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Fixed Assets | 12 Months Ended
--- | ---
Dec. 31, 2020
Fixed Assets |
Fixed Assets | Note 3 – Fixed Assets Fixed assets are summarized as follows:
|  | December 31,
|  | 2020 |  | 2019
Machinery and equipment |  | $ | 720,000 |  | $ | 762,000
Office furniture and equipment |  |  | 180,000 |  |  | 180,000
Leasehold improvements |  |  | 149,000 |  |  | 149,000
Right of use asset-operating leases |  |  | 1,024,000 |  |  | 1,140,000
|  |  | 2,073,000 |  |  | 2,231,000
Accumulated depreciation and amortization |  |  | (1,657,000) |  |  | (1,566,000)
|  |  | 416,000 |  |  | 665,000
Construction in progress |  |  | 11,000 |  |  | —
|  | $ | 427,000 |  | $ | 665,000
The Company has a triple net operating lease for office and laboratory space in Seattle, Washington which had a term that was to end in 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 options to renew both the Seattle lease and the Tulsa lease for three years. The new term of the Seattle lease began in April 2020 and rent was abated for April and May 2020, although the Company was responsible for its proportionate share of expenses and taxes. The Company pays a monthly rent of approximately $13,500 through March 2021. The monthly rent increases on the first day of April of each succeeding year by approximately 2.5% until the end of the term in May 2023. The rent for the Tulsa lease was approximately $2,200 a month through August 2022 with an annual 3.0% increase. However, in January 2021, the lease was amended for a larger office space in the same building. The amended lease terms will commence in April 2021 or later, pending completion of improvements by the landlord, and expire in September 2027. The new rent amount for the Tulsa lease will be approximately $5,100 a month with an annual 2.5% increase. The Company had an operating lease for office space in Beijing, China through November 2020 with a monthly rent of approximately $6,000. It was renewed for an additional 18 months through May 2022, and is being treated as a short term lease with a monthly rent of approximately $4,500. Lease costs for the years ended December 31, 2020 and 2019 and other quantitative disclosures are as follows:
|  | For the year ended December 31, |
|  | 2020 |  | 2019 |
Lease cost: |  |  |  |  |  |  |
Operating lease cost |  | $ | 242,000 |  | $ | 238,000 |
Total lease cost |  | $ | 242,000 |  | $ | 238,000 |
Other information: |  |  |  |  |  |  |
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |  |  |  |
Operating cash flows from operating leases |  |  |  |  | $ | 215,000 |
For operating lease: |  |  |  |  |  |  |
Weighted average remaining lease term (in years) |  |  |  |  |  | 2.34 |
Weighted average discount rate |  |  |  |  |  | 7.00 | %
Minimum future payments under the Company’s leases at December 31, 2020 and their application to the corresponding lease liabilities are as follows:
|  | Discounted |  | Payments
|  | lease |  | due under
|  | liability |  | lease
|  | payments |  | agreements
2021 |  |  | 169,000 |  |  | 193,000
2022 |  |  | 178,000 |  |  | 190,000
2023 |  |  | 71,000 |  |  | 72,000
Total |  | $ | 418,000 |  | $ | 455,000

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