		354			13
2026		366			11
Thereafter		31			-
Total		1,985			223
Less: Present value discount		(161	)		(16	)
Lease liability	$	1,824		$	207

The following table summarizes future minimum payments under the current lease agreements:

Years Ending December 31	Amount (in thousands)
2022	$	675
2023		494
2024		405
2025		367
2026		378
Thereafter		31
Total	$	2,350

Rent expense totaled approximately $0.9 million and $1.5 million for the years ended December 31, 2021 and 2020.