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Note 8 - Leases | 3 Months Ended
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Mar. 31, 2024
Notes to Financial Statements |
Operating and Finance Leases [Text Block] | 8. Leases The Company is a party to operating leases for the Company's corporate office in Cupertino, modular offices, and laboratory facilities. We have also entered into several finance leases for mobile equipment and for the Riverbank Industrial Complex. These finance leases have a purchase option at the end of the term that we are reasonably certain we will exercise, so the leases are classified as finance leases. Our leases have remaining terms of one year to 13 years. We made an accounting policy election to keep leases with an initial term of 12 months or less off the balance sheet. We will recognize those lease payments in the Consolidated Statements of Operations as we incur the expenses. The Company evaluates leases in accordance with ASC 842 – Lease Accounting. When discount rates implicit in leases cannot be readily determined, we use the applicable incremental borrowing rate at lease commencement to perform lease classification tests on lease components and to measure lease liabilities and right of use (ROU) assets. The incremental borrowing rate used by the Company is based on weighted average baseline rates commensurate with the Company’s secured borrowing rate over a similar term. At each reporting period when there is a new lease initiated, the rates established for that quarter are used. The components of lease expense are as follows:
|  | Three months ended March 31, |
|  | 2024 |  |  | 2023 |
Operating lease cost |  |  |  |  |  |  |  |
Operating lease expense |  | $ | 181 |  |  | $ | 181 |
Short term lease expense |  |  | 21 |  |  |  | 21 |
Variable lease expense |  |  | 32 |  |  |  | 22 |
Total operating lease cost |  | $ | 234 |  |  | $ | 224 |
Finance lease cost |  |  |  |  |  |  |  |
Amortization of right-of-use assets |  | $ | 30 |  |  | $ | 31 |
Interest on lease liabilities |  |  | 86 |  |  |  | 91 |
Total finance lease cost |  | $ | 116 |  |  | $ | 122 |
Cash paid for amounts included in the measurement of lease liabilities:
|  | Three months ended March 31, |
|  | 2024 |  |  | 2023 |
Operating cash flows used in operating leases |  | $ | 169 |  |  | $ | 164 |
Operating cash flows used in finance leases |  |  | 86 |  |  |  | 91 |
Financing cash flows used in finance leases |  | $ | 8 |  |  | $ | 83 |
Supplemental non-cash flow information related to ROU asset and lease liabilities was as follows for the three months ended March 31, 2024 and 2023:
|  | Three months ended March 31, |
|  | 2024 |  |  | 2023 |
Operating leases |  |  |  |  |  |  |  |
Accretion of the lease liability |  | $ | 74 |  |  | $ | 87 |
Amortization of right-of-use assets |  |  | 105 |  |  |  | 94 |
The weighted average remaining lease term and weighted average discount rate as of March 31, 2024 are as follows: |  |  |  |  |  |  |  |
Weighted Average Remaining Lease Term |  |  |  |  |
Operating leases (in years) |  |  | 4.0 |  |  |  | 4.9 |
Finance leases (in years) |  |  | 12.8 |  |  |  | 13.7 |
Weighted Average Discount Rate |  |  |  |  |  |  |  |
Operating leases |  |  | 14.1 | % |  |  | 14.1 | %
Finance leases |  |  | 13.3 | % |  |  | 13.2 | %
Supplemental balance sheet information related to leases is as follows:
|  | March 31, 2024 |  |  | December 31, 2023 |
Operating leases |  |  |  |  |  |  |  |
Operating lease right-of-use assets |  | $ | 1,951 |  |  | $ | 2,056 |
Other current liability |  |  | 417 |  |  |  | 406 |
Other long term liabilities |  |  | 1,677 |  |  |  | 1,783 |
Total operating lease liabilities |  |  | 2,094 |  |  |  | 2,189 |
Finance leases |  |  |  |  |  |  |  |
Property and equipment, at cost |  | $ | 2,889 |  |  | $ | 2,889 |
Accumulated depreciation |  |  | (258 | ) |  |  | (228 | )
Property and equipment, net |  |  | 2,631 |  |  |  | 2,661 |
Other current liability |  |  | 31 |  |  |  | 30 |
Other long term liabilities |  |  | 2,763 |  |  |  | 2,687 |
Total finance lease liabilities |  |  | 2,794 |  |  |  | 2,717 |
Maturities of operating lease liabilities are as follows:
Twelve months ended March 31, |  | Operating leases |  |  | Finance leases |
2025 |  | $ | 678 |  |  | $ | 179 |
2026 |  |  | 670 |  |  |  | 159 |
2027 |  |  | 631 |  |  |  | 145 |
2028 |  |  | 650 |  |  |  | 145 |
2029 |  |  | 109 |  |  |  | 145 |
Thereafter |  |  | - |  |  |  | 10,105 |
Total lease payments |  |  | 2,738 |  |  |  | 10,878 |
Less imputed interest |  |  | (644 | ) |  |  | (8,084 | )
Total lease liability |  | $ | 2,094 |  |  | $ | 2,794 |
The Company acts as sublessor in certain leasing arrangements, primarily related to land and buildings. Fixed sublease payments received are recognized on a straight-line basis over the sublease term. Sublease income and head lease expense for these transactions are recognized on net basis on the consolidated financial statements. Sublease income is recorded in the other operating income section of the Consolidated Statements of Operations and Comprehensive Loss. The components of lease income are as follows:
|  | Three months ended March 31, |
|  | 2024 |  |  | 2023 |
Lease income |  | $ | 491 |  |  | $ | 471 |
Future lease commitments to be received by the Company as of March 31, 2024, are as follows:
Twelve months ended March 31, |  |  |  |
2025 |  | $ | 845 |
2026 |  |  | 825 |
2027 |  |  | 670 |
2028 |  |  | 615 |
2029 |  |  | 613 |
Thereafter |  |  | 631 |
Total future lease commitments |  | $ | 4,199 |

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