Quarterly report pursuant to Section 13 or 15(d)

Finance and Operating Lease Obligations (Tables)

v3.19.3.a.u2
Finance and Operating Lease Obligations (Tables)
 9 Months Ended
Sep. 30, 2019
Leases [Abstract]  
Schedule of Lease-related Assets and Liabilities

The following table presents our lease-related assets and liabilities at September 30, 2019:

 

    Balance Sheet Classification   September 30, 2019  
Assets:            
Operating leases   Right-of-use operating lease assets   $ 328,615  
Finance leases   Property and equipment, net     618,278  
Total lease assets       $ 946,893  
             
Liabilities:            
Current:            
Operating leases   Right-of-use operating lease assets   $ 141,830  
Finance leases   Current liabilities     589,457  
Noncurrent:            
Operating leases   Right-of-use operating lease obligations     186,785  
Finance leases   Long-term debt     28,821  
             
Total lease liabilities       $ 946,893  
             
Weighted-average remaining term:            
Operating leases         1.98 years  
Finance leases         0.19 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 nine months ended September 30, 2019:

 

   

Three Months Ended

September 30, 2019

     Nine Months Ended
September 30, 2019		  
Finance lease expense:                
Depreciation/amortization of leased assets (1)   $ 15,004     $ (30,055 )
Interest on lease liabilities     704       5,804  
Operating leases:                
Short-term lease expense (2)     76,312       263,713  
Total lease expense   $ 92,020     $ 239,462  

 

(1) The depreciation for the nine months ended September 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 nine months ended September 30, 2019:

 

    2019  
Cash paid for amounts included in the measurement of lease liabilities:        
Operating cash flows for operating leases   $ 214,357  
Operating cash flows for finance leases   $ 5,800  
Financing cash flows for finance leases payments   $ 143,930  

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  
October 1, 2019 to September 30, 2020   $ 107,457     $ 604,080  
October 1, 2020 to September 30, 2021     134,776       32,611  
October 1, 2021 to September 30, 2022     110,062       —  
October 1, 2022 to September 30, 2023     29,247       —  
October 1, 2023 to September 30, 2024     2,437       —  
Total     383,979       636,691  
                 
Less interest     (55,364 )     (18,413 )
Present value of minimum lease payments     328,615       618,278  
                 
Less current portion of lease obligations     (141,830 )     (589,457 )
Lease obligations, net of current portion   $ 186,785     $ 28,821