Note 12 - Leases

12 Months Ended

Dec. 31, 2020

Notes to Financial Statements

Lessee, Operating Leases [Text Block]

12. Leases

Operating Lease Commitments:

The Company leases its facilities under non-cancelable operating leases expiring on various dates through

January 1, 2024.

The Company has operating leases for the Company's corporate office and manufacturing facilities, which expire at various dates through 

2024.The

Company's primary operating lease commitments at 

December 31, 2020 

related to the Company's manufacturing facilities in Valdosta, Georgia, Nogales, Arizona and Salt Lake City, Utah, as well as the Company's corporate headquarters in Markham, Ontario, Canada.

As of 

December 31, 2020,

the Company had operating lease right-of-use assets of 

$3,535,000

 and operating lease liabilities of 

$3,586,000.

As of 

December 31, 2020,

we did

not

have any finance leases recorded on the Company's consolidated balance sheet. Operating lease expense was approximately 

$1,154,000

and

$1,109,000

for the years ended

December 31, 2020

and

2019,

respectively.

The aggregate future minimum lease payments and reconciliation to lease liabilities as of 

December 31, 2020

were as follows:

	December 31,
	2020
2021	$	1,009,000
2022		1,010,000
2023		1,017,000
2024		484,000
2025		365,000
Total future minimum lease payments		3,885,000
Less imputed interest		(299,000	)
Total lease liabilities	$	3,586,000

As of

December 31, 2020,

the weighted average remaining lease term of the Company's operating leases was 

4.00

years. During the year ended

December 31, 2020,

the weighted average discount rate with respect to these leases was 

4.17%.