Lease (Tables)
|
3 Months Ended |
Mar. 31, 2020 |
|---|
| Leases [Abstract] |
|
| Components of lease expense |
The components of lease expense were
as follows:
| |
|
Three Months Ended
March 31, 2020 |
| Finance lease: |
|
|
|
|
| Amortization of assets, included in depreciation and
amortization expense |
|
$ |
24,905 |
|
| Interest on lease liabilities, included in interest expense |
|
|
5,713 |
|
| Operating lease: |
|
|
|
|
| Amortization of assets, included in total operating expense |
|
|
223,845 |
|
| Interest on lease liabilities, included in
total operating expense |
|
|
42,381 |
|
| Total net lease cost |
|
$ |
296,844 |
|
|
| Supplemental balance sheet information related to leases |
Supplemental balance sheet information
related to leases was as follows
Operating Leases
| Operating lease ROU asset |
|
$ |
304,200 |
|
| |
|
|
|
|
| Current operating lease liabilities |
|
|
102,251 |
|
| Noncurrent operating lease liabilities |
|
|
211,373 |
|
| Total operating lease liabilities |
|
$ |
313,624 |
|
| |
|
March 31, 2020 |
| Finance leases: |
|
|
|
|
| Property and equipment, at cost |
|
$ |
3,596,400 |
|
| Accumulated amortization |
|
|
(1,549,457 |
) |
| Property and equipment, net |
|
|
2,046,943 |
|
| |
|
|
|
|
| Current obligations of finance leases |
|
$ |
1,004,149 |
|
| Finance leases, net of current obligations, |
|
|
1,708,575 |
|
| Total finance lease liabilities |
|
$ |
2,712,724 |
|
|
| 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, 2020 |
| Cash paid for amounts included in the measurement of lease liabilities: |
|
|
|
|
| Operating cash flows related to operating leases |
|
$ |
19,193 |
|
| Financing cash flows related to finance leases |
|
$ |
169,711 |
|
| |
|
|
|
|
| Weighted average remaining lease term (in years): |
|
|
|
|
| Operating leases |
|
|
2.22 |
|
| Finance leases |
|
|
2.17 |
|
| |
|
|
|
|
| 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
March 31, 2020 mature as follows:
| For the Twelve Months Ended March 31, |
|
Operating Leases |
|
Finance Leases |
| 2021 |
|
$ |
102,251 |
|
|
|
888,652 |
|
| 2022 |
|
|
105,319 |
|
|
|
1,066,382 |
|
| 2023 |
|
|
108,535 |
|
|
|
674,434 |
|
| 2024 |
|
|
37,046 |
|
|
|
355,104 |
|
| 2025 |
|
|
- |
|
|
|
- |
|
| Total lease payments |
|
|
353,151 |
|
|
|
2,984,572 |
|
| Less: Amounts representing interest |
|
|
(22,342 |
) |
|
|
(271,848 |
) |
| Total lease obligations |
|
|
330,809 |
|
|
|
2,712,724 |
|
| Less: Current |
|
|
(102,251 |
) |
|
|
(1,004,149 |
) |
| |
|
$ |
228,558 |
|
|
|
1,708,575 |
|
|