Lease (Tables)
|
6 Months Ended |
Jun. 30, 2019 |
|---|
| Leases [Abstract] |
|
| Components of lease expense |
The components of lease expense were as follows:
| |
|
Six Months Ended June 30, 2019
|
| Finance lease: |
|
|
|
|
| Amortization of assets, included in depreciation and amortization expense |
|
$ |
327,854 |
|
| Interest on lease liabilities, included in interest expense |
|
|
91,119 |
|
| Operating lease: |
|
|
|
|
| Amortization of assets, included in total operating expense |
|
|
33,711 |
|
| Interest on lease liabilities, included in total operating expense |
|
|
12,213 |
|
| Total net lease cost |
|
$ |
464,897 |
|
|
| 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 |
|
|
231,683 |
|
| Total operating lease ROU asset |
|
$ |
323,531 |
|
| |
|
|
|
|
| Current operating lease liabilities |
|
|
89,300 |
|
| Noncurrent operating lease liabilities |
|
|
241,115 |
|
| Total operating lease liabilities |
|
$ |
330,415 |
|
| |
|
June 30, 2019 |
| Finance leases: |
|
|
|
|
| Property and equipment, at cost |
|
$ |
4,755,008 |
|
| Accumulated amortization |
|
|
(2,378,586 |
) |
| Property and equipment, net |
|
|
2,376,422 |
|
| |
|
|
|
|
| Current obligations of finance leases, |
|
$ |
842,779 |
|
| Finance leases, net of current obligations, |
|
|
2,125,000 |
|
| Total finance lease liabilities |
|
$ |
2,967,779 |
|
|
| 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, 2019
|
| Cash paid for amounts included in the measurement of lease liabilities: |
|
|
|
|
| Operating cash flows related to operating leases |
|
|
6,884 |
|
| Financing cash flows related to finance leases |
|
|
320,432 |
|
| |
|
|
|
|
| Weighted average remaining lease term (in years): |
|
|
|
|
| Operating leases |
|
|
4.05 |
|
| Finance leases |
|
|
3.34 |
|
| |
|
|
|
|
| Weighted average discount rate: |
|
|
|
|
| Operating leases |
|
|
7 |
% |
| Finance leases |
|
|
6.90 |
% |
|
| Long-term obligations under the operating and Finance leases |
Long-term obligations under the operating and finance leases at
June 30, 2019 mature as follows:
| For the Twelve months ending June 30, |
|
Operating Leases |
|
Finance Leases |
| 2020 |
|
$ |
89,300 |
|
|
$ |
993,039 |
|
| 2021 |
|
|
91,979 |
|
|
|
939,972 |
|
| 2022 |
|
|
94,738 |
|
|
|
839,390 |
|
| 2023 |
|
|
97,580 |
|
|
|
355,104 |
|
| 2024 |
|
|
8,334 |
|
|
|
177,552 |
|
| Total lease payments |
|
|
381,931 |
|
|
|
3,305,057 |
|
| Less: Amounts representing interest |
|
|
(51,516 |
) |
|
|
(337,278 |
) |
| Total lease obligations |
|
$ |
330,415 |
|
|
$ |
2,967,779 |
|
|