Note 12 - Leases

12 Months Ended

Dec. 31, 2019

Notes to Financial Statements

Lessee, Operating Leases [Text Block]

12. Leases

Operating

Lease

Commitments:

The Company leases its facilities under non-cancelable operating leases expiring on various dates through

January 1,

2024.The

Company has operating leases for the Company’s corporate office and manufacturing facilities, which expire at various dates through 

2024.

The Company’s primary operating lease commitments at 

December 31, 2019 

related to the Company’s manufacturing facilities in Valdosta, Georgia, Nogales, Arizona and Salt Lake City, Utah, as well as the Company’s corporate headquarters in Markham, Ontario, Canada.

As of 

December 31, 2019,

the Company had operating lease right-of-use assets of 

$3,178,000

 and operating lease liabilities of 

$3,219,000.

As of 

December 31, 2019,

we did

not

have any finance leases recorded on the Company’s condensed consolidated balance sheet. Operating lease expense was approximately 

$201,000

and

$603,000

for the year ended

December 31, 2019.

The aggregate future minimum lease payments and reconciliation to lease liabilities as of 

December 31, 2019

were as follows:

	December 31,
	2019
2020	$	1,021,000
2021		1,000,000
2022		670,000
2023		676,000
2024		126,000
Total future minimum lease payments		3,493,000
Less imputed interest		(274,000	)
Total lease liabilities	$	3,219,000

As of

December 31, 2019,

the weighted average remaining lease term of the Company’s operating leases was 

4.78

years. During the year ended

December 31, 2019,

the weighted average discount rate with respect to these leases was 

4.29%.