Note 10 - Leases

3 Months Ended

Mar. 31, 2022

Notes to Financial Statements

Lessee, Operating and Finance Leases [Text Block]

10. Leases

As of March 31, 2022, the Company maintained two finance leases for equipment and two operating leases for real estate. The operating leases have current terms of 36 and 37 months and include one or more options to extend the duration of the agreements. These operating leases are included in "Other assets" on the Company's condensed consolidated balance sheets and represent the Company's right to use the underlying assets for the term of the leases. The Company's obligation to make lease payments are included in "Lease liability, current portion" and "Lease liability, non-current portion" on the Company's condensed consolidated balance sheets. The Company recognized sublease income of approximately $85,000 and $132,000 for the three months ended March 31, 2022 and  March 31, 2021, respectively.

Based on the present value of the lease payments for the remaining lease term of the Company's existing leases, as of  March 31, 2022, total right-of-use assets were approximately $0.63 million and operating lease liabilities were approximately $0.65 million. As of March 31, 2021, the Company's total right-of-use assets were approximately $0.59 million and operating lease liabilities were approximately $0.69 million.

The Company currently maintains two finance leases for equipment. In November 2021, the Company entered into a finance lease for a modular laboratory which expires in October of 2024. The second finance lease is for warehouse equipment that expires in September of 2023.

Information related to the Company's right-of-use assets and related lease liabilities were as follows (in thousands):

	Three Months Ended
	March 31,
	2022		2021
Cash paid for operating lease liabilities	$	150	$	163
Operating lease cost	$	141	$	144
Cash paid for finance lease liabilities	$	15	$	2
Interest expense	$	3	$	—

	March 31, 2022
Weighted-average remaining lease term (Years) - operating leases		2.6
Weighted-average discount rate - operating leases		6.15	%
Weighted-average remaining lease term (Years) - finance leases		2.0
Weighted-average discount rate - finance leases		7.52	%

Future maturities of lease liabilities as of March 31, 2022 are as follows (in thousands):

Due in 12-month period ended March 31,
	Operating Leases			Finance Leases
2022	$	261		$	59
2023	$	279		$	68
2024	$	158		$	32
Less imputed interest	$	(53	)	$	(14	)
Total lease liabilities	$	645		$	145
Current lease liabilities	$	230		$	52
Non-current lease liabilities	$	415		$	93
	$	645		$	145