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Fixed Assets | 12 Months Ended
--- | ---
Dec. 31, 2019
Fixed Assets |
Fixed Assets | Note 3 – Fixed Assets Fixed assets are summarized as follows:
|  | December 31,
|  | 2019 |  | 2018
Machinery and equipment |  | $ | 762,000 |  | $ | 853,000
Office furniture and equipment |  |  | 180,000 |  |  | 186,000
Leasehold improvements |  |  | 149,000 |  |  | 150,000
Right of use asset-operating leases |  |  | 1,140,000 |  |  | 637,000
Accumulated depreciation and amortization |  |  | (1,566,000) |  |  | (1,369,000)
|  | $ | 665,000 |  | $ | 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 with a term that was to end in August 2019 and 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. Effective as of July and August 2019, the Company exercised the option to renew both the Seattle lease and the Tulsa lease for three years. The new term of the Seattle lease will begin in April 2020 and rent will be abated for April and May 2020, although the Company will be responsible for its proportionate share of expenses and taxes. The Company will pay a monthly rent of approximately $13,500 beginning on June 1, 2020 through March 2021. The monthly rent will increase on the first day of April of each succeeding year by approximately 3% until the end of the term in May 2023. The rent for the Tulsa lease is approximately $2,200 a month beginning September 2019 through August 2022 with an annual 2.5% increase. 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 years ended December 31, 2019 and 2018 and other quantitative disclosures are as follows:
|  | For the year ended December 31, |
|  | 2019 |  | 2018 |
Lease cost: |  |  |  |  |  |  |
Operating lease cost |  | $ | 238,000 |  | $ | 218,000 |
Total lease cost |  | $ | 238,000 |  | $ | 218,000 |
Other information: |  |  |  |  |  |  |
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |  |  |  |
Operating cash flows from operating leases |  |  |  |  | $ | 238,000 |
Right-of-use assets obtained in exchange for new operating lease liabilities |  |  |  |  | $ | 505,000 |
For operating lease: |  |  |  |  |  |  |
Weighted average remaining lease term (in years) |  |  |  |  |  | 3.12 |
Weighted average discount rate |  |  |  |  |  | 7.17 | %
Minimum future payments under the Company’s leases at December 31, 2019 and their application to the corresponding lease liabilities are as follows:
|  | Discounted |  | Payments
|  | lease |  | due under
|  | liability |  | lease
|  | payments |  | agreements
2020 |  | $ | 177,000 |  | $ | 215,000
2021 |  |  | 169,000 |  |  | 193,000
2022 |  |  | 178,000 |  |  | 190,000
2023 |  |  | 71,000 |  |  | 73,000
Total |  | $ | 595,000 |  | $ | 671,000

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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 + Details
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