v3.19.3
Note 7 - Leases
6 Months Ended
Jun. 30, 2019
Notes to Financial Statements  
Lessee, Operating Leases [Text Block]

Note 7.   Leases

The Company leases office facilities under a non-cancelable operating lease agreement expiring on December 31, 2019. The Company also leases a corporate office facility previously utilized by Alliqua through an operating lease agreement, located in Yardley, Pennsylvania that expires in 2023. Effective February 1, 2019, this property has been subleased to The Pinnacle Health Group, Inc. through April 20, 2023 and the Company receives monthly lease payments.

Future minimum payments under non-cancellable leases as of June 30, 2019 are as follows (in thousands):

Period ending December 31

    

Future Commitments

2019 (remaining 6 months)

 

$

232

2020

 

 

227

2021

 

 

232

2022

 

 

236

2023

 

 

80

Total future minimum lease payments

 

 

1,007

Less: imputed interest

 

 

(167)

Total

 

$

840

 

Total operating lease expenses for the six months ended June 30, 2018 and 2019 was $115,000 and $165,000, respectively, and are reflected in general and administrative expenses in the condensed consolidated statements of operations.

As of June 30, 2019, the Company had no leases that were classified as a financing lease. As of June 30, 2019, the Company did not have additional operating and financing leases that have not yet commenced.   

During the six months ended June 30, 2019, the Company recognized $42,000 of sublease income on its condensed consolidated statement of operations, which is recorded as an offset against general and administrative expenses.