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Note 5 - Leases | 6 Months Ended
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Jun. 30, 2022
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. During the quarter, the Company terminated the lease agreement for the office and production space in Taicang, China. During the six months ended June 30, 2022, cash paid for finance lease liabilities was $217,473, and the Company recorded finance lease expenses in other income (expenses) of $148,157. During the six months ended June 30, 2022, cash paid for operating lease liabilities was $546,530, and the Company recorded operating lease expense of $627,549. Supplemental balance sheet information related to leases as of June 30, 2022, and December 31, 2021 was as follows:
|  | June 30, 2022 |  |  | December 31, 2021 |
Operating leases: |  |  |  |  |  |  |  |
Operating lease right-of-use assets |  | $ | 3,468,258 |  |  | $ | 6,925,807 |
Operating lease liabilities – current |  | $ | 552,400 |  |  | $ | 846,544 |
Operating lease liabilities – long-term |  |  | 2,915,857 |  |  |  | 6,154,064 |
Total operating lease liabilities |  | $ | 3,468,257 |  |  | $ | 7,000,608 |
Finance leases: |  |  |  |  |  |  |  |
Property and equipment, at cost |  | $ | 3,055,081 |  |  | $ | 3,334,830 |
Accumulated depreciation |  |  | (412,985 | ) |  |  | (336,337 | )
Property and equipment, net |  | $ | 2,642,096 |  |  | $ | 2,998,494 |
Finance lease liabilities – current |  | $ | 344,528 |  |  | $ | 373,824 |
Finance lease liabilities – long-term |  |  | 2,117,126 |  |  |  | 2,499,591 |
Total finance lease liabilities |  | $ | 2,461,654 |  |  | $ | 2,873,415 |
Weighted average remaining lease term: |  |  |  |  |  |  |  |
Operating leases |  |  | 9.7 |  |  |  | 8.9 |
Finance leases |  |  | 5.4 |  |  |  | 5.9 |
Weighted average discount rate: |  |  |  |  |  |  |  |
Operating leases |  |  | 6.2 | % |  |  | 6.5 | %
Finance leases |  |  | 2.8 | % |  |  | 2.8 | %
Maturities of lease liabilities at June 30, 2022 were as follows:
|  | Operating Lease |  |  | Finance lease |
2022 (remaining 6 months) |  | $ | 386,343 |  |  | $ | 205,150 |
2023 |  |  | 726,131 |  |  |  | 407,466 |
2024 |  |  | 588,309 |  |  |  | 408,343 |
2025 |  |  | 306,659 |  |  |  | 405,016 |
2026 |  |  | 296,523 |  |  |  | 370,372 |
Thereafter |  |  | 2,298,056 |  |  |  | 894,329 |
Total payment under lease agreements |  |  | 4,602,021 |  |  |  | 2,691,036 |
Less imputed interest |  |  | (1,133,764 | ) |  |  | (229,382 | )
Total lease liability |  | $ | 3,468,257 |  |  | $ | 2,461,654 |

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