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Note 5 - Operating Lease Right-of-use Asset, Net | 12 Months Ended
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Dec. 31, 2023
Notes to Financial Statements |
Lessee, Operating Leases [Text Block] |
(5) | Operating Lease Right-of-Use Assets, Net
We determine 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. Our operating lease relates to a property lease for its laboratory and corporate offices which expires in January 2027. 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. Our lease does not provide an implicit rate. We 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. 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. We have no finance leases. The components of lease expense for the years ended December 31, 2023 and 2022 were as follows (in thousands, except years and percentages):
|  | 2023 |  |  | 2022 |
Straight-line rent expense recognized for operating lease |  | $ | 482 |  |  | $ | 482 |
Variable rent expense recognized for operating lease |  |  | 69 |  |  |  | 62 |
Total rent expense |  | $ | 551 |  |  | $ | 544 |
Weighted average remaining lease term (in years) |  |  | 3.1 |  |  |  | 4.1 |
Weighted average discount rate |  |  | 10.74 | % |  |  | 10.74 | %
Supplemental cash flow information related to the operating lease for the years ended December 31, 2023 and 2022 was as follows (in thousands):
|  | 2023 |  |  | 2022 |
Cash paid for amounts included in the measurement of lease liabilities |  | $ | 315 |  |  | $ | 237 |
Cash lease expense (imputed interest expense component of net loss) |  |  | 156 |  |  |  | 187 |
Total rent expense |  | $ | 471 |  |  | $ | 424 |
Future minimum lease payments under the operating lease as of December 31, 2023 are as follows (in thousands):
2024 |  | $ | 485 |
2025 |  |  | 499 |
2026 |  |  | 514 |
2027 |  |  | 44 |
Total undiscounted lease payments |  | $ | 1,542 |
Less imputed interest |  |  | 227 |
Total operating lease liabilities |  | $ | 1,315 |

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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 -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//842-20/tableOfContent + Details
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