Leases

9 Months Ended

Sep. 30, 2020

Notes

Leases

(7) Leases

UTMD has operating leases for a portion of its parking lot at its Midvale facility and an automobile at its Ireland facility.  The remaining lease term on the parking lot is 11 years and on the automobile it is 16 months.  There are no options to extend or terminate the leases.  UTMD has no other leases yet to commence.  As neither lease contains implicit rates, UTMD’s incremental borrowing rate, based on information available at adoption date, was used to determine the present value of the leases.

The components of lease cost were as follows:	Three Months Ended September 30, 2020
Operating Lease Cost (in thousands)	$15
Right of Use Assets obtained in exchange for new operating lease Obligations	$0
Other Information	Three Months Ended September 30, 2020
Weighted Average Remaining Lease Term  - Operating Leases	11 years
Weighted Average Discount Rate – Operating Leases	5.4%

Operating lease liabilities/ payments (in thousands)
Operating lease payments, 2020	$60
Operating lease payments, 2021	$60
Operating lease payments, 2022	$45
Operating lease payments, 2023	$45
Operating lease payments, 2024	$45
Thereafter	$299

Reconciliation of operating lease liabilities/ payments to operating lease liabilities	(in thousands)
Total operating lease liabilities/ payments	$528
Operating lease liabilities – current (included in Accrued Expenses)	$40
Operating lease liabilities – long term	$346
Present value adjustment	$142

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

Maturities of lease liabilities were as follows:	(in thousands)
Year ending December 31,
2020	$38
2021	$40
2022	$27
2023	$29
2024	$30
Thereafter	$248