Note 5 - Leases

12 Months Ended

Dec. 31, 2020

Notes to Financial Statements

Lessee, Finance and Operating Leases [Text Block]

Note

5.

  Leases

The Company is obligated under non-cancelable lease agreements for the rental of office space and various other lease agreements for the leasing of office equipment. These operating leases expire at various dates through

2024.

 In addition to the minimum base rent, the office space lease agreements provide that the Company shall pay its pro-rata share of real estate taxes and operating costs as defined in the lease agreements. The Company also leases certain corporate office space from an affiliate.

During

2020,

$0.1

million of lease payments were classified as amortization expense, and included within cash used in financing activities on the Company's statement of cash flows. At

December 31, 2020,

the weighted-average remaining lease term was

1.4

years for operating leases and

3.5

years for finance type leases. At

December 31, 2020,

the weighted average discount rate was

4.1%

for operating leases and

5.2%

for finance type leases.

The following table presents additional information regarding the Company's financing and operating leases for the year ended

December 31, 2019 (

in thousands):

		Year ended		Year ended
		December 31, 2020		December 31, 2019
Finance lease expense
Amortization of ROU assets	$	97	$	102
Interest on lease liabilities		14		8
Operating lease expense		1,157		1,159
Short term lease expense		250		273
Cash paid for amounts included in the measurement of lease liabilities for finance leases
Financing cash flows		109		113
Cash paid for amounts included in the measurement of lease liabilities for operating leases
Operating cash flows		1,140		1,236
ROU assets obtained in exchange for lease liabilities
Finance leases		-		452
Operating leases		332		2,404

As of

December 31, 2020,

future maturities of lease liabilities were as follows (in thousands):

	Operating			Finance
2021		446			86
2022		117			55
2023		68			55
2024		-			50
Total		631			246
Less: Present value discount		(16	)		(20	)
Lease liability	$	615		$	226

The following table summarizes future minimum payments under the current lease agreements:

Years Ending December 31	Amount (in thousands)
2021		563
2022		173
2023		122
2024		50
Total	$	908

Rent expense totaled approximately

$1.5

million for each of the years ended

December 31, 2020

and

2019.