XML 29 R12.htm IDEA: XBRL DOCUMENT
v3.21.2

Note 5 - Lease Obligations and Other Contingencies | 9 Months Ended
--- | ---
Sep. 30, 2021
Notes to Financial Statements |
Lessor, Operating Leases [Text Block] | Note 5 — Lease Obligations and Other Contingencies The Company leases certain assets under operating leases, which primarily consisted of real estate leases, laboratory equipment leases and office equipment leases as of September 30, 2021. The Company accounts for its leases in accordance with ASU 2016-02: Leases (Topic 842). This ASU requires a lessee to recognize a right-of-use asset and a lease liability on its balance sheet for most operating leases. Certain operating leases provide for renewal options, which can vary by lease. The right-of-use asset and lease liabilities on the Company’s Consolidated Balance Sheets represent payments over the lease term, which includes renewal options for certain real estate leases that we are likely to exercise. As part of the Company’s assessment of the lease term, the Company elected the hindsight practical expedient, which allows companies to use current knowledge and expectations when determining the likelihood to extend lease options. Renewal options for the Company’s leases range from 1 to 5 years in length and begin from 2024 through 2026. The weighted average lease term for the Company’s operating leases was 11.4 years. The discount rate used in the calculation of the Company’s right-of-use asset and lease liability was determined based on the stated rate within each contract when available, or the Company’s collateralized borrowing rate from lending institutions. The weighted average discount rate for the Company’s operating leases was 12.5%. The Company has not made any residual value guarantees related to its operating leases; therefore, the Company has no corresponding liability recorded on its Consolidated Balance Sheets. Aggregate lease expense under operating leases was $1,306 and $1,321 for the nine months ended September 30, 2021 and 2020, respectively. Certain operating leases include rent escalation provisions, which the Company recognizes as expense on a straight-line basis. Lease expense for leases with an initial term of twelve months or less was not material. Cash paid for amounts included in the measurement of lease liabilities was $1,125 and $1,235 for the nine months ended September 30, 2021 and 2020, respectively. Maturities of operating lease liabilities as of September 30, 2021, are as follows (in thousands):
2021 (remaining) |  | $ | 485 |
2022 |  |  | 1,574 |
2023 |  |  | 1,418 |
2024 |  |  | 875 |
2025 |  |  | 724 |
Thereafter |  |  | 7,327 |
Total lease payments |  |  | 12,403 |
Less imputed interest |  |  | (5,916 | )
Total |  | $ | 6,487 |
The Company’s current lease liability as of September 30, 2021 and December 31, 2020 was $1,452 and $1,179, respectively. The Company’s long-term lease liability as of September 30, 2021 and December 31, 2020 was $5,035 and $3,871, respectively. The current and long-term portions of the Company’s lease liability are presented within “Lease financing obligations” on the Consolidated Balance Sheets. The Company’s right-of use asset balance associated with operating leases totaled $5,191 and $3,802 at September 30, 2021 and December 31, 2020, respectively. These amounts are presented within “Other assets” on the Consolidated Balance Sheets. Operating right-of-use assets are recorded net of accumulated amortization of $2,328 and $2,641 as of September 30, 2021 and December 31, 2020, respectively.

X
- References No definition available. + Details
Name: | us-gaap_DisclosureTextBlockAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for lessor's operating leases. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 30 -URI http://asc.fasb.org/subtopic&trid=77888252 + Details
Name: | us-gaap_OperatingLeasesOfLessorDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration