Note 5 - Leases

9 Months Ended

Sep. 30, 2021

Notes To Financial Statements [Abstract]

LEASES

NOTE 5—LEASES

The Company has various financing leases for mining equipment which originated in the second and third quarters of 2021. These leases are generally for terms up to 36 months and expire through 2024. We have one operating lease for office space that will expire mid-2022.

Right-of-use assets and lease liabilities are determined as the present value of the lease payments, discounted using either the implicit interest rate in the lease or our estimated incremental borrowing rate based on similar terms, payments and the economic environment where the leased asset is located. Below is a summary of our leases:

(In thousands)	Classification	September 30, 2021		December 31, 2020
Right-of-use assets
Financing	Financing lease right-of-use assets, net	$	8,897	$	—
Operating	Other assets		44		110
Total right-of-use assets		$	8,941	$	110
Current lease liabilities
Financing	Current portion of financing lease obligations	$	3,057	$	—
Operating	Other current liabilities		44		79
Non-current lease liabilities
Financing	Long-term portion of financing lease obligations	$	4,847	$	—
Operating	Other long-term liabilities		—		31
Total lease liabilities		$	7,948	$	110

Minimum lease payments for our lease obligations are as follows:

	September 30, 2021
(In thousands)	Financing		Operating		Total
Future minimum lease payments:
2021	$	731	$	16	$	747
2022		3,510		41		3,551
2023		3,173		—		3,173
2024		945		—		945
Total undiscounted lease payments		8,359		57		8,416
Less: Amounts representing interest		(455)		(13)		(468)
Present value of lease obligations	$	7,904	$	44	$	7,948
Weighted average remaining term (years)		2.6		0.6
Weighted average discount rate		4.1%		8.5%