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Fixed Assets

9 Months Ended

Sep. 30, 2021

Fixed Assets

Fixed Assets

Note 3 – Fixed Assets

Fixed assets are summarized as follows:

​

​	​	​	​	​	​	​
​		September 30,			December 31,
​	​	2021		​	2020
Machinery and equipment	​	$	720,000	​	$	720,000
Office furniture and equipment	​		221,000	​		180,000
Leasehold improvements	​		192,000	​		149,000
Right of use asset-operating leases	​		1,235,000	​		1,024,000
​	​	​	2,368,000	​	​	2,073,000
Accumulated depreciation and amortization	​		(1,711,000)	​		(1,657,000)
​	​	​	657,000	​	​	416,000
Construction in progress	​	​	—	​	​	11,000
​	​	$	657,000	​	$	427,000

​

The Company has a lease for office and laboratory space in Seattle, Washington with a term that initially ended in March 2020 with a renewal option and monthly rent of approximately $12,000. The lease was renewed with a commencement date of April 2020 and included some rent abatement for April and May 2020. For the period beginning June 1, 2020 through March 2021, the Company paid monthly rent of approximately $13,500 and, beginning April 1, 2021, monthly rent increased to $13,900 and will increase each April by 3% until the end of the term in May 2023.

The Company has a lease for office space in Tulsa, Oklahoma. In January 2021, the lease for the Tulsa office was amended and extended with larger office space in the same building. The amended lease terms commenced April 2021 and expires in September 2027. The monthly rent is approximately $5,100 with an annual 2.5% increase.

The Company has a lease for office space in Beijing, China which has been renewed through May 2022. This lease is being treated as a short term lease with a monthly rent of approximately $4,500.

Operating lease costs for the three and nine months ended September 30, 2021 are $66,000 and $162,000, respectively.

Operating lease costs for the three and nine months ended September 30, 2020 are $63,000 and $186,000, respectively.

Short term lease costs for the three and nine months ended September 30, 2021 are $14,000 and $33,000, respectively.

There were no short term lease costs for the three and nine months ended September 30, 2020.

Lease costs for the three and nine months ended September 30, 2021 and 2020 and other quantitative disclosures are as follows:

​

​	​	​	​	​	​	​	​
​		September 30, 2021			December 31, 2020		​
Right-of-use assets, net	​	$	569,000	​	$	384,000	​
Lease Liabilities:		​			​		​
Current lease liabilities	​	$	202,000	​	$	169,000	​
Non-current lease liabilities	​	​	403,000	​	​	249,000	​
Total lease liabilities	​	$	605,000	​	$	418,000	​
​	​	​	​	​	​	​	​
Weighted average remaining lease term (in years):	​		2.5	​		​	​
Weighted average discount rate:	​		6.5	%		​	​

​

Supplemental cash flow information related to leases in as follows:

​

​	​	​	​	​	​	​
​	​	Nine Months Ended
​		September 30, 2021			September 30, 2020
Cash paid for amounts included in the measurement of lease liabilities:		​			​
Operating cash flows from operating leases	​	$	162,000	​	$	159,000

​

Minimum future payments under the Company’s lease liabilities at September 30, 2021 are as follows:

​

​	​	​	​	​	​	​
​		Discounted lease			Payments due under
​	​	liability payments		​	lease agreements
2021 (remaining 3 months)		$	48,000		$	57,000
2022		​	207,000		​	233,000
2023	​	​	122,000	​	​	136,000
2024	​	​	54,000	​	​	65,000
2025	​	​	59,000	​	​	66,000
Thereafter	​	​	115,000	​	​	118,000
Total	​	$	605,000	​	$	675,000

​

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- 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

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-Publisher FASB
-Name Accounting Standards Codification
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-Name Accounting Standards Codification
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