Note 8 - Leases

3 Months Ended

Mar. 31, 2023

Notes to Financial Statements

Lessee, Operating Leases [Text Block]

Note 8 – Leases:

We have various noncancelable lease agreements for office and warehouse space, as well as office equipment, with original remaining lease terms of two years to five years, some of which include an option to extend the lease term for up to five years. Because the Company is not reasonably certain to exercise these renewal options, the options are not considered in determining the lease term and associated potential option payments are excluded from lease payments. The Company’s leases generally do not include termination options for either party to the lease or restrictive financial or other covenants.

Weighted-average remaining lease term (in years) and discount rate related to operating leases were as follows:

Weighted-average remaining lease term	3.40
Weighted-average discount rate	6.16	%

As most of our leases do not provide an implicit rate, we use our incremental borrowing rate based on the information available at the commencement date to determine the present value of lease payments.

Maturities of lease liabilities under noncancelable operating leases as of March 31, 2023 were as follows:

Operating Lease Obligations	As of March 31, 2023
2023 (a)	$	1,357
2024		1,511
2025		1,210
2026		1,239
2027 and beyond		337
Total lease payments	$	5,654
Less: Imputed interest		(307	)
Present value of lease liabilities	$	5,347

(a) Excluding the three months ended March 31, 2023.

A summary of rent expense for the three months ended March 31, 2023 and 2022 was as follows:

	Three Months Ended
	March 31,
	2023		2022
Operating lease cost	$	438	$	438

Supplemental cash flow information and non-cash activity relating to operating leases are as follows:

	Three Months Ended
	March 31,
Operating cash flow information:	2023		2022
Cash paid for amounts included in the measurement of lease liabilities	$	445	$	435