Note 7 - Leases

9 Months Ended

Sep. 30, 2020

Notes to Financial Statements

Lessee, Operating Leases [Text Block]

NOTE

7.

Leases

The Company adopted ASC Topic

842,

“Leases” electing the transition method which permits entities to change the date of initial application to the beginning of the year of adoption and to recognize the effects of applying the new standard as a cumulative-effect adjustment to the opening balance of retained earnings. The Company elected this transition approach, however the cumulative impact of adoption in the opening balance of retained earnings as of

January 1, 2020

was zero. Therefore, as of

September 30, 2020

the Company recorded operating right-of-use assets and liabilities totaling

$641,000

.

The Company does

not

currently have any finance right-of-use leases. Maturities of the operating lease obligations are as follows (in thousands):

	Successor
	September 30, 2020
2020	$	137
2021		439
2022		79
Total lease payments		655
Less present value discount		(14	)
Present value of lease liabilities	$	641