Quarterly report pursuant to Section 13 or 15(d)

Note 8 - Lease Liability

v3.20.2
Note 8 - Lease Liability
9 Months Ended
Sep. 30, 2020
Notes to Financial Statements  
Lessee, Operating Leases [Text Block]
8.
Lease liability
 
Aptose leases office space and lab space in San Diego, California. The lease for the office space expires on
March 31, 2023
and can be extended for an additional
5
year period. The lease for our lab space expires on
February 28, 2022.
We lease office space in Toronto, Ontario, Canada. The lease for this location expires on
June 30, 2023
with an option to renew for another
5
-year period. The Company has
not
included any extension periods in calculating its right-to-use assets and lease liabilities. The Company also enters into leases for small office equipment.
 
Minimum payments, undiscounted, under our operating leases are as follows:
 
Years ending December 31,    
2020   $
136
 
2021    
552
 
2022    
464
 
2023    
119
 
Thereafter    
-
 
    $
1,271
 
 
To calculate the lease liability, the lease payments in the table above were discounted over the remaining term of the leases using the Company's incremental borrowing rate as at
January 1, 2019
for existing leases at the time of adopting the Topic
842,
and for new leases after the date adoption, as at the date of the execution date of the new lease. The following table presents the weighted average remaining term of the leases and the weighted average discount rate:
 
      September 30, 2020       December 31, 2019  
Weighted-average remaining term – operating leases (in years)    
2.4
     
3.3
 
Weighted-average discount rate – operating leases    
5.40
%    
5.43
%
                 
Lease liability, current portion    
537
     
521
 
Lease liability, long term portion    
658
     
1,011
 
Lease liability, total    
1,195
     
1,532
 
                 
 
Right-of-use assets obtained in exchange for operating lease liabilities are as follows:
 
      Nine months ended
September 30, 2020
      Nine months ended
September 30, 2019
 
         
Right-of-use assets recorded upon adoption of Topic 842, beginning of period   $
-
    $  
$1,570
Right-of-use assets obtained in exchange for new operating lease liabilities in the period   $
10
    $  
$267
                 
 
Operating lease costs and operating cash flows from our operating leases are as follows:
 
    Three months ended
September 30,
  Nine months ended
September 30,
      2020       2019       2020       2019  
                 
Operating lease cost   $
132
    $
142
    $
399
    $
431
 
Operating cash flows  - operating leases   $
136
    $
126
    $
401
    $
345