Note 5 - Leases

3 Months Ended

Mar. 31, 2021

Notes to Financial Statements

Leases Disclosure [Text Block]

5. LEASES

Lessee

The Company has operating leases primarily for administrative and sales and marketing offices, manufacturing operations and research and development facilities, employee housing units and certain equipment. These leases have remaining lease terms from less than a year to five years. Some of these leases include options to renew the lease term for up to two years or on a month-to-month basis. The Company does not have finance lease arrangements.

As of March 31, 2021 and December 31, 2020, operating lease ROU assets totaled $5.8 million and $3.7 million, respectively. As of March 31, 2021 and December 31, 2020, operating lease liabilities totaled $5.4 million and $3.1 million, respectively. The following tables summarize certain information related to the leases (in thousands, except percentages):

	Three Months Ended March 31,
	2021		2020
Lease costs:
Operating lease costs	$	499	$	366
Other		121		77
Total lease costs	$	620	$	443

	Three Months Ended March 31,
	2021		2020
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	312	$	373
ROU assets obtained in exchange for new operating lease liabilities	$	2,940	$	277

	March 31,			December 31,
	2021			2020
Weighted-average remaining lease term (in years)		3.6			2.7
Weighted-average discount rate		2.3	%		2.7	%

As of March 31, 2021, the maturities of the lease liabilities were as follows (in thousands):

2021 (remaining nine months)	$	1,602
2022		1,582
2023		1,015
2024		829
2025		637
Thereafter		8
Total remaining lease payments		5,673
Less: imputed interest		(266	)
Total lease liabilities	$	5,407
Reported as:
Current liabilities	$	1,953
Long-term liabilities	$	3,454

As of March 31, 2021, the Company had one operating lease that has not yet commenced with future lease obligations of $4.0 million. The lease is expected to commence in the second half of 2021 with a contractual lease term of five years.

Lessor 

The Company owns certain office buildings and leases a portion of these properties to third parties under arrangements that are classified as operating leases. These leases have remaining lease terms ranging from one year to four years. Some of these leases include options to renew the lease term for up to five years.

For the three months ended March 31, 2021 and 2020, income related to lease payments was $0.3 million and $0.4 million, respectively. As of  March 31, 2021, future income related to lease payments was as follows (in thousands):

2021 (remaining nine months)	$	1,691
2022		2,241
2023		1,568
2024		581
2025		59
Total	$	6,140