Quarterly report pursuant to Section 13 or 15(d)

Note 9 - Lease Liability

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Note 9 - Lease Liability
3 Months Ended
Mar. 31, 2021
Notes to Financial Statements  
Lessee, Operating Leases [Text Block]
9.
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 and 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,      
2021   $
415
 
2022    
464
 
2023    
119
 
Thereafter    
-
 
    $
998
 
 
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:
 
    March 31, 2021
Weighted-average remaining term – operating leases (years)  
2.0
Weighted-average discount rate – operating leases  
5.40%
     
Lease liability, current portion  
530
Lease liability, long term portion  
420
Lease liability, total  
950
 
Operating lease costs and operating cash flows from our operating leases are as follows:
 
    Three months ended
March 31, 2021
    Three months ended
March 31, 2020
 
             
Operating lease cost   $
130
    $
133
 
                 
Operating cash flows from operating leases   $
137
    $
131