Note 5 - Leases

3 Months Ended

Mar. 31, 2022

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, 2022, 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	2022		2021
Operating lease cost	$	581	$	531
Finance lease interest cost		94		23
Finance lease amortization expense		182		163
Total lease cost	$	857	$	717

Supplemental balance sheet information related to leases was as follows:

	Balance Sheet Location	March 31, 2022		December 31, 2021
Assets
Operating lease assets	Operating lease assets	$	8,706	$	8,983
Finance lease assets	Property, Plant and Equipment		1,869		2,052
Total leased assets		$	10,575	$	11,035

Supplemental cash flow information related to leases was as follows:

	March 31,		March 31,
	2022		2021
Operating leases
Cash paid for amounts included in the measurement of lease liabilities	$	434	$	357
Right-of-use assets obtained in exchange for lease obligations	$	-	$	858

Maturities of lease liabilities were as follows:

	Operating Leases			Finance Leases			Total
Remaining 2022	$	1,321		$	460		$	1,781
2023		1,810			409			2,219
2024		1,509			357			1,866
2025		1,255			103			1,358
2026		1,217			115			1,332
Thereafter		7,066			-			7,066
Total lease payments	$	14,178		$	1,444		$	15,622
Less: Interest		(4,687	)		(112	)		(4,799	)
Present value of lease liabilities	$	9,491		$	1,332		$	10,823

The lease term and discount rate at March 31, 2022 were as follows:

Weighted-average remaining lease term (years)
Operating leases	9.3
Finance leases	3.0
Weighted-average discount rate
Operating leases	7.7	%
Finance leases	5.2	%