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Note 3 - Leases | 6 Months Ended
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Jun. 30, 2020
Notes to Financial Statements |
Lessee, Operating and Finance Leases [Text Block] | NOTE 3 - 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 as well as in White Bear Lake, Minnesota. During the six months ended June 30, 2020, cash paid for amounts included for the measurement of lease liabilities was $521,716 and the company recorded operating lease expense of $577,765. Supplemental balance sheet information related to leases as of June 30, 2020 and December 31, 2019 was as follows
|  | June 30, 2020 |  |  | December 31, 2019 |
Operating leases: |  |  |  |  |  |  |  |
Operating lease right-of-use |  | $ | 4,776,456 |  |  | $ | 5,053,614 |
Operating lease liabilities - current |  | $ | 957,971 |  |  | $ | 999,685 |
Operating lease liabilities – long-term |  |  | 3,951,093 |  |  |  | 4,141,855 |
Total operating lease liabilities |  | $ | 4,909,064 |  |  | $ | 5,141,540 |
Finance leases: |  |  |  |  |  |  |  |
Property and equipment, at cost |  | $ | 1,366,488 |  |  | $ | 1,362,272 |
Accumulated depreciation |  |  | (1,178,583 | ) |  |  | (1,156,145 | )
Property and equipment, net |  | $ | 187,905 |  |  | $ | 206,127 |
Finance lease liabilities - current |  | $ | 35,589 |  |  | $ | 34,772 |
Finance lease liabilities – long-term |  |  | 154,832 |  |  |  | 172,273 |
Total finance lease liabilities |  | $ | 190,421 |  |  | $ | 207,045 |
Weighted average remaining lease term: |  |  |  |  |  |  |  |
Operating leases |  |  | 10.2 |  |  |  | 10.2 |
Finance leases |  |  | 5.0 |  |  |  | 5.5 |
Weighted average discount rate: |  |  |  |  |  |  |  |
Operating leases |  |  | 6.3 | % |  |  | 6.4 | %
Finance leases |  |  | 3.9 | % |  |  | 3.9 | %
Maturities of lease liabilities at June 30, 2020 were as follows:
|  | Operating lease |  |  | Finance lease |
2020 (remaining 6 months) |  | $ | 529,443 |  |  | $ | 21,210 |
2021 |  |  | 885,165 |  |  |  | 42,421 |
2022 |  |  | 805,270 |  |  |  | 40,848 |
2023 |  |  | 761,361 |  |  |  | 36,211 |
2024 |  |  | 610,822 |  |  |  | 37,156 |
Thereafter |  |  | 3,041,218 |  |  |  | 32,650 |
Total payment under lease agreements |  |  | 6,633,279 |  |  |  | 210,496 |
Less imputed interest |  |  | (1,724,215 | ) |  |  | (20,075 | )
Total lease liability |  | $ | 4,909,064 |  |  | $ | 190,421 |

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