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Note 15 - Leases

9 Months Ended

Sep. 30, 2022

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 had 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. In the second quarter of 2021, the Company exercised the second renewal option, which extended the lease expiration date to December 31, 2024. In connection with the exercise of the second renewal option, the Company recorded an increase to operating lease right-of-use assets and operating lease liabilities of approximately $0.7 million in the second quarter of 2021.

On May 26, 2017 the Company and M&F entered into the HQ Lease, a ten-year office lease agreement, 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 HQ Lease as its corporate headquarters. The Company has no leases that qualify as finance leases.

Operating lease costs totaled $0.2 million and $0.1 million for the three months ended September 30, 2022 and 2021, respectively. Operating lease costs totaled $0.5 million and $0.4 million for the nine months ended September 30, 2022 and 2021, respectively. Cash paid for amounts included in the measurement of lease liabilities from operating cash flows was $0.2 million and $0.1 million for the three months ended September 30, 2022 and 2021, respectively. Cash paid for amounts included in the measurement of lease liabilities from operating cash flows was $0.5 million and $0.4 million for the nine months ended September 30, 2022 and 2021, respectively. As of September 30, 2022, the weighted-average remaining lease term of the Company’s operating leases was 3.88 years while the weighted-average discount rate was 4.53%.

Future cash flows under operating leases as of September 30, 2022 are expected to be as follows:

2022	$	110,340
2023		669,048
2024		678,627
2025		406,994
2026		409,971
Thereafter		165,916
Total undiscounted cash flows under leases		2,440,896
Less: Imputed interest		(224,813	)
Present value of lease liabilities	$	2,216,083

As of September 30, 2022, approximately $1.7 million of the lease liability is included in Other liabilities on the condensed consolidated balance sheet with the current portion included in accrued expenses.