Note 9 - Leases

12 Months Ended

Dec. 31, 2021

Notes to Financial Statements

Lessee, Operating Leases [Text Block]

9. Leases

In December 2019, we entered into an operating lease agreement for a new corporate office facility in Seattle, Washington. The term of the lease is 87 months, with a rent date starting on May 1, 2020 and the lease term ending on July 31, 2027. 

In November 2020, we renewed the lease for our office facility in the UK. The term of the lease is 120 months, with rent payments starting on November 30, 2020 and the lease term ending on November 8, 2030. The Company has an opportunity to break the lease at the five-year mark in November 2025. As it is reasonably certain that we will utilize this option, the accounting for this lease utilized November 2025 as the end date. The lease commencement date was November 9, 2020. As a result of entering this lease agreement, we recorded additional ROU assets and net lease liabilities of $0.4 million on our consolidated balance sheet as of December 31, 2020. There was no material impact to our statement of operations or statement of cash flows as a result of entering into this lease. 

Our leases have remaining terms of four to six years. Both of our leases contain renewal options. Because of changes in our business, we are not able to determine with reasonable certainty whether we will renew our Seattle or Trowbridge, UK lease. As a result, we have not considered renewal options when recording ROU assets, lease liabilities or lease expense.

	Twelve months ended
Total component lease expense was as follows (in thousands):	December 31, 2021		December 31, 2020
Operating leases	$	450	$	661
Supplemental cash flow information related to leases was as follows (in thousands):
Cash paid for amounts included in the measurement of lease liabilities	$	452	$	668

Supplemental balance sheet information related to leases was as follows (dollars in thousands):	December 31, 2021			December 31, 2020
Operating leases:
Right of use	$	1,598		$	1,853
Current portion of operating leases liability		357			344
Operating leases liability, net of current portion		1,363			1,630
Total operating leases liabilities	$	1,720		$	1,974
Weighted Average Remaining Lease Term (in years)		5.18			6.15
Weighted Average Discount Rate		8.5	%		8.5	%

Future operating lease commitments are as follows (in thousands):  

As of December 31, 2021, maturities of lease liabilities were as follows:	Operating leases
Years Ended December 31,
2022	$	370
2023		377
2024		384
2025		370
2026		276
Thereafter		163
Total minimum lease payments	$	1,940
Less: amount representing imputed interest		(220	)
Present value of lease liabilities	$	1,720