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Note 4 - Leases | 3 Months Ended
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Mar. 31, 2024
Notes to Financial Statements |
Lessee, Operating and Finance Leases [Text Block] | NOTE 4 - 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 leases for production and office space in Hobro, Aarhus and Copenhagen, Denmark. During the three months ended March 31, 2024, cash paid for amounts included for the measurement of finance lease liabilities was $1,088,658, and the Company recorded finance lease expenses in other income (expenses) of $56,428. During the three months ended March 31, 2024, cash paid for amounts included for the measurement of operating lease liabilities was $203,886, and the Company recorded operating lease expense of $202,929. Supplemental balance sheet information related to leases as of March 31, 2024 and December 31, 2023 was as follows:
|  | March 31, 2024 |  |  | December 31, 2023 |
Operating leases: |  |  |  |  |  |  |  |
Operating lease right-of-use assets |  | $ | 3,832,318 |  |  | $ | 4,055,837 |
Operating lease liabilities – current |  | $ | 500,613 |  |  | $ | 531,355 |
Operating lease liabilities – long-term |  |  | 3,333,295 |  |  |  | 3,527,082 |
Total operating lease liabilities |  | $ | 3,833,908 |  |  | $ | 4,058,437 |
Finance leases: |  |  |  |  |  |  |  |
Property and equipment, at cost |  | $ | 4,008,672 |  |  | $ | 5,443,287 |
Accumulated depreciation |  |  | (942,430 | ) |  |  | (877,578 | )
Property and equipment, net |  | $ | 3,066,242 |  |  | $ | 4,565,709 |
Finance lease liabilities – current |  | $ | 445,726 |  |  | $ | 590,550 |
Finance lease liabilities – long-term |  |  | 1,943,609 |  |  |  | 2,879,932 |
Total finance lease liabilities |  | $ | 2,389,335 |  |  | $ | 3,470,482 |
Weighted average remaining lease term: |  |  |  |  |  |  |  |
Operating leases |  |  | 8.1 |  |  |  | 8.3 |
Finance leases |  |  | 3.9 |  |  |  | 4.3 |
Weighted average discount rate: |  |  |  |  |  |  |  |
Operating leases |  |  | 6.7 | % |  |  | 6.7 | %
Finance leases |  |  | 5.5 | % |  |  | 6.0 | %
Maturities of lease liabilities at March 31, 2024 were as follows:
|  | Operating Lease |  |  | Finance Lease |
2024 (remaining 9 months) |  | $ | 567,016 |  |  | $ | 441,565 |
2025 |  |  | 687,527 |  |  |  | 584,993 |
2026 |  |  | 677,000 |  |  |  | 549,384 |
2027 |  |  | 677,000 |  |  |  | 1,062,543 |
2028 |  |  | 553,994 |  |  |  | 75,437 |
Thereafter |  |  | 1,770,905 |  |  |  | 127,162 |
Total payment under lease agreements |  |  | 4,933,442 |  |  |  | 2,841,084 |
Less imputed interest |  |  | (1,099,534 | ) |  |  | (451,749 | )
Total lease liability |  | $ | 3,833,908 |  |  | $ | 2,389,335 |

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