Lease (Tables)
|
9 Months Ended |
12 Months Ended |
Sep. 30, 2020 |
Dec. 31, 2019 |
| Leases [Abstract] |
|
|
| Components of lease expense |
The components of lease expense were as follows:
| |
|
Nine Months Ended
September 30, 2020 |
| Finance lease: |
|
|
|
|
| Amortization of assets, included in depreciation and amortization expense |
|
$ |
608,743 |
|
| Interest on lease liabilities, included in interest expense |
|
|
124,300 |
|
| Operating lease: |
|
|
|
|
| Amortization of assets, included in total operating expense |
|
|
57,709 |
|
| Interest on lease liabilities, included in total operating expense |
|
|
16,106 |
|
| Total net lease cost |
|
$ |
806,858 |
|
|
The components of lease expense were
as follows:
| |
|
Year Ended
December 31, 2019 |
| Finance lease: |
|
|
|
|
| Amortization of assets, included in depreciation and amortization expense |
|
$ |
674,040 |
|
| Interest on lease liabilities, included in interest expense |
|
|
174,322 |
|
| Operating lease: |
|
|
|
|
| Amortization of assets, included in total operating expense |
|
|
69,428 |
|
| Interest on lease liabilities, included in total operating expense |
|
|
24,168 |
|
| Total net lease cost |
|
$ |
941,958 |
|
|
| Supplemental balance sheet information related to leases |
Supplemental balance sheet information related to leases was as
follows
Operating Leases
| Operating lease ROU asset |
|
$ |
263,034 |
|
| |
|
|
|
|
| Current operating lease liabilities |
|
|
103,780 |
|
| Noncurrent operating lease liabilities |
|
|
168,390 |
|
| Total operating lease liabilities |
|
$ |
272,170 |
|
| |
|
September 30, 2020 |
| Finance leases: |
|
|
|
|
| Property and equipment, at cost |
|
$ |
4,366,665 |
|
| Accumulated amortization |
|
|
(3,172,342 |
) |
| Property and equipment, net |
|
|
1,194,323 |
|
| |
|
|
|
|
| Current obligations of finance leases |
|
$ |
1,139,827 |
|
| Finance leases, net of current obligations, |
|
|
1,509,615 |
|
| Total finance lease liabilities |
|
$ |
2,649,442 |
|
|
Supplemental balance sheet information related to leases was as
follows
Operating Leases
| Operating lease ROU asset |
|
$ |
324,267 |
|
| |
|
|
|
|
| Current operating lease liabilities |
|
|
101,505 |
|
| Noncurrent operating lease liabilities |
|
|
231,312 |
|
| Total operating lease liabilities |
|
$ |
332,817 |
|
| |
|
December 31,
2019 |
|
| Finance leases: |
|
|
|
|
| Property and equipment, at cost |
|
$ |
3,596,400 |
|
| Accumulated amortization |
|
|
(1,524,552 |
) |
| Property and equipment, net |
|
|
2,071,848 |
|
| |
|
|
|
|
| Current obligations of finance leases |
|
$ |
833,148 |
|
| Finance leases, net of current obligations, |
|
|
1,713,122 |
|
| Total finance lease liabilities |
|
$ |
2,546,270 |
|
|
| Supplemental cash flow and other information related to leases |
Supplemental cash flow and other information related to leases was
as follows:
| |
|
Nine Months Ended
September 30, 2020 |
| Cash paid for amounts included in the measurement of lease liabilities: |
|
|
|
|
| Operating cash flows related to operating leases |
|
$ |
75,852 |
|
| Financing cash flows related to finance leases |
|
$ |
829,391 |
|
| |
|
|
|
|
| Weighted average remaining lease term (in years): |
|
|
|
|
| Operating leases |
|
|
1.72 |
|
| Finance leases |
|
|
2.33 |
|
| |
|
|
|
|
| Weighted average discount rate: |
|
|
|
|
| Operating leases |
|
|
7 |
% |
| Finance leases |
|
|
6 |
% |
|
Supplemental cash flow and other information related to leases was
as follows:
|
|
Year
Ended
December 31, 2019 |
| Cash paid for amounts included in the measurement of lease liabilities: |
|
|
|
|
| Operating cash flows related to operating leases |
|
$ |
8,550 |
|
| Financing cash flows related to finance leases |
|
$ |
741,940 |
|
| |
|
|
|
|
| Weighted average remaining lease term (in years): |
|
|
|
|
| Operating leases |
|
|
8.12 |
|
| Finance leases |
|
|
2.71 |
|
| |
|
|
|
|
| Weighted average discount rate: |
|
|
|
|
| Operating leases |
|
|
7.00 |
% |
| Finance leases |
|
|
6.00 |
% |
|
| Long-term obligations under the operating and Finance leases |
Long-term obligations under the operating and finance leases at
September 30, 2020 mature as follows:
| For the Twelve Months Ended September 30, |
|
Operating Leases |
|
|
Finance Leases |
|
| 2021 |
|
$ |
103,780 |
|
|
|
348,440 |
|
| 2022 |
|
|
106,901 |
|
|
|
1,241,361 |
|
| 2023 |
|
|
90,696 |
|
|
|
849,426 |
|
| 2024 |
|
|
- |
|
|
|
441,725 |
|
| Total lease payments |
|
|
301,377 |
|
|
|
2,880,952 |
|
| Less: Amounts representing interest |
|
|
(29,207 |
) |
|
|
(231,509 |
) |
| Total lease obligations |
|
|
272,170 |
|
|
|
2,649,443 |
|
| Less: Current |
|
|
(103,780 |
) |
|
|
(1,139,828 |
) |
| |
|
$ |
168,390 |
|
|
|
1,509,615 |
|
|
Long-term obligations under the operating
and finance leases at December 31, 2019 mature as follows:
| For the Year ending December 31, |
|
Operating Leases |
|
Finance Leases |
| 2020 |
|
$ |
101,505 |
|
|
$ |
939,972 |
|
| 2021 |
|
|
104,549 |
|
|
|
939,972 |
|
| 2022 |
|
|
107,718 |
|
|
|
571,498 |
|
| 2023 |
|
|
64,284 |
|
|
|
355,104 |
|
| 2024 |
|
|
— |
|
|
|
— |
|
| Total lease payments |
|
|
378,055 |
|
|
|
2,806,546 |
|
| Less: Amounts representing interest |
|
|
(45,239 |
) |
|
|
(260,276 |
) |
| Total lease obligations |
|
|
332,817 |
|
|
|
2,546,270 |
|
| Less: Current |
|
|
(101,505 |
) |
|
|
(833,148 |
) |
| |
|
$ |
231,312 |
|
|
$ |
1,713,122 |
|
|