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Note 8 - Operating Leases

9 Months Ended

Sep. 30, 2020

8. OPERATING LEASES

The Company has operating leases predominantly for operating facilities. As of September 30, 2020, the remaining lease terms on our operating leases range from approximately 1 to 4 years. Renewal options and termination options are not reasonably certain of exercise by the Company. There is no transfer of title or option to purchase the leased assets upon expiration. There are no residual value guarantees or material restrictive covenants.

The components of lease expense for the current and prior-year comparative periods were as follows:

	Three months ended				Nine months ended
	September 30, 2020		September 29, 2019		September 30, 2020		September 29, 2019
Operating lease cost	$	172	$	168	$	508	$	459
Variable lease cost		18		21		54		63
Total lease cost	$	190	$	189	$	562	$	522

Supplemental cash flow information related to leases was as follows:

	Nine months ended
	September 30, 2020		September 29, 2019
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	506	$	447
Right-of-use assets obtained in exchange for lease liabilities:	$	875	$	1,586

Supplemental balance sheet information related to leases was as follows:

	Balance sheet classification	September 30, 2020			December 31, 2019
Assets:
Operating lease right-of-use asset	Other noncurrent assets	$	2,303		$	1,866

Liabilities:
Current operating lease liability	Accrued expenses and other current liabilities	$	669		$	620
Operating lease liability, net of current portion	Other noncurrent liabilities		1,643			1,247
Total operating lease liability		$	2,312		$	1,867

Weighted-average remaining lease term (years)			3.6			3.7

Weighted-average discount rate			4.5	%		4.5	%

Future minimum lease payments as of September 30, 2020 are as follows:

Maturity of Operating Lease Liabilities
2020		177
2021		709
2022		680
2023		700
2024		269
Total lease payments		2,535
Less: Imputed interest		(223	)
Present value of remaining lease payments	$	2,312

In August 2020, the Company entered into an agreement to extend the operating lease term of its Virginia Beach facility through April 2024. Aggregate future minimum lease payments of $959 are required to be made over the three-year extension period.