XML 21 R11.htm IDEA: XBRL DOCUMENT
v3.21.2

Fixed Assets | 6 Months Ended
--- | ---
Jun. 30, 2021
Fixed Assets |
Fixed Assets | Note 3 – Fixed Assets Fixed assets are summarized as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | June 30, |  | December 31,
​ | ​ | 2021 | ​ | 2020
Machinery and equipment | ​ | $ | 720,000 | ​ | $ | 720,000
Office furniture and equipment | ​ |  | 180,000 | ​ |  | 180,000
Leasehold improvements | ​ |  | 186,000 | ​ |  | 149,000
Right of use asset-operating leases | ​ |  | 1,234,000 | ​ |  | 1,024,000
​ | ​ | ​ | 2,320,000 | ​ | ​ | 2,073,000
Accumulated depreciation and amortization | ​ |  | (1,644,000) | ​ |  | (1,657,000)
​ | ​ | ​ | 676,000 | ​ | ​ | 416,000
Construction in progress | ​ | ​ | — | ​ | ​ | 11,000
​ | ​ | $ | 676,000 | ​ | $ | 427,000
​ The Company has a triple net operating lease for office and laboratory space in Seattle, Washington with a term that initially ended 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 initially ended in August 2019 and monthly rent of approximately $2,000 per month plus triple net operating costs. Both leases included 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 included rent abatement for April and May 2020, although the Company was responsible for its proportionate share of expenses and taxes. For the period beginning on June 1, 2020 through March 2021, the Company paid a monthly rent of approximately $13,500 and, beginning on April 1, 2021, paid a monthly rent of approximately $13,900. 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 was approximately $2,300 per month through August 2022 with an annual 2.5% increase. However, in January 2021, the lease was amended for a larger office space in the same building. The amended lease terms commenced in April 2021, and expires 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 has an operating lease for office space in Beijing, China through November 2020 with a monthly rent of approximately $6,000. It was renewed through May 2022, and is being treated as a short term lease with a monthly rent of approximately $4,500. Lease costs for the three and six months ended June 30, 2021 and 2020 and other quantitative disclosures are as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the three months ended June 30, |  | For the six months ended June 30,
​ |  | 2021 |  | 2020 |  | 2021 |  | 2020
Lease cost: |  | ​ |  |  | ​ |  | ​ | ​ |  |  | ​ |
Operating lease cost | ​ | $ | 50,000 | ​ | $ | 61,000 | ​ | $ | 123,000 | ​ | $ | 96,000
Short-term lease cost | ​ | ​ | 14,000 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 19,000
Total lease cost | ​ | $ | 64,000 | ​ | $ | 61,000 | ​ | $ | 123,000 | ​ | $ | 115,000
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Other information: | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
Cash paid for amounts included in the measurement of lease liabilities: | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
Operating cash flows from operating leases | ​ | ​ | ​ | ​ | $ | 124,000 | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
For operating lease: | ​ |  |  | ​ |  |  | ​ | ​ |  | ​ |  | ​
Weighted average remaining lease term (in years) | ​ |  | ​ | ​ |  | 4.31 | ​ | ​ | ​ | ​ |  | ​
Weighted average discount rate | ​ |  | ​ | ​ |  | 5.94 | % | ​ | ​ | ​ |  | ​
​ Minimum future payments under the Company’s leases at June 30, 2021 and their application to the corresponding lease liabilities are as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Discounted lease |  | Payments due under
​ | ​ | liability payments | ​ | lease agreements
2021 (remaining 6 months) |  | $ | 96,000 |  | $ | 114,000
2022 |  | ​ | 207,000 |  | ​ | 233,000
2023 | ​ | ​ | 122,000 | ​ | ​ | 136,000
2024 | ​ | ​ | 54,000 | ​ | ​ | 65,000
2025 | ​ | ​ | 59,000 | ​ | ​ | 66,000
Thereafter | ​ | ​ | 114,000 | ​ | ​ | 118,000
Total | ​ | $ | 652,000 | ​ | $ | 732,000
​

X
- References No definition available. + Details
Name: | us-gaap_PropertyPlantAndEquipmentAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for long-lived, physical asset used in normal conduct of business and not intended for resale. Includes, but is not limited to, work of art, historical treasure, and similar asset classified as collections. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 958 -SubTopic 360 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=120429125&loc=d3e99893-112916 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -URI http://asc.fasb.org/topic&trid=2155823 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 958 -SubTopic 360 -Section 50 -Paragraph 7 -URI http://asc.fasb.org/extlink&oid=120429125&loc=SL120174063-112916 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 958 -SubTopic 360 -Section 50 -Paragraph 1 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=120429125&loc=d3e99779-112916 + Details
Name: | us-gaap_PropertyPlantAndEquipmentDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration