Note 7 - Leases

12 Months Ended

Dec. 31, 2020

Notes to Financial Statements

Lessee, Operating Leases [Text Block]

7. Leases

The third amendment to our Office Lease was executed in April 2017 for a term of 129 months, beginning June 1, 2018 and expiring in 2029. At lease commencement, the Partnership concluded the Office Lease was an operating lease. Under the third amendment to the Office Lease, monthly rental payments range from $25,000 to $30,000 and the Partnership received lease incentives of $0.7 million.

Lease expense for the years ended December 31, 2020 and 2019 was as follows:

	In Thousands
	2020		2019
Operating lease expense	$	262	$	262

Supplemental cash flow information related to leases was as follows:

	In Thousands
	2020		2019
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	$	332	$	254
ROU asset obtained in exchange for operating lease liability	$	-	$	1,888

Supplemental balance sheet information related to leases was as follows:

	2020			2019
Weighted-Average Remaining Lease Term (months)
Operating lease		98			110
Weighted-Average Discount Rate
Operating lease		5	%		5	%

Maturities of lease liabilities are as follows:

	In Thousands
	2020
2021	$	338
2022		344
2023		350
2024		356
2025		362
Thereafter		1,185
Total lease payments		2,935
Less amount representing interest		(750	)
Total lease obligation	$	2,185