v3.19.3
Note 8 - Leases
9 Months Ended
Sep. 30, 2019
Notes to Financial Statements  
Lessee, Operating Leases [Text Block]

Note 8.  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 September 30, 2019 are as follows (in thousands):

 

 

 

 

 

Period ending December 31

    

Future
Commitments

 

2019 (remaining 3 months)

 

$

116 

 

2020

 

 

227 

 

2021

 

 

232 

 

2022

 

 

236 

 

2023

 

 

80 

 

Total future minimum lease payments

 

 

891 

 

Less: imputed interest

 

 

(148)

 

Total

 

$

743 

 

 

Total operating lease expenses for the nine months ended September 30, 2018 and 2019 was $174,000 and $282,000, respectively, and are reflected in general and administrative expenses in the condensed consolidated statements of operations.

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

During the nine months ended September 30, 2019, the Company recognized $104,000 of sublease income on its condensed consolidated statement of operations, which is recorded as an offset against general and administrative expenses.