Finance and Operating Lease Obligations (Tables)
|
6 Months Ended |
Jun. 30, 2019 |
Leases [Abstract] |
|
Schedule of Lease-related Assets and Liabilities |
The following table presents our lease-related
assets and liabilities at June 30, 2019:
|
|
Balance Sheet Classification |
|
June 30, 2019 |
|
Assets: |
|
|
|
|
|
|
Operating leases |
|
Right-of-use operating lease assets |
|
$ |
380,769 |
|
Finance leases |
|
Property and equipment, net |
|
|
618,282 |
|
Total lease assets |
|
|
|
$ |
999,051 |
|
|
|
|
|
|
|
|
Liabilities: |
|
|
|
|
|
|
Current: |
|
|
|
|
|
|
Operating leases |
|
Right-of-use operating lease assets |
|
$ |
166,804 |
|
Finance leases |
|
Current liabilities |
|
|
589,541 |
|
Noncurrent: |
|
|
|
|
|
|
Operating leases |
|
Right-of-use operating lease obligations |
|
|
213,965 |
|
Finance leases |
|
Long-term debt |
|
|
28,741 |
|
|
|
|
|
|
|
|
Total lease liabilities |
|
|
|
$ |
999,051 |
|
|
|
|
|
|
|
|
Weighted-average remaining term: |
|
|
|
|
|
|
Operating leases |
|
|
|
|
2.23 years |
|
Finance leases |
|
|
|
|
0.23 years |
|
Weighted-average discount rate: |
|
|
|
|
|
|
Operating leases (1) |
|
|
|
|
13.0 |
% |
Finance leases |
|
|
|
|
5.122 |
% |
(1) |
Upon adoption of the new lease standard, discount rates used for existing operating leases were established at January 1, 2019. |
|
Schedule of Information Related to Lease Expense for Finance and Operating Leases |
The following table presents certain information
related to lease expense for finance and operating leases for the three and six months ended June 30, 2019:
|
|
Three Months Ended
June 30, 2019 |
|
|
Six Months Ended
June 30, 2019 |
|
Finance lease expense: |
|
|
|
|
|
|
|
|
Depreciation/amortization of leased assets (1) |
|
$ |
9,290 |
|
|
$ |
(45,069 |
) |
Interest on lease liabilities |
|
|
1,155 |
|
|
|
5,100 |
|
Operating leases: |
|
|
|
|
|
|
|
|
Short-term lease expense (2) |
|
|
99,927 |
|
|
|
187,401 |
|
Total lease expense |
|
$ |
110,372 |
|
|
$ |
147,432 |
|
(1) |
The depreciation for the six months ended June 30, 2019 has been adjusted for depreciation recorded in the prior year. |
(2) |
Expenses are included in general and administrative expenses in our condensed consolidated statements of operations. |
|
Schedule of Supplemental Cash Flow Information |
The following table presents supplemental cash
flow information for the six months ended June 30, 2019:
|
|
2019 |
|
Cash paid for amounts included in the measurement of lease liabilities: |
|
|
|
|
Operating cash flows for operating leases |
|
$ |
169,109 |
|
Operating cash flows for finance leases |
|
$ |
5,100 |
|
Financing cash flows for finance leases payments |
|
$ |
143,926 |
|
|
Schedule of Future Minimum Rentals Under Right-to-use Operating and Capital Leases |
Aggregate future minimum rentals under right-to-use
operating and finance leases are as follows:
|
|
Right-to-Use Operating Leases |
|
|
Finance Leases |
|
July 1, 2019 to June 30, 2020 |
|
$ |
171,425 |
|
|
$ |
604,080 |
|
July 1, 2020 to June 30, 2021 |
|
|
134,776 |
|
|
|
32,611 |
|
July 1, 2021 to June 30, 2022 |
|
|
110,062 |
|
|
|
- |
|
July 1, 2022 to June 30, 2023 |
|
|
29,247 |
|
|
|
- |
|
July 1, 2023 to June 30, 2024 |
|
|
2,437 |
|
|
|
- |
|
Total |
|
|
447,947 |
|
|
|
636,691 |
|
|
|
|
|
|
|
|
|
|
Less interest |
|
|
(67,178 |
) |
|
|
(18,409 |
) |
Present value of minimum lease payments |
|
|
380,769 |
|
|
|
618,282 |
|
|
|
|
|
|
|
|
|
|
Less current portion of lease obligations |
|
|
(166,804 |
) |
|
|
(589,541 |
) |
Lease obligations, net of current portion |
|
$ |
213,965 |
|
|
$ |
28,741 |
|
|