Note 4 - Leases

3 Months Ended

Mar. 31, 2021

Notes to Financial Statements

Lessee, Operating Leases [Text Block]

Note

4.

Leases

Our leases consist primarily of office space. Leases with an initial term of

12

months or less, and leases which are on a month-to-month basis, are

not

recorded on the condensed consolidated balance sheets. For these leases we recognize lease expense on a straight-line basis over the lease term. The Company does

not

have any finance leases.

Most leases include

one

or more options to renew, with renewal terms that can extend the lease term from

one

to

three

years or more. The exercise of lease renewal options is at our discretion. Our lease agreements do

not

contain any variable lease payments, residual value guarantees or restrictive covenants. The components of lease expense for the

three

months ended 

March 31, 2021

and 

2020

were immaterial.

As our leases do

not

provide an implicit interest rate, we use our incremental current borrowing rate in determining the present value of lease payments.

Maturities of lease liabilities were as follows (in thousands):

	March 31, 2021 (unaudited)
Remaining 2021	$	158
2022		90
2023		58
Thereafter		142
Total	$	448
Less interest		53
Present value of lease liabilities	$	395

Other information related to the Company's operating leases was as follows (in thousands):

	March 31, 2021 (unaudited)
Lease Term and Discount Rate
Weighted average remaining lease term (years)		3.60
Weighted average discount rate		6.75	%