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Note 6 - Operating Leases
3 Months Ended
Mar. 31, 2021
Notes to Financial Statements  
Lessee, Operating Leases [Text Block]
6.
Operating Leases
 
The Company has
five
operating leases for office and laboratory space used to conduct business. The exercise of lease renewal options is at our discretion and there are
no
renewals to extend the lease terms included in our Right-Of-Use (“ROU”) assets and lease liabilities as they are
not
reasonably certain of exercise. The Company regularly evaluates the renewal options and when they are reasonably certain of exercise. As most of the Company's leases do
not
provide an implicit rate, the Company uses the incremental borrowing rate based on the information available at the lease commencement date in determining the net present value of the lease payments.
 
As of
March 31, 2021,
the Company recognized a Right-Of-Use (“ROU”) asset of
$4.3
million and an operating lease liability of
$4.7
million based on the present value of the minimum rental payments as a result of adoption of ASC Topic
842.
The weighted average discount rate used for leases as of
March 31, 2021
is
3.9%.
The weighted average lease term as of
March 31, 2021
is
4.8
years. The operating lease expense for the
three
months ended
March 31, 2021
and
2020
was
$268
thousand and
$306
thousand, respectively.
 
Maturities and balance sheet presentation of the Company's lease liabilities for all operating leases as of
March 31,
2021is
as follows (in thousands):
 
2021   $
828
 
2022    
1,129
 
2023    
1,120
 
2024    
1,034
 
2025    
592
 
2026    
460
 
Total Lease Payments    
5,163
 
Less: Interest expense    
(443
)
Present value of lease liabilities   $
4,720
 
         
Current operating lease liabilities   $
963
 
Long-term operating lease liabilities    
3,757
 
    $
4,720