Quarterly report pursuant to Section 13 or 15(d)

Lease (Tables)

v3.20.2
Lease (Tables)
6 Months Ended
Jun. 30, 2020
Leases [Abstract]  
Components of lease expense

The components of lease expense were as follows:

 

    Six Months Ended
June 30, 2020
 
Finance lease:        
Amortization of assets, included in depreciation and amortization expense   $ 401,829  
Interest on lease liabilities, included in interest expense     77,095  
Operating lease:        
Amortization of assets, included in total operating expense      50,254  
Interest on lease liabilities, included in total operating expense      11,086  
Total net lease cost   $ 540,264  
Supplemental balance sheet information related to leases

Supplemental balance sheet information related to leases was as follows

 

Operating Leases

 

Operating lease ROU asset   $ 283,794  
         
Current operating lease liabilities     103,012  
Noncurrent operating lease liabilities     190,637  
Total operating lease liabilities   $ 293,649  

 

    June 30, 2020  
Finance leases:        
Property and equipment, at cost   $ 4,221,481  
Accumulated amortization     (1,869,134 )
Property and equipment, net     2,352,347  
         
Current obligations of finance leases   $ 1,118,564  
Finance leases, net of current obligations,     1,688,956  
Total finance lease liabilities   $ 2,807,520  
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, 2020
 
Cash paid for amounts included in the measurement of lease liabilities:        
Operating cash flows related to operating leases   $ 39,168  
Financing cash flows related to finance leases   $ 401,828  
         
Weighted average remaining lease term (in years):        
Operating leases     1.97  
Finance leases     2.50  
         
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 June 30, 2020 mature as follows:

 

For the Twelve Months Ended June 30,   Operating Leases     Finance Leases  
2021   $ 103,012       1,274,868  
2022     106,102       1,087,567  
2023     109,365       530,376  
2024     9,397       177,552  
2025     -       -  
Total lease payments     327,876       3,070,363  
Less: Amounts representing interest     (34,227 )     (262,843 )
Total lease obligations     293,649       2,807,520  
Less: Current     (103,012 )     (1,118,564 )
    $ 190,637       1,688,956