Quarterly report pursuant to Section 13 or 15(d)

Leases (Tables)

v3.21.2
Leases (Tables)
6 Months Ended
Jun. 30, 2021
Leases [Abstract]  
Components of lease expense
   
    Six Months Ended
June 30, 2021
Finance leases:        
Amortization of assets, included in depreciation and amortization expense   $ 677,505  
Interest on lease liabilities, included in interest expense     102,539  
Operating lease:        
Amortization of assets, included in total operating expense     51,762  
Interest on lease liabilities, included in total operating expense     8,197  
Total net lease cost   $ 840,000  
         
Supplemental balance sheet information related to leases was as follows        
         
Operating Leases        
         
Operating lease ROU asset   $ 198,549  
         
Current operating lease liabilities     106,102  
Noncurrent operating lease liabilities     102,407  
Total operating lease liabilities   $ 208,509  

 

 

    June 30, 2021
Finance leases:        
Property and equipment, at cost   $ 4,416,665  
Accumulated amortization     (2,516,643 )
Property and equipment, net     1,900,022  
         
Current obligations of finance leases   $ 1,147,355  
Finance leases, net of current obligations     765,102  
Total finance lease liabilities   $ 1,912,457  
Supplemental balance sheet information related to leases
   
    Six Months Ended June 30, 2021
Cash paid for amounts included in the measurement of lease liabilities:        
Operating cash flows related to operating leases   $ 43,362  
Financing cash flows related to finance leases   $ 677,505  
         
Weighted average remaining lease term (in years):        
Operating leases     1.22  
Finance leases     1.82  
         
Weighted average discount rate:        
Operating leases     7 %
Finance leases     6 %
Long-term obligations under the operating and Finance leases
       
For the Twelve Months Ended June 30,   Operating Leases   Finance Leases
2022   $ 106,102       1,209,750  
2023     109,365       622,949  
2024     9,395       242,341  
Total lease payments     224,863       2,075,040  
Less: Amounts representing interest     (16,354 )     (162,584 )
Total lease obligations     208,509       1,912,457  
Less: Current     (106,102 )     (1,273,587 )
    $ 102,407     $ 765,102