Note 5 - Commitments and Contingencies
|9 Months Ended|
Sep. 30, 2019
|Notes to Financial Statements|
|Commitments and Contingencies Disclosure [Text Block]||
5.Commitments and Contingencies
We currently operate
onefacility located in the United States and
onefacility located in the Peoples Republic of China both of which are classified as operating leases.
Our corporate offices and primary research facilities are located in Germantown, Maryland, where we lease approximately
1,500square feet. This lease provides for monthly payments of approximately
$5,700per month. This lease has an original term of
12months and expires on
December 31, 2019.We did
notestablish ROU assets or lease liabilities for this short-term lease.
We also lease approximately
11,300square feet of research facility in the People’s Republic of China. This lease commenced in
September 2019,provides for minimum lease payments of approximately
$4,400per month, expires in
September 2024and provides us with a future
firstright of refusal for extending the lease beyond its expiration. This lease currently represents our lone long-term operating lease.
Our long-term operating lease and related sublease for our San Diego facility both terminated in
August 2019.We recognized other income of approximately
$86,100from this sublease for the
September 30, 2019.
We recognized total rent expense of approximately
September 30, 2019and
2018,respectively. Included in the
2019expense is approximately
$83,900relating to our short-term leases. Lease costs, net of sublease income, for the
September 30, 2019consisted of the following:
September 30, 2019,we established approximately
$204,300of ROU assets as the result of entering into new lease arrangements.
September 30, 2019,we have approximately
$204,300of right of use asset included in ROU and Other Assets and approximately
$183,500of lease liability the current portion of which is included in Other Current Assets and the long term portion of which is included in Lease Liability, Net of Current Portion in our consolidated balance sheets. The lease liability was calculated using a discount rate of
Maturities of our lone long-term operating lease as of
September 30, 2019were as follows:
From time to time, we are parties to legal proceedings that we believe to be ordinary, routine litigation incidental to the business. We are currently
nota party to any litigation or legal proceeding.
The entire disclosure for commitments and contingencies.
Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef