Quarterly report pursuant to Section 13 or 15(d)

Note 9 - Leases

v3.20.2
Note 9 - Leases
9 Months Ended
Sep. 30, 2020
Notes to Financial Statements  
Leases of Lessee Disclosure [Text Block]
9.
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
in
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.