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Note 5 - Leases | 12 Months Ended
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Dec. 31, 2021
Notes to Financial Statements |
Lessee, Operating and Finance Leases [Text Block] | NOTE 5 - LEASES The Company leases certain vehicles, real property, production equipment 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 Taicang, China and White Bear Lake, Minnesota. As of September 1, 2021 the Company entered a new lease agreement for a 8,524.67 square meter production facility in Taicang, China. The lease term is a minimum of 8 years, and the monthly lease payment is RMB 30 per square meter until August 31, 2025 (RMB 255,740 / $ 40,918) and RMB 33.6 (RMB 286,429 / $ 45,829 ) per square meter from September 1, 2025 until the end of the lease period. The parties have agreed on a 50% discount on the lease payments for the period September 1, 2021 to June 30, 2022. The lease in White Bear Lake expired in February 2021, and due to the closure of the activity in North America, the lease has not been extended. During the year ended December 31, 2021, cash paid for amounts included for the measurement of operating lease liabilities was $1,057,810, and the Company recorded operating lease expenses included in operating expenses of $1,135,814. During the year ended December 31, 2021, cash paid for amounts included for the measurement of finance lease liabilities was $470,389, and the Company recorded finance lease expenses included in other income (expenses) of $265,221. Supplemental balance sheet information related to leases as of December 31, 2021 and 2020 was as follows:
|  | December 31, 2021 |  |  | December 31, 2020 |
Operating leases: |  |  |  |  |  |  |  |
Operating lease right-of-use assets |  | $ | 6,925,807 |  |  | $ | 4,947,734 |
Operating lease liabilities – current |  | $ | 846,544 |  |  | $ | 1,026,235 |
Operating lease liabilities – long-term |  |  | 6,154,064 |  |  |  | 4,159,225 |
Total operating lease liabilities |  | $ | 7,000,608 |  |  | $ | 5,185,460 |
Finance leases: |  |  |  |  |  |  |  |
Property and equipment, at cost |  | $ | 3,334,830 |  |  | $ | 4,819,201 |
Accumulated depreciation |  |  | (336,337 | ) |  |  | (1,389,488 | )
Property and equipment, net |  | $ | 2,998,494 |  |  | $ | 3,429,713 |
Finance lease liabilities – current |  | $ | 373,824 |  |  | $ | 394,839 |
Finance lease liabilities – long-term |  |  | 2,499,591 |  |  |  | 3,112,496 |
Total finance lease liabilities |  | $ | 2,873,415 |  |  | $ | 3,507,335 |
Weighted average remaining lease term: |  |  |  |  |  |  |  |
Operating leases |  |  | 8.9 |  |  |  | 10.0 |
Finance leases |  |  | 5.9 |  |  |  | 6.9 |
Weighted average discount rate: |  |  |  |  |  |  |  |
Operating leases |  |  | 6.5 | % |  |  | 6.2 | %
Finance leases |  |  | 2.8 | % |  |  | 2.8 | %
Maturities of lease liabilities at December 31, 2021 were as follows:
|  | Operating lease |  |  | Finance lease |
2022 |  | $ | 1,220,960 |  |  | $ | 449,480 |
2023 |  |  | 1,234,435 |  |  |  | 444,777 |
2024 |  |  | 1,083,993 |  |  |  | 445,735 |
2025 |  |  | 794,225 |  |  |  | 442,102 |
2026 |  |  | 818,507 |  |  |  | 404,679 |
Thereafter |  |  | 3,828,035 |  |  |  | 976,221 |
Total payment under lease agreements |  |  | 8,980,155 |  |  |  | 3,162,994 |
Less imputed interest |  |  | (1,979,546 | ) |  |  | (289,579 | )
Total lease liability |  | $ | 7,000,608 |  |  | $ | 2,873,415 |

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