Note 8 - Leases
|6 Months Ended|
Jun. 30, 2020
|Notes to Financial Statements|
|Lessee, Operating Leases [Text Block]||
The following information pertains to those operating lease agreements where the Company is the lessee.
February 1, 2017,the Company entered into a sublease agreement (the “Sublease”) for approximately
12,400square feet of building space for the relocation of the Company's corporate headquarters to Englewood, Colorado (the “Sublease Premises”), which was effective as of
January 26, 2017.The lease term commenced on
June 1, 2017and will terminate in
May 2021.The Company relocated its corporate headquarters from Sunnyvale, California to Englewood, Colorado in
The monthly base rent under the Sublease is equal to
$20.50per rentable square foot of the Sublease Premises during the
firstyear. The monthly base rent is equal to
$21.75per rentable square foot during the
thirdyears, respectively. In connection with the execution of the Sublease, the Company also agreed to pay a security deposit of approximately
$22,000.The Company was also provided an allowance of approximately
$88,000for certain tenant improvements relating to the engineering, design and construction of the Sublease Premises which has been reimbursed.
September 2018,the Company entered into a
36-month noncancelable operating lease agreement for office equipment. The lease commenced on
September 20, 2018.The monthly lease payment is approximately
After the adoption of ASU
842– Leases on
January 1, 2019,operating lease rentals are expensed on a straight-line basis over the life of the lease beginning on the date the Company takes possession of the property. At lease inception, the Company determines the lease term by assuming the exercise of those renewal options that are reasonably assured. The lease term is used to determine whether a lease is financing or operating and is used to calculate straight-line rent expense. Additionally, the depreciable life of leasehold improvements is limited by the expected lease term. Leases with an initial term of
12months or less are
notrecorded on the balance sheet; the Company recognizes lease expense for these leases on a straight-line basis over the lease term.
The following table reflects the Company's lease assets and lease liabilities at
June 30, 2020and
December 31, 2019 (in thousands):
The operating lease right-of-use assets are included in other assets on the condensed consolidated balance sheet. The operating lease liabilities are included in accrued liabilities and other noncurrent liabilities on the condensed consolidated balance sheet.
The operating leases expense for the
June 30, 2020and
$75,000,respectively. The operating leases expense for the
June 30, 2020and
June 30, 2020,the maturity of operating lease liabilities was as follows (in thousands):
The weighted average remaining lease term was approximately
11months as of
June 30, 2020.The weighted average discount rate for the
June 30, 2020was
The following information pertains to those operating lease agreements where the Company is the lessor.
June 30, 2020,minimum future rentals from customers on non-cancellable operating leases of Viveve Systems are as follows (in thousands):
June 30, 2020,
$1,087,000of property and equipment is related to these operating lease agreements. The depreciation expense for that property and equipment for the
June 30, 2020is
The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability.
Reference 1: http://www.xbrl.org/2003/role/disclosureRef