XML 27 R17.htm IDEA: XBRL DOCUMENT
v3.23.1

Note 8 - Leases | 3 Months Ended
--- | ---
Mar. 31, 2023
Notes to Financial Statements |
Lessee, Operating Leases [Text Block] | Note 8: Leases The Company’s leases are recorded under ASC Topic 842, “Leases”. The Company examines its contracts to determine whether they are or contain a lease. A contract with a lease is further examined to determine whether the lease is a short-term, operating or finance lease. As permitted by ASC Topic 842, the Company elected not to capitalize short-term leases, defined by the standard as leases with terms of 12 months or less. The Company also elected the practical expedient not to separate non-lease components from lease components within a single contract. Right-of-use assets and lease liabilities are recognized for operating and finance leases. Right-of-use assets represent the Company’s right to use the underlying asset for the lease term and are calculated as the sum of the lease liability and if applicable, prepaid rent, initial direct costs and any incentives received from the lessor. Lease liabilities represent the Company’s obligation to make lease payments and are presented at each reporting date as the net present value of the remaining contractual cash flows. Cash flows are discounted at the Company’s incremental borrowing rate in effect at the commencement date of the lease. Lease payments Lease payments for short-term leases are recognized as lease expense on a straight-line basis over the lease term, or for variable lease payments, in the period in which the obligation was incurred. Payments for leases with terms longer than 12 months are included in the determination of the lease liability. Payments may be fixed for the term of the lease or variable. Variable payments result when the lease agreement includes a clause providing for escalation of lease payments at specified dates. If the escalation factor is known, such as a specified percentage increase per year or a stated increase at a specified time, the variable payment is included in the cash flows used to determine the lease liability. If the variable payment is based upon an unknown escalator, such as the consumer price index at a future date, the increase is not included in the cash flows used to determine the lease liability. One of the Company’s leases provides a known escalator that is included in the determination of the lease liability. The remaining leases do not have variable payments during the term of the lease. Options to Extend, Residual Value Guarantees, and Restrictions and Covenants Of the Company’s seven operating leases as of March 31, 2023, four leases offer the option to extend the lease term. Two of the leases have two options of five years each and one lease has two options of three years each. Another lease has one option to extend the term for an additional five years. The Company exercised a previous option to extend this lease in 2020. At the time of capitalization, the Company was not reasonably certain whether it would exercise the options and did not include the time period in the calculation of the lease liability. The lease agreements provide that the lease payment will increase at the exercise date based on the Consumer Price Index for All Urban Consumers (“CPI-U”). Because the CPI-U at the exercise date is unknown, the increase is not included in the cash flows determining the lease liability. None of the Company’s leases provide for residual value guarantees and none provide restrictions or covenants that would impact dividends or require incurring additional financial obligations. The contracts in which the Company is lessee are with parties external to the Company and not related parties. The Company’s lease right of use asset is included in other assets and the lease liability is included in other liabilities. The following tables present information about leases:
|  | March 31, 2023 |  |  | December 31, 2022 |
Lease liability |  | $ | 1,365 |  |  | $ | 1,444 |
Right-of-use asset |  | $ | 1,336 |  |  | $ | 1,415 |
Weighted average remaining lease term (in years) |  |  | 4.95 |  |  |  | 5.14 |
Weighted average discount rate |  |  | 3.29 | % |  |  | 3.29 | %
|  | For the Three Months Ended March 31, |
|  | 2023 |  |  | 2022 |
Lease Expense |  |  |  |  |  |  |  |
Operating lease expense |  | $ | 92 |  |  | $ | 76 |
Short-term lease expense |  |  | 1 |  |  |  | 1 |
Total lease expense |  | $ | 93 |  |  | $ | 77 |
Cash paid for amounts included in lease liabilities |  | $ | 94 |  |  | $ | 78 |
Right-of-use assets obtained in exchange for operating lease liabilities commencing during the period |  | $ | - |  |  | $ | 25 |
The following table presents a maturity schedule of undiscounted cash flows that contribute to the lease liability:
Undiscounted Cash Flow for the Period |  | As of March 31, 2023 |
Twelve months ending March 31, 2024 |  | $ | 356 |
Twelve months ending March 31, 2025 |  |  | 340 |
Twelve months ending March 31, 2026 |  |  | 234 |
Twelve months ending March 31, 2027 |  |  | 203 |
Twelve months ending March 31, 2028 |  |  | 188 |
Thereafter |  |  | 160 |
Total undiscounted cash flows |  | $ | 1,481 |
Less: discount |  |  | (116 | )
Lease liability |  | $ | 1,365 |
The contracts in which the Company is lessee are not with related parties.

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

X
- Definition The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//842-20/tableOfContent + Details
Name: | us-gaap_LesseeOperatingLeasesTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration