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Note K - Leases
6 Months Ended
Jun. 30, 2021
Notes to Financial Statements  
Lease Disclosure [Text Block]
K.Leases

 

The Company has operating and finance leases for office space, laboratory facilities and various laboratory equipment, furniture and office equipment and leasehold improvements. The Company's leases have remaining lease terms of less than 1 year to approximately 5 years, some of which include options to extend the leases for up to 5 years, and some which include options to terminate the leases within 1 year. In February 2020, the Company agreed to sublease office space in Florida, comprised of one of the two contiguous suites, under a non-cancelable operating lease, which expires in February 2026. In October 2020, the Company agreed to terminate this sublease, in exchange for a termination payment, due to financial difficulties encountered by the subtenant as a result of COVID-19.

 

Effective June 1, 2021, the Company agreed to sublease office space in Florida, comprised of one of the two contiguous suites, under a non-cancelable operating lease, which expires in February 2026.

 

The components of lease expense were as follows (in thousands): 

 

  

Three months ended June 30,

  

Six months ended June 30,

 

Lease Cost

 

2021

  

2020

  

2021

  

2020

 

Finance lease cost:

                

Amortization of right-of-use assets

 $32  $30  $64  $61 

Interest on lease liabilities

  3   7   7   15 

Total finance lease cost

  35   37   71   76 

Operating lease cost

  92   92   183   181 

Short-term lease cost

  49   54   99   111 

Variable lease cost

  8   13   21   27 

Less: sublease income

  (13)  (40)  (13)  (53)

Total lease costs

 $171  $156  $361  $342 

 

Supplemental cash flow information related to leases was as follows (in thousands):

 

  

Six months ended June 30,

 
  

2021

  

2020

 

Cash paid for amounts included in the measurement of lease liabilities:

        

Operating cash flows from finance leases

 $7  $15 

Financing cash flows from finance leases

  133   117 

Operating cash flows from operating leases

  228   221 

Operating cash flows from short-term leases

  99   111 

Operating cash flows from variable lease costs

  21   27 
         

Right-of-use assets obtained in exchange for lease liabilities:

        

Finance leases

 $  $ 

Operating leases

     20 

 

Supplemental balance sheet information related to leases was as follows (in thousands, except weighted average remaining lease term and weighted average discount rate):

 

  

June 30,

  

December 31,

 
  

2021

  

2020

 

Finance Leases

        

Property and equipment, at cost

 $1,031  $1,031 

less: accumulated depreciation and amortization

  (587)  (523)

Property and equipment, net

 $444  $508 
         

Other current liabilities

 $53  $172 

Other long-term liabilities

  9   22 

Total finance lease liabilities

 $62  $194 
         

Operating Leases

        

Operating lease right-of-use assets

 $1,187  $1,350 

Total operating lease right-of-use assets

 $1,187  $1,350 
         

Current portion of operating lease liabilities

 $342  $327 

Operating lease liabilities, less current portion

  1,413   1,587 

Total operating lease liabilities

 $1,755  $1,914 
         

Weighted Average Remaining Lease Term

        

Finance leases (years)

  1   1 

Operating leases (years)

  4   5 
         

Weighted Average Discount Rate

        

Finance leases

  9.8%  8.5%

Operating leases

  7.5%  7.5%

 

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

 

  

Finance

  

Operating

 

Year Ending December 31,

 

Leases

  

Leases

 

2021 (excluding the six months ended June 30, 2021)

 $42  $231 

2022

  18   463 

2023

  6   472 

2024

     484 

2025

     390 

Thereafter

     30 

Total lease payments

  66   2,070 

Less: future interest expense

  (4)  (315)

Lease liabilities

 $62  $1,755