XML 26 R16.htm IDEA: XBRL DOCUMENT v3.20.2

Leases

3 Months Ended

Mar. 31, 2020

Leases [Abstract]

LEASES

NOTE 10 – LEASES

Leases

The Company has two operating lease agreements for its warehouse and office spaces both with remaining lease terms of 3 years. The Company also has another storage facility on a twelve-month lease term. Leases with an initial term of 12 months or less are not recorded on the balance sheet. The Company accounts for the lease and non-lease components of its leases as a single lease component. Rent expense is recognized on a straight-line basis over the lease term.

Operating lease right-of-use ("ROU") assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. ROU assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Generally, the implicit rate of interest in arrangements is not readily determinable and the Company utilizes its incremental borrowing rate in determining the present value of lease payments. The Company's incremental borrowing rate is a hypothetical rate based on its understanding of what its credit rating would be. The operating lease ROU asset includes any lease payments made and excludes lease incentives.

The components of rent expense and supplemental cash flow information related to leases for the period are as follows:

		Three Months Ended March 31, 2020				Three Months Ended March 31, 2019
Lease Cost
Operating lease cost (of which $25 is included in general and administration and $150 is included in cost of sales in the Company's statement of operations for the three months ended March 31, 2020, and $8 and $88, respectively, for the three months ended March 31, 2019)		$	175			$	195
Other Information
Weighted average remaining lease term – operating leases (in years)			3.2				4.2
Average discount rate – operating leases			3.75	%			3.75	%

The supplemental balance sheet information related to leases for the period is as follows:

Operating leases		At March 31, 2020				At March 31, 2019
Long-term right-of-use assets, net of amortization of $134		$	2,019			$	2,641
Short-term operating lease liabilities		$	633			$	543
Long-term operating lease liabilities			1,497				2,133
Total operating lease liabilities		$	2,130			$	2,676

Maturities of the Company's lease liabilities are as follows (in thousands):

Year Ending		Operating Leases
2020			518
2021			721
2022			747
2023			272
Total lease payments			2,258
Less: Imputed interest/present value discount			(128	)
Present value of lease liabilities		$	2,130

Rent expense for the three months ended March 31, 2020 and 2019 was $226 and $196, respectively. 

X

- References

No definition available.

+ Details

Name:	us-gaap_LeasesAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- Definition

The entire disclosure for lessee entity's leasing arrangements including, but not limited to, all of the following: (a.) The basis on which contingent rental payments are determined, (b.) The existence and terms of renewal or purchase options and escalation clauses, (c.) Restrictions imposed by lease agreements, such as those concerning dividends, additional debt, and further leasing.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 840
-URI http://asc.fasb.org/topic&trid=2208923

+ Details

Name:	us-gaap_LeasesOfLesseeDisclosureTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration