Note 8 - Leases

3 Months Ended

Mar. 31, 2022

Notes to Financial Statements

Lessee, Operating Leases [Text Block]

8. Leases

Lessee Information

The Company determines if an arrangement is a lease or service contract at inception. Where an arrangement is a lease, the Company determines if it is an operating lease or a finance lease.  Subsequently, if the arrangement is modified, the Company reevaluates the classification.  The Company has entered into operating leases for corporate office buildings, vehicles, and machinery and equipment. Some of the lease agreements have renewal options, tenant improvement allowances, rent escalation clauses, and assignment and subletting clauses.  While the operating leases range from one year to ten years, some include options to extend the lease generally between one year and six years, and some include options to terminate the leases within one year. 

Components of operating lease expense are primarily recorded in general and administrative on the condensed consolidated statements of operations were as follows:

	Three Months Ended March 31,
	2022		2021
	(in thousands)
Long-term Operating	$	398	$	438
Short-term Operating		-		-
Total Operating lease expense	$	398	$	438

Supplemental balance sheet information related to operating leases was as follows:

	March 31, 2022			December 31, 2021
Weighted-average remaining lease term (in years)		7.7			7.8
Weighted-average discount rate		7.8%			7.8%
Incremental borrowing rate	6.1%	-	8.5%	6.1%	-	8.5%

Maturities of operating lease obligations as of March 31, 2022 were as follows (in thousands):

Fiscal Year
2022	$	694
2023		1,008
2024		915
2025		909
2026		845
Thereafter		2,990
Total minimum lease payments	$	7,361
Less: Amount of lease payments representing interest		(1,892	)
Present value of future minimum lease payments	$	5,469