Note 5 - Leases

6 Months Ended

Jun. 30, 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 June 30, 2021 and December 31, 2020, operating lease ROU assets totaled $6.1 million and $3.7 million, respectively. As of June 30, 2021 and December 31, 2020, operating lease liabilities totaled $5.6 million and $3.1 million, respectively. The following tables summarize certain information related to the leases (in thousands, except percentages):

	Three Months Ended June 30,				Six Months Ended June 30,
	2021		2020		2021		2020
Lease costs:
Operating lease costs	$	578	$	363	$	1,071	$	729
Other		120		71		247		148
Total lease costs	$	698	$	434	$	1,318	$	877

	Three Months Ended June 30,				Six Months Ended June 30,
	2021		2020		2021		2020
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	698	$	330	$	1,010	$	703
ROU assets obtained in exchange for new operating lease liabilities	$	744	$	1,467	$	3,684	$	1,744

	June 30,			December 31,
	2021			2020
Weighted-average remaining lease term (in years)		3.3			2.7
Weighted-average discount rate		2.2	%		2.7	%

As of June 30, 2021, the maturities of the lease liabilities were as follows (in thousands):

2021 (remaining six months)	$	1,174
2022		1,940
2023		1,179
2024		841
2025		648
Thereafter		8
Total remaining lease payments		5,790
Less: imputed interest		(240	)
Total lease liabilities	$	5,550
Reported as:
Current liabilities	$	2,209
Long-term liabilities	$	3,341

As of June 30, 2021, the Company had operating leases that have not yet commenced with future lease obligations of $4.0 million. The leases are expected to commence in the second half of 2021 with contractual lease terms ranging from two to 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 less than one year to five years. Some of these leases include options to renew the lease term for up to five years.

For the three months ended June 30, 2021 and 2020, income related to lease payments was $0.6 million and $0.4 million, respectively. For the six months ended June 30, 2021 and 2020, income related to lease payments was $0.9 and $0.8 million, respectively. As of  June 30, 2021, future income related to lease payments was as follows (in thousands):

2021 (remaining six months)	$	1,177
2022		2,294
2023		1,622
2024		633
2025		111
Thereafter		22
Total	$	5,859