Lease (Tables)
|
9 Months Ended |
Sep. 30, 2019 |
|---|
| Leases [Abstract] |
|
| Components of lease expense |
The
components of lease expense were as follows:
| |
|
Nine Months Ended
September 30, 2019 |
| Finance lease: |
|
|
|
|
| Amortization of assets, included in depreciation and amortization expense |
|
$ |
509,647 |
|
| Interest on lease liabilities, included in interest expense |
|
|
129,953 |
|
| Operating lease: |
|
|
|
|
| Amortization of assets, included in total operating expense |
|
|
50,987 |
|
| Interest on lease liabilities, included in total operating expense |
|
|
17,899 |
|
| Total net lease cost |
|
$ |
708,476 |
|
|
| 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 |
|
$ |
102,938 |
|
| Operating lease ROU asset – long term |
|
|
241,778 |
|
| Total operating lease ROU asset |
|
$ |
344,716 |
|
| |
|
|
|
|
| Current operating lease liabilities |
|
|
100,730 |
|
| Noncurrent operating lease liabilities |
|
|
251,618 |
|
| Total operating lease liabilities |
|
$ |
352,348 |
|
| |
|
September 30, 2019 |
| Finance leases: |
|
|
|
|
| Property and equipment, at cost |
|
$ |
3,596,400 |
|
| Accumulated amortization |
|
|
1,411,966 |
|
| Property and equipment, net |
|
|
2,184,434 |
|
| |
|
|
|
|
| Current obligations of finance leases, |
|
$ |
799,870 |
|
| Finance leases, net of current obligations, |
|
|
1,942,159 |
|
| Total finance lease liabilities |
|
$ |
2,742,029 |
|
|
| Supplemental cash flow and other information related to leases |
Supplemental
cash flow and other information related to leases was as follows:
| |
|
Nine
Months Ended
September 30, 2019
|
| Cash paid for amounts included in the measurement
of lease liabilities: |
|
|
|
|
| Operating cash flows related
to operating leases |
|
$ |
7,632 |
|
| Financing cash flows related to finance leases |
|
$ |
546,773 |
|
| |
|
|
|
|
| Weighted average remaining lease term (in years): |
|
|
|
|
| Operating leases |
|
|
8.42 |
|
| Finance leases |
|
|
3.01 |
|
| |
|
|
|
|
| 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 September 30, 2019 mature as follows:
| For the Twelve months ending September 30, |
|
Operating Leases |
|
Finance Leases |
| 2020 |
|
$ |
100,730 |
|
|
$ |
939,972 |
|
| 2021 |
|
|
103,752 |
|
|
|
939,972 |
|
| 2022 |
|
|
106,865 |
|
|
|
719,010 |
|
| 2023 |
|
|
92,510 |
|
|
|
355,104 |
|
| 2024 |
|
|
— |
|
|
|
88,776 |
|
| Total lease payments |
|
|
403,857 |
|
|
|
3,042,834 |
|
| Less: Amounts representing interest |
|
|
(51,509 |
) |
|
|
(300,805 |
) |
| Total lease obligations |
|
$ |
352,348 |
|
|
$ |
2,742,029 |
|
|