XML 29 R19.htm IDEA: XBRL DOCUMENT
v3.20.2

Note 13 - Leases | 6 Months Ended
--- | ---
Jun. 30, 2020
Notes to Financial Statements |
Lessee, Operating Leases [Text Block] | Note 1 3 - Leases We adopted ASC Topic 842 (Leases) on January 1, 2019. This standard requires us to record certain operating lease liabilities and corresponding right-of-use assets on our balance sheet. Results for periods beginning after January 1, 2019 are presented under Topic 842, while prior period amounts are not adjusted and continue to be reported in accordance with our historic accounting under Topic 840. We elected the package of practical expedients available for expired or existing contracts, which allowed us to carryforward our historical assessments of whether contracts are (or contain) leases, as well as lease classification tests and treatment of initial direct costs. We also elected to not separate lease components from non-lease components for all fixed payments, and we exclude variable lease payments in the measurement of right-of-use assets and lease obligations. Upon adoption of ASC 842 we recorded a $2.8 million increase in other assets, a $1.1 million increase in current liabilities, and a $1.7 million increase in non-current liabilities. We did not record any cumulative effect adjustments in opening retained earnings, and adoption of ASC 842 had no impact on cash flows from operating, investing, or financing activities. We determine if an arrangement is a lease at inception. Most of our operating leases do not provide an implicit rate of interest so we use our incremental borrowing rate based on the information available at the commencement date to determine the present value of future payments. We lease various assets in the course of ordinary business including warehouses and manufacturing facilities, as well as vehicles and equipment used in our operations. Leases with an initial term of 12 months or less are not recorded on the balance sheet as we recognize lease expense for these leases on a straight-line basis over the lease term. The depreciable life of assets and related improvements are limited by the expected lease term unless there is a reasonably certain expected transfer or title or purchase option. Some lease agreements include renewal options at our sole discretion. Any guaranteed residual value is included in our lease liability. The table below describes our lease position as of June 30, 2020
Assets |  | As of June 30, 2020 |
Operating lease right-of-use assets |  | $ | 1,417,000 |
Accumulated amortization |  |  | (962,000) |
Net lease assets |  |  | 455,000 |
Liabilities |  |  |  |
Current |  |  |  |
Operating |  |  | 343,000 |
Noncurrent |  |  |  |
Operating |  |  | 112,000 |
Total lease liabilities |  |  | 455,000 |
Weighted average remaining term (years) – operating leases (in years) |  |  | 2 |
Weighted average discount rate – operating leases |  |  | 11.25% |
During the six months ended June 30, 2020, we recorded expenses related to
Operating right-of-use lease asset amortization |  | $ | 416,000 |
Total expense during six months ended June 30, 2020 |  |  | 416,000 |
Operating lease expenses were approximately $416,000 for the six months ended June 30, 2020. Operating lease costs are included within selling, general and administrative expenses on the condensed consolidated statements of operations. The Company does not have any finance leases. Cash paid for amounts included in the measurement of operating lease liabilities were approximately $416,000 for the six months ended June 30, 2020.
The following table summarizes the maturities of our lease liabilities for all operating leases as of June 30, 2020: |  |  |  |
(in thousands) |  |  |
2020 |  | $ | 234 |
2021 |  |  | 364 |
2022 and thereafter |  |  | 49 |
Total lease payments |  |  | 647 |
less: Imputed interest |  |  | (192 | )
Present value of lease liabilities |  | $ | 455 |

X
- References No definition available. + Details
Name: | us-gaap_DisclosureTextBlockAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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
Name: | us-gaap_LesseeOperatingLeasesTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration