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Note 6 - Leases | 12 Months Ended
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Dec. 31, 2022
Notes to Financial Statements |
Lease Disclosure [Text Block] | NOTE 6. LEASES We have operating leases for certain manufacturing sites, office space, and equipment. Most leases include the option to renew, with renewal terms that can extend the lease term from one to five years or more. Right-of-use lease assets and lease liabilities are recognized at the commencement date based on the present value of the remaining lease payments over the lease term which includes renewal periods we are reasonably certain to exercise. Our leases do not contain any material residual value guarantees or material restrictive covenants. At December 31, 2022, we do not have material lease commitments that have not commenced. We did extend and add operating leases for our manufacturing facilities in 2021. We have financing leases for certain property and equipment used in the normal course of business. The components of lease expense were as follows:
|  | December 31, |  |  | December 31, |
Lease Cost |  | 2022 |  |  | 2021 |
Operating lease cost |  | $ | 2,309 |  |  | $ | 2,291 |
Finance lease interest cost |  |  | 63 |  |  |  | 79 |
Finance lease amortization expense |  |  | 730 |  |  |  | 502 |
Total lease cost |  | $ | 3,102 |  |  | $ | 2,872 |
Supplemental balance sheet information related to leases was as follows:
| Balance Sheet Location |  | December 31, 2022 |  |  | December 31, 2021 |
Assets |  |  |  |  |  |  |  |  |
Operating lease assets | Operating lease assets |  | $ | 7,850 |  |  | $ | 8,983 |
Finance lease assets | Property, Plant and Equipment |  |  | 1,363 |  |  |  | 2,052 |
Total leased assets |  | $ | 9,213 |  |  | $ | 11,035 |
Liabilities |  |  |  |  |  |  |  |  |
Current |  |  |  |  |  |  |  |  |
Current operating lease liabilities | Current Portion of Operating Lease Obligations |  | $ | 1,155 |  |  | $ | 1,043 |
Current finance lease liabilities | Current Portion of Finance Lease Obligations |  |  | 390 |  |  |  | 601 |
Noncurrent |  |  |  |  |  |  |  |  |
Long-term operating lease liabilities | Long Term Operating Lease Liabilities, Net |  |  | 7,549 |  |  |  | 8,695 |
Long term finance lease liabilities | Long Term Finance Lease Obligations, Net |  |  | 565 |  |  |  | 916 |
Total lease liabilities |  | $ | 9,659 |  |  | $ | 11,255 |
Supplemental cash flow information related to leases was as follows:
|  | December 31, |  |  | December 31, |
|  | 2022 |  |  | 2021 |
Operating leases |  |  |  |  |  |  |  |
Cash paid for amounts included in the measurement of lease liabilities |  | $ | 1,721 |  |  | $ | 1,649 |
Right-of-use assets obtained in exchange for lease obligations |  | $ | 44 |  |  | $ | 1,188 |
The right-of use-assets obtained in exchange in for lease obligations in the year ended December 31, 2021 was largely due to leasing of additional space in our Suzhou, China facility. Maturities of lease liabilities were as follows:
|  | Operating Leases |  |  | Finance Leases |  |  | Total |
2023 |  |  | 1,786 |  |  |  | 433 |  |  |  | 2,219 |
2024 |  |  | 1,515 |  |  |  | 379 |  |  |  | 1,894 |
2025 |  |  | 1,265 |  |  |  | 103 |  |  |  | 1,368 |
2026 |  |  | 1,227 |  |  |  | 109 |  |  |  | 1,336 |
2027 |  |  | 1,256 |  |  |  | - |  |  |  | 1,256 |
Thereafter |  |  | 5,818 |  |  |  | - |  |  |  | 5,818 |
Total lease payments |  | $ | 12,867 |  |  | $ | 1,024 |  |  | $ | 13,891 |
Less: Interest |  |  | (4,163 | ) |  |  | (69 | ) |  |  | (4,232 | )
Present value of lease liabilities |  | $ | 8,704 |  |  | $ | 955 |  |  | $ | 9,659 |
The lease term and discount rate at December 31, 2022 were as follows:
Weighted-average remaining lease term (years) |  |  |  |
Operating leases |  |  | 8.9 |
Finance leases |  |  | 2.6 |
Weighted-average discount rate |  |  |  |
Operating leases |  |  | 7.7 | %
Finance leases |  |  | 5.2 | %

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