Note 5 - Leases

3 Months Ended

Mar. 31, 2023

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, 2023, 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	2023		2022
Operating lease cost	$	567	$	581
Finance lease interest cost		12		19
Finance lease amortization expense		182		182
Total lease cost	$	761	$	782

Supplemental balance sheet information related to leases was as follows:

	Balance Sheet Location	March 31, 2023		December 31, 2022
Assets
Operating lease assets	Operating lease assets	$	7,561	$	7,850
Finance lease assets	Property, Plant and Equipment		1,181		1,363
Total leased assets		$	8,742	$	9,213

Supplemental cash flow information related to leases was as follows:

	March 31,		March 31,
	2023		2022
Operating leases
Cash paid for amounts included in the measurement of lease liabilities	$	493	$	434

Maturities of lease liabilities were as follows:

	Operating Leases			Finance Leases			Total
Remaining 2023	$	1,343		$	325		$	1,668
2024		1,516			379			1,895
2025		1,265			103			1,368
2026		1,227			109			1,336
2027		1,256			-			1,256
Therafter		5,818			-			5,818
Total lease payments	$	12,425		$	916		$	13,341
Less: Interest		(3,998	)		(57	)		(4,055	)
Present value of lease liabilities	$	8,427		$	859		$	9,286

The lease term and discount rate at March 31, 2023 were as follows:

Weighted-average remaining lease term (years)
Operating leases	8.8
Finance leases	2.4
Weighted-average discount rate
Operating leases	7.7	%
Finance leases	5.2	%