Note 14 - Leases

12 Months Ended

Dec. 31, 2020

Notes

Note 14 - Leases

Note 14 – 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 12 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:	As of December 31, 2020
Operating Lease Cost (in thousands)	$61
Right of Use Assets obtained in exchange for new operating lease obligations	$0
Other Information	As of December 31, 2020
Weighted Average Remaining Lease Term  - Operating Leases	10 years
Weighted Average Discount Rate – Operating Leases	5.4%

Operating lease liabilities/ payments (in thousands)
Operating lease payments, 2021	$60
Operating lease payments, 2022	$45
Operating lease payments, 2023	$45
Operating lease payments, 2024	$45
Operating lease payments, 2025	$45
Thereafter	$254

Reconciliation of operating lease liabilities/ payments to operating lease liabilities (in thousands)
Total operating lease liabilities/ payments	$494
Operating lease liabilities – current (included in Accrued Expenses)	$41
Operating lease liabilities – long term	$335
Present value adjustment	$118

Maturities of lease liabilities were as follows (in thousands):
Year ending December 31,
2021	$41
2022	$27
2023	$29
2024	$30
2025	$32
Thereafter	$218