Note 8 - Leases
|3 Months Ended|
Mar. 31, 2021
|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 was to terminate in
May 2021.The Company relocated its corporate headquarters from Sunnyvale, California to Englewood, Colorado in
The monthly base rent under the Sublease was equal to
$20.50per rentable square foot of the Sublease Premises during the
firstyear. The monthly base rent was 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.
March 2021,the Company amended the Sublease for its office building space. The lease term was extended for a period of
34months and will terminate on
March 31, 2024.The monthly gross rent for the first,
thirdyears of the lease extension is
$22,258per month, respectively. The Company was also provided a rent abatement for the month of
June 2021.Additionally, the sublandlord has agreed to perform certain construction, repair, maintenance or other tenant improvements to the Subleased Premises with estimated costs of approximately
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
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
March 31, 2021and
December 31, 2020 (in thousands):
The operating lease right-of-use assets are included in other assets on the condensed consolidated balance sheets. The operating lease liabilities are included in accrued liabilities and other noncurrent liabilities on the condensed consolidated balance sheets.
The operating leases expense for the
March 31, 2021and
March 31, 2021,the maturity of operating lease liabilities was as follows (in thousands):
The weighted average remaining lease term was approximately
35months as of
March 31, 2021.The weighted average discount rate for the
March 31, 2021was
The following information pertains to those operating lease agreements where the Company is the lessor.
March 31, 2021,minimum future rentals from customers on non-cancellable operating leases of Viveve Systems were as follows (in thousands):
March 31, 2021,
$709,000of property and equipment is related to these operating lease agreements. The depreciation expense for that property and equipment for the
March 31, 2021and
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