Note 10 - Leases
|6 Months Ended|
Jun. 30, 2019
|Notes to Financial Statements|
|Lessee, Operating Leases [Text Block]||
We currently lease approximately
5,000square feet of office space at
4995Bradenton Avenue, Dublin, Ohio, as our principal offices. The current least term expires in
June 2020and provides for a monthly base rent of approximately
$3,000.We also leased approximately
2,000square feet of office space at
560Sylvan Avenue, Englewood Cliffs, New Jersey, at a monthly base rent of approximately
$3,000.The lease for the New Jersey office space expired on
March 31, 2019and we did
In addition, we currently lease approximately
25,000square feet of office space at
5600Blazer Parkway, Dublin, Ohio, formerly our principal offices. The current lease term expires in
October 2022,at a monthly base rent of approximately
June 2017,the Company executed a sublease arrangement for the Blazer space, providing for monthly sublease payments to Navidea of approximately
We also currently lease a vehicle. The lease term expires in
September 2021,at a monthly payment of approximately
We adopted ASU
January 1, 2019.The following table summarizes the impact of the adoption of ASU
02on our balance sheet.
All of our leases are operating leases and are included in right-of-use lease assets, current lease liabilities and noncurrent lease liabilities on our consolidated balance sheets. These assets and liabilities are recognized at the commencement date based on the present value of remaining lease payments over the lease term using the Company’s incremental borrowing rates or implicit rates, when readily determinable. Short-term operating leases which have an initial term of
12months or less are
notrecorded on the consolidated balance sheets.
Lease expense for operating leases is recognized on a straight-line basis over the lease term. Lease expense is included in selling, general and administrative expenses on our consolidated statements of operations. Total operating lease expense was
six-month periods ended
June 30, 2019,respectively. Sublease income was
six-month periods ended
June 30, 2019,and was recorded in selling, general and administrative expenses.
The following table presents information about the amount, timing and uncertainty of cash flows arising from the Company’s operating leases as of
June 30, 2019.
An initial right-of-use lease asset of
$407,000was recognized as a non-cash asset addition with the adoption of ASU
02.Cash paid for amounts included in the present value of operating lease liabilities was
six-month period ended
June 30, 2019and is included in operating cash flows.
The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability.
Reference 1: http://www.xbrl.org/2003/role/disclosureRef