Lease (Tables)
|
12 Months Ended |
Dec. 31, 2019 |
|---|
| Leases [Abstract] |
|
| Components of lease expense |
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 |
|
$ |
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:
|
|
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 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 |
|
|