Note 8 - Leases

3 Months Ended

Mar. 31, 2019

Notes to Financial Statements

Lessee, Operating Leases [Text Block]

Note

8

– LEASES

The Company’s corporate offices are located at

2915

Commers Drive, Suite

900,

Eagan, Minnesota

55121.

On

November 22, 2017,

the Company signed a

second

amendment to its lease last amended on

January 28, 2013.

The lease as amended has a

three

-year term effective

February 1, 2018

ending

January 31, 2021.

The Company leases

5,773

square feet at this location, of which

2,945

square feet is used for office space and

2,828

is used for manufacturing.

Skyline Medical Europe’s offices are located at

9

Chemin de la Fraite –

1380

Ohain, Belgium. The lease agreement was signed

April 24, 2018

and started on

June 15, 2018.

The Company leases around

2,000

square feet at this location,

750

of which is used for storage and

1,250

for office space. The lease is effective through

June 14, 2027.

Lease expense is

3,000

Euros per month.

Lease expense was

$29,212

and

$17,244

for the

three

months ended on

March 31, 2019

and

March 31, 2018,

respectively.

The following table summarizes other information related to our operating leases:

	March 31, 2019
Weighted average remaining lease term – operating leases in years		7.02
Weighted average discount rate – operating leases		8	%

The Company’s rent obligation for the next

five

years are as follows:

2019	$	60,060
2020		82,320
2021		43,320
2022		40,320
2023		40,320
2024 and thereafter		161,280
Total lease payments		427,620
Less interest		93,676
Present value of lease liabilities	$	333,944