Lease (Tables)
|
3 Months Ended |
Mar. 31, 2019 |
|---|
| Leases [Abstract] |
|
| Components of lease expense |
The components of lease expense were as follows:
| |
|
Three Months Ended March 31,
2019
|
| Finance lease: |
|
|
|
|
| Amortization of assets, included in depreciation and amortization expense |
|
$ |
75,144 |
|
| Interest on lease liabilities, included in interest expense |
|
|
46,036 |
|
| Operating lease: |
|
|
|
|
| Amortization of assets, included in total operating expense |
|
|
16,720 |
|
| Interest on lease liabilities, included in total operating expense |
|
|
6,242 |
|
| Total net lease cost |
|
$ |
144,142 |
|
|
| Supplemental balance sheet information related to leases |
Supplemental balance sheet information related to leases was as
follows
Operating Leases
| Operating lease ROU asset – short term |
|
$ |
91,848 |
|
| Operating lease ROU asset – long term |
|
|
248,674 |
|
| Total operating lease ROU asset |
|
$ |
340,522 |
|
| |
|
|
|
|
| Current operating lease liabilities |
|
|
88,639 |
|
| Noncurrent operating lease liabilities |
|
|
257,803 |
|
| Total operating lease liabilities |
|
$ |
346,442 |
|
| |
|
March 31, 2019 |
| Finance leases: |
|
|
|
|
| Property and equipment, at cost |
|
$ |
4,697,872 |
|
| Accumulated amortization |
|
|
2,125,876 |
|
| Property and equipment, net |
|
|
2,571,996 |
|
| |
|
|
|
|
| Current obligations of finance leases, |
|
$ |
760,633 |
|
| Finance leases, net of current obligations, |
|
|
2,286,851 |
|
| Total finance lease liabilities |
|
$ |
3,047,484 |
|
|
| Supplemental cash flow and other information related to leases |
Supplemental cash flow and other information related to leases was
as follows:
| |
|
Three Months Ended
March 31, 2019
|
| Cash paid for amounts included in the measurement of lease liabilities: |
|
|
|
|
| Operating cash flows related to operating leases |
|
|
5,920 |
|
| Financing cash flows related to finance leases |
|
|
183,590 |
|
| |
|
|
|
|
| Weighted average remaining lease term (in years): |
|
|
|
|
| Operating leases |
|
|
4.42 |
|
| Finance leases |
|
|
4.47 |
|
| |
|
|
|
|
| Weighted average discount rate: |
|
|
|
|
| Operating leases |
|
|
7 |
% |
| Finance leases |
|
|
6.91 |
% |
|
| Long-term obligations under the operating and capital leases |
Long-term obligations under the operating and capital leases at
March 31, 2019 mature as follows:
| For the Twelve months ending March 31, |
|
Operating Leases |
|
Capital Leases |
| 2020 |
|
$ |
88,640 |
|
|
$ |
918,504 |
|
| 2021 |
|
|
91,299 |
|
|
|
918,504 |
|
| 2022 |
|
|
94,038 |
|
|
|
918,504 |
|
| 2023 |
|
|
96,859 |
|
|
|
402,054 |
|
| 2024 |
|
|
33,093 |
|
|
|
266,328 |
|
| Total lease payments |
|
|
403,929 |
|
|
|
3,423,894 |
|
| Less: Amounts representing interest |
|
|
(57,487 |
) |
|
|
(376,410) |
|
| Total lease obligations |
|
$ |
346,442 |
|
|
$ |
3,047,484 |
|
|