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Note 4 - Leases | 12 Months Ended
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Dec. 31, 2019
Notes to Financial Statements |
Lessee, Operating and Finance Leases [Text Block] | NOTE 4 - LEASES The Company leases certain vehicles, real property and office equipment under lease agreements. The Company evaluates each lease to determine its appropriate classification as an operating lease or finance lease for financial reporting purposes. The majority of our operating leases are non-cancelable operating leases for production and office space in Hobro, Aarhus and Copenhagen, Denmark and White Bear Lake, Minnesota. On January 1, 2019, the Company adopted Topic 842 requiring organizations that lease assets to recognize on the balance sheet the assets and liabilities for the rights and obligations created by those leases. The Company elected to use the transition method of adoption, under which the new standards were applied prospectively rather than restating the prior periods presented. As a result of the modified retrospective transition method of adoption, certain accounts lack a comparable value for the same period of 2018, specifically accounts and values associated with operating leases and ROU assets. Supplemental balance sheet information related to leases as of December 31, 2019 and 2018 was as follows:
|  | December 31 , 2019 |  |  | December 31, 2018 |
Operating leases : |  |  |  |  |  |  |  |
Operating lease, right-of-use |  | $ | 5,053,614 |  |  | $ | - |
Operating lease liabilities – current |  | $ | 999,685 |  |  | $ | - |
Operating lease liabilities – non-current |  |  | 4,141,855 |  |  |  | - |
Total operating lease liabilities |  | $ | 5,141,540 |  |  | $ | - |
Finance leases : |  |  |  |  |  |  |  |
Property and equipment, at cost |  | $ | 1,362,272 |  |  | $ | 1,182,778 |
Accumulated depreciation |  |  | (1,156,145 | ) |  |  | (1,169,272 | )
Property and equipment, net |  | $ | 206,127 |  |  | $ | 13,506 |
Finance lease liabilities – current |  | $ | 34,772 |  |  | $ | 13,789 |
Finance lease liabilities – non-current |  |  | 172,273 |  |  |  | - |
Total finance lease liabilities |  | $ | 207,045 |  |  | $ | 13,789 |
Weighted average remaining lease term: |  |  |  |  |  |  |  |
Operating leases |  |  | 10.2 |  |  |  | - |
Finance lease |  |  | 5.5 |  |  |  | 0.8 |
Weighted average discount rate: |  |  |  |  |  |  |  |
Operating leases |  |  | 6.4 | % |  |  | - |
Finance leases |  |  | 3.9 | % |  |  | 7.3 | %
Maturities of lease liabilities at December 31, 2019 were as follows:
|  | Operating lease |  |  | Finance lease |
January 2020 – December 2020 |  | $ | 1,037,680 |  |  | $ | 42,290 |
January 2021 – December 2021 |  |  | 860,320 |  |  |  | 42,290 |
January 2022 – December 2022 |  |  | 782,984 |  |  |  | 40,722 |
January 2023 – December 2023 |  |  | 740,531 |  |  |  | 36,099 |
January 2024 – December 2024 |  |  | 688,008 |  |  |  | 37,041 |
Thereafter |  |  | 2,899,120 |  |  |  | 32,549 |
Total payment under lease agreements |  |  | 7,008,644 |  |  |  | 230,991 |
Less imputed interest |  |  | (1,867,104 | ) |  |  | (23,947 | )
Total lease liability |  | $ | 5,141,540 |  |  | $ | 207,044 |
As previously disclosed in our 2018 Form 10 -K under the prior guidance of ASC 842, minimum payments under operating lease agreements as of December 31, 2018 were as follows:
Year ending December 31, |  | Operating lease |
2019 |  | $ | 712,250 |
2020 |  |  | 578,997 |
2021 |  |  | 402,584 |
2022 |  |  | 350,249 |
Thereafter |  |  | 560,977 |
Total |  | $ | 2,605,057 |

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