Note 5 - Leases

9 Months Ended

Sep. 30, 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 September 30, 2021, we do not have material lease commitments that have not commenced.

The components of lease expense were as follows:

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2021		2020		2021		2020
Lease Cost
Operating Lease Cost	$	576	$	409	$	1,696	$	1,118
Finance Lease Interest Cost		18		26		61		79
Finance Lease Amortization Expense		163		163		489		478
Total Lease Cost	$	757	$	598	$	2,246	$	1,675

Supplemental balance sheet information related to leases was as follows:

		September 30		December 31
	Balance Sheet Location	2021		2020
Assets
Operating Lease Assets	Operating Lease Assets	$	9,052	$	8,998
Finance Lease Assets	Property and Equipment, Net		1,841		2,330
Total Leased Assets		$	10,893	$	11,328
Liabilities
Current
Current Operating Lease Liabilities	Current Portion of Operating Lease Obligations	$	1,023	$	688
Current Finance Lease Liabilities	Current Portion of Finance Lease Obligations		613		660
Noncurrent
Long-Term Operating Lease Liabilities	Long-Term Operating Lease Obligations, Net		8,744		8,889
Long Term Finance Lease Liabilities	Long Term Finance Lease Obligations, Net		707		1,152
Total Lease Liabilities		$	11,087	$	11,389

Supplemental cash flow information related to leases was as follows:

	September 30,
	2021		2020
Operating Leases
Cash paid for amounts included in the measurement of lease liabilities	$	861	$	686
Right-of-use assets obtained in exchange for lease obligations	$	858	$	4,685

Maturities of lease liabilities were as follows:

	Operating Leases			Finance Leases			Total
Remaining 2021	$	433		$	185		$	618
2022		1,735			587			2,322
2023		1,737			333			2,070
2024		1,408			280			1,688
2025		1,205			26			1,231
Thereafter		8,283			-			8,283
Total Lease Payments	$	14,801		$	1,411		$	16,212
Less: Interest		(5,034	)		(91	)		(5,125	)
Present Value of Lease Liabilities	$	9,767		$	1,320		$	11,087

The lease term and discount rate at September 30, 2021 were as follows:

Weighted-Average Remaining Lease Term (Years)
Operating Leases	9.6
Finance Leases	2.6
Weighted-Average Discount Rate
Operating Leases	7.8	%
Finance Leases	5.1	%