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Fixed Assets

3 Months Ended

Mar. 31, 2019

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment Disclosure [Text Block]

Note 3 – Fixed Assets

Fixed assets are summarized as follows:

		March 31,				December 31,
		2019				2018
		(unaudited)
Machinery and equipment		$	857,000			$	853,000
Office furniture and equipment			193,000				186,000
Leasehold improvements			150,000				150,000
Right of use asset-operating leases			637,000				637,000
Accumulated depreciation and amortization			(1,452,000	)			(1,369,000	)
		$	385,000			$	457,000

The Company has a triple net operating lease for office and laboratory space in Seattle, Washington through March 2020 with rent of approximately $12,000 per month plus triple net operating costs. The Company also has a triple net operating lease for office space in Tulsa, Oklahoma through August 2019 with monthly rent of approximately $2,000 per month plus triple net operating costs. Both leases include lessee renewal options for three years at the then prevailing market rate. The Company has an operating lease for office space in Beijing, China through November 2020 with a monthly rent of approximately $6,000.

Lease costs for the three months ended March 31, 2019 and 2018 and other quantitative disclosures are as follows (unaudited):

		For the three months ended March 31,
		2019				2018
Lease cost:
Operating lease cost		$	59,000			$	53,000
Total lease cost		$	59,000			$	53,000
Other information:
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases						$	60,000
Right-of-use assets obtained in exchange for new operating lease liabilities
For operating lease:
Weighted average remaining lease term (in years)							1.45
Weighted average discount rate							5.56	%

Minimum future payments under the Company’s leases at March 31, 2019 and their application to the corresponding lease liabilities are as follows (unaudited):

		Discounted lease liability payments				Payments due under lease agreements
2019 (remaining 9 months)			177,000				171,000
2020			78,000				95,000
Total		$	255,000			$	266,000

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- References

No definition available.

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- Definition

The entire disclosure for long-lived, physical assets used in the normal conduct of business and not intended for resale. Includes, but is not limited to, accounting policies and methodology, roll forwards, depreciation, depletion and amortization expense, including composite depreciation, accumulated depreciation, depletion and amortization expense, useful lives and method used, income statement disclosures, assets held for sale and public utility disclosures.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 360
-URI http://asc.fasb.org/topic&trid=2155823

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