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Note 11 - Leases | 6 Months Ended
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Jun. 30, 2019
Notes to Financial Statements |
Lessee, Operating Leases [Text Block] |
11. | LEASES
The Company’s leases office space in New Jersey, Hong Kong and Minnesota with lease termination dates of 2023, 2020, and 2019, respectively. The Minnesota lease is under 12 months, thus classified as short-term and not reported on the balance sheet under ASC 842. The Hong Kong and the New Jersey leases include non-lease components with variable payments. The following tables present the components of lease expense and supplemental balance sheet information related to the operating leases, were:
|  | 3 Months ended June 30, |  |  | 6 Months ended June 30, |
|  | 2019 |  |  | 2019 |
Lease cost |  |  |  |  |  |  |  |
Operating lease cost |  | $ | 42,981 |  |  | $ | 85,962 |
Short-term lease cost |  |  | 15,094 |  |  |  | 31,390 |
Sublease income |  |  | - |  |  |  | - |
Total lease cost |  | $ | 58,075 |  |  | $ | 117,352 |
Balance sheet information |  |  |  |  |
Operating ROU assets |  |  | $ | 532,757 |
Operating lease liabilities, current portion |  |  | $ | 141,068 |
Operating lease liabilities, non-current portion |  |  |  | 383,028 |
Total operating lease liabilities |  |  | $ | 524,096 |
Weighted average remaining lease term (in years) – operating leases |  |  |  | 3.90 |
Weighted average discount rate – operating leases |  |  |  | 5.50 | %
Supplemental cash flow information related to leases were as follows, for the six months ended June 30, 2019:
Cash paid for amounts included in the measurement of operating lease liabilities |  | $ | 84,231 |
Maturities of operating lease liabilities were as follows:
2019 (remaining six months) |  | $ | 83,217 |
2020 |  |  | 155,682 |
2021 |  |  | 127,425 |
2022 |  |  | 131,249 |
2023 |  |  | 89,226 |
Total future lease payments |  | $ | 586,799 |
Less: imputed interest |  |  | (62,703 | )
Total |  | $ | 524,096 |
In June 2019, the Company entered into a lease agreement with respect to 5,544 square feet at 1301 Corporate Center Drive, Suite 1160, Eagan, Minnesota. The term of the lease is 36 months and will commence in September 2019. Future lease payments are approximately $129,000. On commencement of the lease the Company will record an operating ROU asset and corresponding lease liability.

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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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