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Note 15 - Leases

6 Months Ended

Jun. 30, 2020

The Company leases its Corvallis, Oregon, facilities and office space under an operating lease, which was signed on November 3, 2017 and commenced on January 1, 2018. The initial term of this lease was to expire on December 31, 2019 after which the Company has two successive renewal options; one for two years and the other for three years. In the second quarter of 2019, the Company exercised the first renewal option, which extended the lease expiration date to December 31, 2021.

On May 26, 2017 the Company and M&F entered into a ten-year office lease agreement (the “New HQ Lease”), pursuant to which the Company agreed to lease 3,200 square feet in New York, New York. The Company is utilizing premises leased under the New HQ Lease as its corporate headquarters. The Company has no leases that qualify as finance leases.

Operating lease costs totaled $0.1 million and $0.1 million for the three months ended June 30, 2020 and 2019, respectively. Operating lease costs totaled $0.3 million and $0.3 million for the six months ended June 30, 2020 and 2019, respectively. Cash paid for amounts included in the measurement of lease liabilities from operating cash flows was $0.1 million and $0.1 million for the three months ended June 30, 2020 and 2019, respectively. Cash paid for amounts included in the measurement of lease liabilities from operating cash flows was $0.3 million and $0.3 million for the six months ended June 30, 2020 and 2019, respectively. As of June 30, 2020, the weighted-average remaining lease term of the Company’s operating leases was 5.95 years while the weighted-average discount rate was 4.53%.

Future undiscounted cash flows under operating leases as of June 30, 2020 are expected to be as follows:

2020	$	247,288
2021		600,362
2022		368,467
2023		402,078
2024		404,258
Thereafter		982,880
Total undiscounted cash flows under leases		3,005,333
Less: Imputed interest		(418,153	)
Present value of lease liabilities	$	2,587,180

As of June 30, 2020, approximately $2.2 million of the lease liability is included in Other liabilities on the condensed consolidated balance sheet with the current portion included in accrued expenses.