Quarterly report pursuant to Section 13 or 15(d)

Note 10 - Leases

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Note 10 - Leases
6 Months Ended
Jun. 30, 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 $44,000 and $50,000 for the three-month periods ended June 30, 2021 and 2020, respectively. Total operating lease expense was $90,000 and $102,000 for the six-month periods ended June 30, 2021 and 2020, respectively. Operating lease expense was recorded in selling, general and administrative expenses on our condensed 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 June 30, 2021.

 

Maturity of Lease Liabilities

 

Operating

Lease

Payments

 

2021 (remaining)

  $ 159,131  

2022

    291,111  

2023

    19,699  

2024

    1,355  

Total undiscounted operating lease payments

    471,296  

Less imputed interest

    36,973  

Present value of operating lease liabilities

  $ 434,323  

 

Balance Sheet Classification

       

Current lease liabilities

  $ 313,852  

Noncurrent lease liabilities

    120,471  

Total operating lease liabilities

  $ 434,323  

 

Other Information

       

Weighted-average remaining lease term for operating leases (years)

    1.4  

Weighted-average discount rate for operating leases

    11.0 %

 

Cash paid for amounts included in the present value of operating lease liabilities was $185,000 and $181,000 during the six-month periods ended June 30, 2021 and 2020, respectively, and is included in operating cash flows.