XML 24 R14.htm IDEA: XBRL DOCUMENT
v3.20.2

LEASES | 6 Months Ended
--- | ---
Jun. 30, 2020
Leases [Abstract] |
LEASES | 7. LEASES In the United States, the Company owns its two main operating facilities located in Exton, PA, which provide manufacturing, warehousing and distribution space. In addition to the owned facilities, the Company also has operations in other locations that are leased, as well as other leased assets. With regards to leased facilities within the United States, the Company leases its corporate office space in Middletown, CT, with the lease term expiring in 2022. Additionally, the Company leases a warehousing and distribution center in Houston, Texas, which currently provides manufacturing, stocking and sales operations, with a 5-year lease term running through October 2024. In the United Kingdom, the Company leases a facility in Banbury, England, which serves sales, warehousing and operational functions. The lease in Banbury has a 15-year term ending in June 2021. In addition to property rentals, the Company also has lease agreements in place for various fleet vehicles and equipment with various lease terms. In the June 30, 2020 condensed consolidated balance sheet, the Company has recorded right-of-use assets of $589,000, and a lease liability of $602,000, of which $311,000 is reported as a current liability. The respective weighted average remaining lease term and discount rate are approximately 2.52 years and 3.31%. Future minimum lease payments under non-cancellable leases as of June 30, 2020, are as follows: SCHEDULE OF FUTURE MINIMUM RENTAL PAYMENTS FOR OPERATING LEASES
Twelve Months Ending June 30, |  | Operating Leases |
|  | (in thousands) |
2021 |  | $ | 311 |
2022 |  |  | 163 |
2023 |  |  | 62 |
2024 |  |  | 47 |
2025 |  |  | 18 |
Thereafter |  |  | 1 |
Total Minimum Lease Payments |  | $ | 602 |
A similar description of the lease obligations for the previous year is disclosed in the Company’s December 31, 2019 Form 10-K. Lease expense for the operating leases was approximately $74,000 and $149,000 for the three and six months ended June 30, 2020 and $75,000 and $150,000 for the three and six months ended June 30, 2019. Lease expense is allocated to each portion of the business generally based upon use, with the majority absorbed by manufacturing (cost of goods sold), and the remainder apportioned to selling, administrative and engineering.

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

X
- Definition The entire disclosure for lessee entity's leasing arrangements including, but not limited to, all of the following: (a.) The basis on which contingent rental payments are determined, (b.) The existence and terms of renewal or purchase options and escalation clauses, (c.) Restrictions imposed by lease agreements, such as those concerning dividends, additional debt, and further leasing. + References Reference 1: http://fasb.org/us-gaap/role/ref/otherTransitionRef -Publisher FASB -Name Accounting Standards Codification -Topic 840 -URI http://asc.fasb.org/topic&trid=2208923 + Details
Name: | us-gaap_LeasesOfLesseeDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration