XML 24 R14.htm IDEA: XBRL DOCUMENT v3.21.1

LEASES

3 Months Ended

Mar. 31, 2021

Leases [Abstract]

LEASES

7. LEASES

In the U.S., the Company owns its two main operating facilities located in Exton, Pennsylvania. In addition to the owned facilities, the Company also has operations in other locations that are leased, as well as other leased assets. In conjunction with the new guidance for leases, as defined by the FASB with ASU 2016-02, Leases (Topic 842), the Company has described the existing leases, which are all classified as operating leases, pursuant to the below.

In the U.S., the Company leases a facility in Houston, Texas, which currently provides manufacturing, stocking and sales operations, with the lease term running through October 2024. Additionally, the Company leases its corporate office space in Middletown, Connecticut, with the lease term expiring in June 2022.

In the U.K., the Company leases a facility in Banbury, England, which serves manufacturing, warehousing, and other operational functions. The lease in Banbury was effective April 1, 2006 and had a 15-year term ending in March 2021. As of March 31, 2021, this lease is month to month and currently being negotiated for renewal.

In addition to property rentals, the Company also has lease agreements in place for various fleet vehicles and equipment with various lease terms.

At March 31, 2021, the Company has recorded right-of-use assets of $395,000, and a lease liability of $399,000, of which $193,000 is reported as a current liability. At December 31, 2020, the Company had recorded right-of-use assets of $493,000, and a lease liability of $499,000, of which $247,000 is reported as a current liability. The respective weighted average remaining lease term and discount rate are approximately 2.47 years and 2.56% as of March 31, 2021.

Rent expense for operating leases was approximately $96,000 and $75,000 for the three months ended March 31, 2021 and 2020, respectively.

Future minimum lease payments, inclusive of interest, under non-cancelable leases as of March 31, 2021 is as follows:

SCHEDULE OF FUTURE MINIMUM RENTAL PAYMENTS FOR OPERATING LEASES 

Twelve Months Ending March 31,		Operating Leases
		(in thousands)
2022		$	193
2023			117
2024			58
2025			29
2026			2
Thereafter			—
Total Minimum Lease Payments		$	399

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:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration