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Note 5 - Operating Lease Right-of-use Asset, Net | 12 Months Ended
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Dec. 31, 2021
Notes to Financial Statements |
Lessee, Operating Leases [Text Block] |
(5) | Operating Lease Right-of-Use Assets, Net
The Company determines if an arrangement is a lease at inception by assessing whether it conveys the right to control the use of an identified asset for a period of time in exchange for consideration. The Company’s operating lease related to a property lease for its laboratory and corporate offices expired in December 2021, and the Company entered into a new lease which expires in January 2027, with an option for the Company to extend a further 36 months after expiration. BioCardia’s lease agreement does not contain any material residual guarantees or material restrictive covenants. ROU assets and lease liabilities are recognized at the lease commencement date based on the present value of lease payments over the lease term. The Company’s lease does not provide an implicit rate. The Company used an adjusted historical incremental borrowing rate, based on the information available at the approximate lease commencement date, to determine the present value of lease payments. The net lease asset was adjusted for deferred rent, lease incentives, and prepaid rent. Variable rent expense is made up of expenses for common area maintenance and shared utilities and were not included in the determination of the present value of lease payments. The Company has no finance leases. The components of lease expense for the year ended December 31, 2021 and 2020, respectively, was as follows (in thousands, except years and percentages):
|  | December 31, |  |  | December 31, |
|  | 2021 |  |  | 2020 |
Straight-line rent expense recognized for operating lease |  | $ | 623 |  |  | $ | 601 |
Variable rent expense recognized for operating lease |  |  | 322 |  |  |  | 395 |
Total rent expense |  | $ | 945 |  |  | $ | 996 |
Weighted average remaining lease term (in years) |  |  | 5.1 |  |  |  | 1.0 |
Weighted average discount rate |  |  | 10.74 | % |  |  | 12.05 | %
Supplemental cash flow information related to the operating lease was as follows (in thousands):
|  | December 31, |  |  | December 31, |
|  | 2021 |  |  | 2020 |
Cash paid for amounts included in the measurement of lease liabilities |  | $ | 686 |  |  | $ | 630 |
Cash lease expense (imputed interest expense component of net income) |  |  | 43 |  |  |  | 103 |
Total rent expense |  | $ | 729 |  |  | $ | 733 |
Future minimum lease payments under the operating lease as of December 31, 2021 are as follows (in thousands):
For the years ending December 31, |  |  |  |
2022 |  | $ | 424 |
2023 |  |  | 471 |
2024 |  |  | 485 |
2025 |  |  | 499 |
2026 |  |  | 514 |
Thereafter |  |  | 43 |
Total undiscounted lease payments |  |  | 2,436 |
Less imputed interest |  |  | 568 |
Total operating lease liabilities |  | $ | 1,868 |

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- Definition The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -URI http://asc.fasb.org/subtopic&trid=77888251 + Details
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