Quarterly report pursuant to Section 13 or 15(d)

Note 10 - Leases

v3.21.1
Note 10 - Leases
 3 Months Ended
Mar. 31, 2021
Notes to Financial Statements  
Leases of Lessee Disclosure [Text Block]
10.
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.
 
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
2021.
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 Parkway 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
$46,000
and
$51,000
for the
three
-month periods ended
March 31, 2021
and
2020,
respectively, and 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
March 31, 2021.
 
Maturity of Lease Liabilities
  
Operating
Lease Payments
  
2021 (remaining)
   $
251,842
  
2022
    
291,111
  
2023
    
19,699
  
2024
    
1,355
  
Total undiscounted operating lease payments
    
564,007
  
Less imputed interest
    
50,306
  
Present value of operating lease liabilities
   $
513,701
  
 
Balance Sheet Classification
  
 
 
 
Current lease liabilities
   $
304,262
  
Noncurrent lease liabilities
    
209,439
  
Total operating lease liabilities
   $
513,701
  
 
Other Information
  
 
 
 
Weighted-average remaining lease term for operating leases (years)
    
1.6
  
Weighted-average discount rate for operating leases
    
10.9
 %
 
Cash paid for amounts included in the present value of operating lease liabilities was
$93,000
and
$91,000
during the
three
-month periods ended
March 31, 2021
and
2020,
respectively, and is included in operating cash flows.