Quarterly report pursuant to Section 13 or 15(d)

Note 9 - Leases

Note 9 - Leases

9 Months Ended

Sep. 30, 2020

Notes to Financial Statements

Leases of Lessee Disclosure [Text Block]

Leases

We currently lease approximately

5,000

square feet of office space at

4995

Bradenton Avenue, Dublin, Ohio, as our principal offices, at a monthly base rent of approximately

$3,000.

The current least term expires in

June 2023.

We also leased approximately

2,000

square feet of office space at

560

Sylvan 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, 2019

and we did

not

renew.

In addition, we currently lease approximately

25,000

square feet of office space at

5600

Blazer Parkway, Dublin, Ohio, formerly our principal offices, at a monthly base rent of approximately

$27,000

2020.

The current lease term expires in

October 2022

with an option to extend for an additional

five

years. The Company does

not

intend to renew this lease. In

June 2017,

the Company executed a sublease arrangement for the Blazer space, providing for monthly sublease payments to Navidea of approximately

$39,000

through

October 2022.

We also currently lease a vehicle at a monthly payment of approximately

$300,

expiring in

September 2021,

and office equipment at a monthly payment of approximately

$100,

expiring in

October 2024.

Total operating lease expense was

$49,000

and

$54,000

for the

three

-month periods ended

September 30, 2020

and

2019,

respectively. Total operating lease expense was

$151,000

and

$176,000

for the

nine

-month periods ended

September 30, 2020

and

2019,

respectively. Operating lease expense was recorded in selling, general and administrative expenses on our consolidated statements of operations.

The following table presents information about the amount, timing and uncertainty of cash flows arising from the Company's operating leases as of

September 30, 2020.

Maturity of Lease Liabilities	Operating Lease Payments
2020 (remaining)	$	92,711
2021		344,552
2022		291,111
2023		19,699
2024		1,355
Total undiscounted operating lease payments		749,428
Less imputed interest		83,279
Present value of operating lease liabilities	$	666,149

Balance Sheet Classification
Current lease liabilities	$	285,913
Noncurrent lease liabilities		380,236
Total operating lease liabilities	$	666,149

Other Information
Weighted-average remaining lease term for operating leases (in years)	2.1
Weighted-average discount rate for operating leases	10.9	%

Cash paid for amounts included in the present value of operating lease liabilities was

$246,000

and

$249,000

during the

nine

-month periods ended

September 30, 2020

and

2019,

respectively, and is included in operating cash flows.