Lease (Tables)
|
6 Months Ended |
Jun. 30, 2020 |
|---|
| Leases [Abstract] |
|
| Components of lease expense |
The components of lease expense were as follows:
| |
|
Six Months Ended
June 30, 2020 |
|
| Finance lease: |
|
|
|
|
| Amortization of assets, included in depreciation and amortization expense |
|
$ |
401,829 |
|
| Interest on lease liabilities, included in interest expense |
|
|
77,095 |
|
| Operating lease: |
|
|
|
|
| Amortization of assets, included in total operating expense |
|
|
50,254 |
|
| Interest on lease liabilities, included in total operating expense |
|
|
11,086 |
|
| Total net lease cost |
|
$ |
540,264 |
|
|
| Supplemental balance sheet information related to leases |
Supplemental balance sheet information related to leases was as
follows
Operating Leases
| Operating lease ROU asset |
|
$ |
283,794 |
|
| |
|
|
|
|
| Current operating lease liabilities |
|
|
103,012 |
|
| Noncurrent operating lease liabilities |
|
|
190,637 |
|
| Total operating lease liabilities |
|
$ |
293,649 |
|
| |
|
June 30, 2020 |
|
| Finance leases: |
|
|
|
|
| Property and equipment, at cost |
|
$ |
4,221,481 |
|
| Accumulated amortization |
|
|
(1,869,134 |
) |
| Property and equipment, net |
|
|
2,352,347 |
|
| |
|
|
|
|
| Current obligations of finance leases |
|
$ |
1,118,564 |
|
| Finance leases, net of current obligations, |
|
|
1,688,956 |
|
| Total finance lease liabilities |
|
$ |
2,807,520 |
|
|
| Supplemental cash flow and other information related to leases |
Supplemental cash flow and other information related to leases was
as follows:
| |
|
Six Months Ended
June 30, 2020 |
|
| Cash paid for amounts included in the measurement of lease liabilities: |
|
|
|
|
| Operating cash flows related to operating leases |
|
$ |
39,168 |
|
| Financing cash flows related to finance leases |
|
$ |
401,828 |
|
| |
|
|
|
|
| Weighted average remaining lease term (in years): |
|
|
|
|
| Operating leases |
|
|
1.97 |
|
| Finance leases |
|
|
2.50 |
|
| |
|
|
|
|
| Weighted average discount rate: |
|
|
|
|
| Operating leases |
|
|
7 |
% |
| Finance leases |
|
|
6 |
% |
|
| Long-term obligations under the operating and Finance leases |
Long-term obligations under the operating and finance leases at
June 30, 2020 mature as follows:
| For the Twelve Months Ended June 30, |
|
Operating Leases |
|
|
Finance Leases |
|
| 2021 |
|
$ |
103,012 |
|
|
|
1,274,868 |
|
| 2022 |
|
|
106,102 |
|
|
|
1,087,567 |
|
| 2023 |
|
|
109,365 |
|
|
|
530,376 |
|
| 2024 |
|
|
9,397 |
|
|
|
177,552 |
|
| 2025 |
|
|
- |
|
|
|
- |
|
| Total lease payments |
|
|
327,876 |
|
|
|
3,070,363 |
|
| Less: Amounts representing interest |
|
|
(34,227 |
) |
|
|
(262,843 |
) |
| Total lease obligations |
|
|
293,649 |
|
|
|
2,807,520 |
|
| Less: Current |
|
|
(103,012 |
) |
|
|
(1,118,564 |
) |
| |
|
$ |
190,637 |
|
|
|
1,688,956 |
|
|