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Fixed Assets

6 Months Ended

Jun. 30, 2022

Fixed Assets

Fixed Assets

Note 3 – Fixed Assets

Fixed Assets

Fixed assets are summarized as follows:

​

​	​	​	​	​	​	​
​	​	June 30,		​	December 31,
(in thousands)		2022			2021
Machinery and equipment	​	$	393	​	$	722
Office furniture and equipment	​		173	​		218
Leasehold improvements	​		192	​		192
​	​	​	758	​	​	1,132
Accumulated depreciation and amortization	​		(689)	​		(1,055)
​	​	​	69	​	​	77
Operating lease ROU assets, net	​	​	408	​	​	453
Total	​	$	477	​	$	530

​

Depreciation and amortization expense for the six months ended June 30, 2022 and 2021 totalled $13 thousand and $20 thousand, respectively.

Leases

The Company leases office space in Seattle, Washington, Tulsa, Oklahoma and Beijing, China. During June 2022, the Company entered into a new lease agreement for its Beijing office space for a period of one year. We classified this lease as an operating lease since it is more likely than not the lease will be renewed at the end of its term. Prior to entering into this new lease agreement, the monthly rent for the old Beijing office space was approximately $5 thousand, equating to a short term lease expense of $23 thousand for the six months ended June 30, 2022.

​

The Seattle, Tulsa, and Beijing leases are classified as operating leases, with remaining terms ranging from one to six years; contractual language requires renewal negotiations to occur at or near termination. These leases are normal and

customary for office space, in that, contractual guarantees exist requiring the lessee to return the premises to its original functional state. In 2021, the Company accrued an estimated cost of $32 thousand to prepare for the restoration of the Seattle office. The Company plans to exit the Seattle lease on or before contract termination as part of our headquarters move from Seattle to Tulsa. In preparation for this move, the Company entered into the Tulsa operating lease agreement in April 2021.

​

The Seattle and Tulsa leases contain fixed annual lease payments that increase annually by factors that range between 2% to 3%. The Seattle, Tulsa, and Beijing total monthly minimum rent is approximately $22 thousand. Contractual agreements contain expiration dates ranging from less than twelve months to less than six years.

Supplemental balance sheet information related to operating leases is as follows:

​

​	​	​	​	​	​	​	​
​	​	​	June 30,	​	​	December 31,	​
(in thousands)	​	​	2022	​	​	2021	​
Operating lease ROU assets, net	​	$	408	​	$	453	​
Lease Liabilities:	​	​	​	​	​	​	​
Current lease liabilities	​	$	227	​	$	205	​
Long term lease liabilities	​	​	252	​	​	350	​
Total lease liabilities	​	$	479	​	$	555	​

​

​	​	​	​	​
​	​	​	June 30,
​	​	​	2022
Weighted average remaining lease term (in years):	​		2.4	​
Weighted average discount rate:	​		5.8	%

​

Operating lease costs for the three and six months ended June 30, 2022 are $46 thousand and $88 thousand, respectively. Operating lease costs for the three and six months ended June 30, 2021 are $61 thousand and $96 thousand, respectively.

​

​	​	​	​	​	​	​
​	​	For the Six Months Ended
Supplemental cash flow information related to leases is as follows:	​	June 30,
​	​	​	2022	​	​	2021
Cash paid for amounts included in the measurement of lease liabilities:	​	​	​	​	​	​
Operating cash flows used in operating leases	​	$	119	​	$	124
Non-cash impact of new leases and lease modifications	​	​	​	​	​	​
New operating lease liabilities	​	$	25	​	$	320

​

​

Minimum future payments under the Company’s lease liabilities as of June 30, 2022 are as follows:

​

​	​	​	​	​	​	​
​		Discounted			Payments
​	​	lease		​	due under
(in thousands)	​	liability		​	lease
​	​	payments		​	agreements
2022 (remaining 6 months)		$	131		$	143
2023		​	122		​	136
2024	​	​	54	​	​	65
2025	​	​	59	​	​	66
2026	​	​	63	​	​	67
Thereafter	​	​	50	​	​	51
Total	​	$	479	​	$	528

​

At June 30, 2022, $49 thousand of our future minimum lease payments represented interest.

X

- References

No definition available.

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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

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