Note 7 - Leases

6 Months Ended

Jun. 30, 2024

Notes to Financial Statements

Lessee, Operating Leases [Text Block]

NOTE 7 – LEASES

The Company’s corporate offices and other offices are located in Pittsburgh, Pennsylvania. The leases are effective through February 29, 2028.

The Company has an office in Birmingham, Alabama, which is used for office space, warehousing, and laboratory operations. The lease is effective through August 31, 2025.

The Company has an office in Eagan, Minnesota, which is used for office space and manufacturing. This lease is effective through May 31, 2025.

Lease expense under operating lease arrangements, recorded within general and administrative expenses, was $227,762 and $220,847 for the three months ended June 30, 2024, and 2023, respectively, and $455,403 and $434,862 for the six months ended June 30, 2024, and 2023, respectively.

The following table summarizes other information related to the Company’s operating leases:

	June 30, 2024			June 30, 2023
Weighted average remaining lease term – operating leases in years		3.53			4.46
Weighted average discount rate – operating leases		12	%		12	%

The Company’s operating lease obligations as of June 30, 2024, which include expected lease extensions that are reasonably certain of renewal, were as follows:

Remainder of 2024	$	375,487
2025		857,622
2026		803,724
2027		827,909
2028		139,022
Total lease payments		3,003,764
Less: interest		(581,069	)
Present value of lease liabilities	$	2,422,695