Note 14 - Leases |
6 Months Ended | |||||||||||||||||||||||||
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Jun. 30, 2026 | ||||||||||||||||||||||||||
| Notes to Financial Statements | ||||||||||||||||||||||||||
| Lessee, Operating Leases [Text Block] |
The Company leases its Corvallis, Oregon, office space under an operating lease, which was signed on November 3, 2017 and commenced on January 1, 2018. The initial term of this lease was to expire on December 31, 2019 after which the Company had successive renewal options; one for years and the other for years. In the second quarter of 2019, the Company exercised the first renewal option, which extended the lease expiration date to December 31, 2021. In the second quarter of 2021, the Company exercised the second renewal option, which extended the lease expiration date to December 31, 2024. In the second quarter of 2024, the Company entered into an additional addendum, which extended the lease expiration date to December 31, 2026. In connection with this additional addendum, the Company recorded an increase to operating lease right-of-use assets and operating lease liabilities of approximately $0.5 million in the second quarter of 2024.
On May 26, 2017, the Company and M&F entered into the New HQ Lease, a -year office lease agreement, pursuant to which the Company agreed to lease 3,200 square feet in New York, New York. The Company is utilizing premises leased under the New HQ Lease as its corporate headquarters. The Company has no leases that qualify as finance leases.
Operating lease costs totaled $0.2 million for each of the three months ended June 30, 2026 and 2025. Operating lease costs totaled $0.3 million for each of the six months ended June 30, 2026 and 2025. Cash paid for amounts included in the measurement of lease liabilities from operating cash flows was $0.2 million for each of the three months ended June 30, 2026 and 2025. Cash paid for amounts included in the measurement of lease liabilities from operating cash flows was $0.3 million for each of the six months ended June 30, 2026 and 2025. As of June 30, 2026, the weighted-average remaining lease term of the Company’s operating leases was 0.77 years while the weighted-average discount rate was 9.95%.
Future cash flows under operating leases as of June 30, 2026 are expected to be as follows:
As of June 30, 2026, the lease liability is included in accrued expenses and other current liabilities on the condensed consolidated balance sheet.
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