Note 5 - Leases

3 Months Ended

Mar. 31, 2021

Notes to Financial Statements

Lease Disclosure [Text Block]

NOTE

5.

LEASES

We have operating leases for certain manufacturing sites, office space, and equipment. Most leases include the option to renew, with renewal terms that can extend the lease term from

one

to

five

years or more. Right-of-use lease assets and lease liabilities are recognized at the commencement date based on the present value of the remaining lease payments over the lease term which includes renewal periods we are reasonably certain to exercise. Our leases do

not

contain any material residual value guarantees or material restrictive covenants. At

March 31, 2021,

we do

not

have material lease commitments that have

not

commenced.

The components of lease expense were as follows:

	March 31,		March 31,
Lease Cost	2021		2020
Operating lease cost	$	531	$	357
Finance lease interest cost		23		22
Finance lease amortization expense		163		152
Total lease cost	$	717	$	531

Supplemental balance sheet information related to leases was as follows:

	Balance Sheet Location	March 31, 2021		December 31, 2020
Assets
Operating lease assets	Operating lease assets	$	9,594	$	8,998
Finance lease assets	Property, Plant and Equipment		2,167		2,330
Total leased assets		$	11,761	$	11,328
Liabilities
Current
Current operating lease liabilities	Current Portion of Operating Lease Obligations	$	972	$	688
Current finance lease liabilities	Current Portion of Finance Lease Obligations		671		660
Noncurrent
Long-term operating lease liabilities	Long Term Operating Lease Liabilities, Net		9,250		8,889
Long term finance lease liabilities	Long Term Finance Lease Obligations, Net		979		1,152
Total lease liabilities		$	11,872	$	11,389

Supplemental cash flow information related to leases was as follows:

	March 31,		March 31,
	2021		2020
Operating leases
Cash paid for amounts included in the measurement of lease liabilities	$	357	$	210
Right-of-use assets obtained in exchange for lease obligations	$	858	$	-

Maturities of lease liabilities were as follows:

	Operating Leases			Finance Leases			Total
Remaining 2021	$	1,288		$	554		$	1,842
2022		1,727			587			2,314
2023		1,730			333			2,063
2024		1,407			280			1,687
2025		1,205			29			1,234
Thereafter		8,284			-			8,284
Total lease payments	$	15,641		$	1,783		$	17,424
Less: Interest		(5,419	)		(133	)		(5,552	)
Present value of lease liabilities	$	10,222		$	1,650		$	11,872

The lease term and discount rate at

March 31, 2021

were as follows:

Weighted-average remaining lease term (years)
Operating leases	9.9
Finance leases	3.2
Weighted-average discount rate
Operating leases	7.7	%
Finance leases	5.2	%