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Note 5 - Leases | 12 Months Ended
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Dec. 31, 2020
Notes to Financial Statements |
Lessee, Leases [Text Block] |
5. | Leases
We lease approximately 32,106 square feet in our Bothell, Washington headquarters. In November of 2020, the Company entered into an amendment to the current lease agreement associated with this facility to extend the term of the lease until July 31, 2031. The amendment included a $2.6 million tenant allowance that the Company expects to receive as improvements are made between 2021 and 2023. This lease includes two options to extend the term of the lease, each of which is for an additional period of five years, with the first extension term commencing, if at all, on August 1, 2031, and the second extension term commencing, if at all, immediately following the expiration of the first extension term. In accordance with the amended lease agreement, our monthly base rent is approximately $65,000 at December 31, 2020, with scheduled annual increases each August. We are also required to pay an amount equal to the Company’s proportionate share of certain taxes and operating expenses. We lease approximately 3,460 square feet in our Menlo Park, California location. The term of our lease continues until December 31, 2021. In accordance with the lease agreement, the monthly base rent is approximately $11,000 at December 31, 2020. We are also required to pay an amount equal to the Company’s proportionate electrical expenses and common area maintenance fees. We lease approximately 9,932 square feet in our Albuquerque, New Mexico location. The term of our lease continues until December 31, 2021 with two options to extend the terms of the lease, each of which is for an additional period of three years, with the first extension term commencing, if at all, on December 1, 2021, and the second extension term commencing, if at all, December 1, 2024. In accordance with the lease agreement, the monthly base rent is approximately $9,000 at December 31, 2020, with an increase at the beginning of each extension term if the lease term is extended. We lease approximately 106,998 square feet in our Detroit, Michigan location under a month-to-month arrangement. The monthly base rent is approximately $35,000 at December 31, 2020. The Company leases approximately 32,500 square feet at two locations in the United States. The terms of the two leases go through March 31, 2024 and January 31, 2023, respectively, and have no options to extend the terms. In accordance with the first lease, the Company’s monthly base rent is approximately $13,000 at December 31, 2020, with scheduled increases each April. In accordance with the second lease, the Company’s monthly base rent is approximately $8,000 at December 31, 2020, with a one-time scheduled increase in February 2021. For each lease, the Company is also required to pay an amount equal to the Company’s proportionate share of certain taxes and operating expenses. The Company also leases approximately 16,153 square feet in the United States. The term of the lease continues until June 30, 2024 and has no option to extend the term. In accordance with the amended lease agreement, the Company’s monthly base rent is approximately $13,000 at December 31, 2020, with scheduled increases each July. The Company is also required to pay an amount equal to the Company’s proportionate share of certain taxes and operating expenses. Operating leases recorded on our consolidated balance sheet are primarily related to our Bothell, Washington headquarters space lease and our SciSafe space leases in the United States. We have not included extension options in our ROU assets or lease liabilities as we are not reasonably certain we will enter into the renewal options in their current terms. Our Detroit, Michigan and Menlo Park, California lease are not recorded on our consolidated balance sheet as the term expires in one year or less. Our financing lease is related to research equipment, machinery, and other equipment. We used a weighted average discount rate of 3.3% as of December 31, 2020 and 6.5% as of December 31, 2019, our market collateralized borrowing rate; and 5.7% as of December 31, 2020 and 8.1% as of December 31, 2019, the weighted average implied interest on our leases, to determine our operating and financing lease liabilities, respectively. The weighted average remaining term of our operating and financing leases are 9.4 years as of December 31, 2020 and 1.8 years as of December 31, 2019; and 2.6 years as of December 31, 2020 and 1.2 years as of December 31, 2019, respectively. As a result of the Company entering into an amendment to the Bothell lease agreement, operating right of use asset and operating lease liability balances increased by a total of $7.9 million. Through the SciSafe acquisition, we acquired $1.3 million in operating lease right of use assets and operating lease liabilities. Cash paid for amounts included in the measurement of operating lease liabilities (all operating cash flows) in the years ended December 31, 2020 and 2019 were $1.3 million and $778,000, respectively. The components of lease expense for the years ended December 31, 2020 and 2019 were as follows:
(In thousands) |  | 2020 |  |  | 2019 |
Operating lease costs |  | $ | 839 |  |  | $ | 612 |
Short-term lease costs |  |  | 277 |  |  |  | 51 |
Total operating lease costs |  |  | 1,116 |  |  |  | 663 |
Variable lease costs |  |  | 357 |  |  |  | 299 |
Total lease expense |  | $ | 1,473 |  |  | $ | 962 |
Maturities of our lease liabilities as of December 31, 2020 is as follows:
(In thousands) |  | Operating Leases |  |  | Financing Leases |
2021 |  | $ | 1,442 |  |  | $ | 9 |
2022 |  |  | 1,341 |  |  |  | 7 |
2023 |  |  | 1,207 |  |  |  | 6 |
2024 |  |  | 1,023 |  |  |  | - |
2025 |  |  | 924 |  |  |  | - |
Thereafter |  |  | 5,685 |  |  |  | - |
Total lease payments |  |  | 11,622 |  |  |  | 22 |
Less: interest |  |  | (1,758 | ) |  |  | (2 | )
Total present value of lease liabilities |  | $ | 9,864 |  |  | $ | 20 |

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