Finance and Operating Lease Obligations (Tables)
|
12 Months Ended |
Dec. 31, 2019 |
|---|
| Leases [Abstract] |
|
| Schedule of Lease-related Assets and Liabilities |
The following table presents our lease-related
assets and liabilities at December 31, 2019:
| |
|
Balance Sheet Classification |
|
December 31, 2019 |
|
| Assets: |
|
|
|
|
|
|
| Operating leases |
|
Right-of-use operating lease assets |
|
$ |
274,747 |
|
| Finance leases |
|
Property and equipment, net |
|
|
1,119,418 |
|
| Total lease assets |
|
|
|
$ |
1,394,165 |
|
| |
|
|
|
|
|
|
| Liabilities: |
|
|
|
|
|
|
| Current: |
|
|
|
|
|
|
| Operating leases |
|
Right-of-use operating lease assets |
|
$ |
116,037 |
|
| Finance leases |
|
Current liabilities |
|
|
1,119,418 |
|
| Noncurrent: |
|
|
|
|
|
|
| Operating leases |
|
Right-of-use operating lease obligations |
|
|
158,710 |
|
| Finance leases |
|
Long-term debt |
|
|
— |
|
| |
|
|
|
|
|
|
| Total lease liabilities |
|
|
|
$ |
1,394,165 |
|
| |
|
|
|
|
|
|
| Weighted-average remaining term: |
|
|
|
|
|
|
| Operating leases |
|
|
|
|
2.02 years |
|
| Finance leases |
|
|
|
|
0.08 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 Capital Lease Obligations |
Equipment leased under finance leases consisted
of the following:
| |
|
December 31, |
|
|
December 31, |
|
| |
|
2019 |
|
|
2018 |
|
| |
|
|
|
|
|
|
| Medical equipment |
|
$ |
742,745 |
|
|
$ |
742,745 |
|
| Less accumulated depreciation (1) |
|
|
(711,490 |
) |
|
|
(723,318 |
) |
| |
|
|
|
|
|
|
|
|
| Net |
|
$ |
31,255 |
|
|
$ |
19,427 |
|
|
| 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 year ended December 31, 2019:
| |
|
Year Ended
December 31, 2019 |
|
| Finance lease expense: |
|
|
|
|
| Depreciation/amortization of leased assets (1) |
|
$ |
(11,827 |
) |
| Interest on lease liabilities |
|
|
184,997 |
|
| Operating leases: |
|
|
|
|
| Short-term lease expense (2) |
|
|
356,075 |
|
| Total lease expense |
|
$ |
529,245 |
|
| (1) |
The depreciation for the year ended December 31, 2019 has been adjusted for depreciation recorded in the prior year. |
| (2) |
Expenses are included in general and administrative expenses in our consolidated statements of operations. |
|
| Schedule of Supplemental Cash Flow Information |
The following table presents supplemental cash
flow information for year ended December 31, 2019:
| |
|
2019 |
|
| Cash paid for amounts included in the measurement of lease liabilities: |
|
|
|
|
| Operating cash flows for operating leases |
|
$ |
246,033 |
|
| Operating cash flows for finance leases |
|
$ |
— |
|
| Financing cash flows for finance lease payments |
|
$ |
143,931 |
|
|
| Schedule of Future Minimum Rentals Under Right-to-use Operating and Capital Leases |
Aggregate future minimum rentals under right-of-use
operating and finance leases are as follows:
| |
|
Right-of-Use |
|
|
|
|
| |
|
Operating Leases |
|
|
Finance Leases |
|
| January 1, 2020 to December 31, 2020 |
|
$ |
144,422 |
|
|
$ |
1,316,564 |
|
| January 1, 2021 to December 31, 2021 |
|
|
136,592 |
|
|
|
— |
|
| January 1, 2022 to December 31, 2022 |
|
|
29,247 |
|
|
|
— |
|
| January 1, 2023 to December 31, 2023 |
|
|
9,749 |
|
|
|
— |
|
| January 1, 2024 to December 31, 2024 |
|
|
— |
|
|
|
— |
|
| Total |
|
|
320,010 |
|
|
|
1,316,564 |
|
| |
|
|
|
|
|
|
|
|
| Less interest |
|
|
(45,264 |
) |
|
|
(197,146 |
) |
| Present value of minimum lease payments |
|
|
274,747 |
|
|
|
1,119,418 |
|
| |
|
|
|
|
|
|
|
|
| Less current portion of lease obligations |
|
|
(116,037 |
) |
|
|
(1,119,418 |
) |
| Lease obligations, net of current portion |
|
$ |
158,710 |
|
|
$ |
0 |
|
|