Finance and Operating Lease Obligations (Tables)
|
3 Months Ended |
Mar. 31, 2020 |
|---|
| Leases [Abstract] |
|
| Schedule of Lease-related Assets and Liabilities |
The following table presents our lease-related
assets and liabilities at March 31, 2020 and December 31, 2019:
| |
|
Balance Sheet Classification |
|
March 31, 2020 |
|
|
December 31, 2019 |
|
| Assets: |
|
|
|
|
|
|
|
|
| Operating leases |
|
Right-of-use operating lease assets |
|
$ |
239,701 |
|
|
$ |
274,747 |
|
| Finance leases |
|
Property and equipment, net |
|
|
1,018,711 |
|
|
|
1,119,418 |
|
| |
|
|
|
|
|
|
|
|
|
|
| Total lease assets |
|
|
|
$ |
1,258,412 |
|
|
$ |
1,394,165 |
|
| |
|
|
|
|
|
|
|
|
|
|
| Liabilities: |
|
|
|
|
|
|
|
|
|
|
| Current: |
|
|
|
|
|
|
|
|
|
|
| Operating leases |
|
Right-of-use operating lease assets |
|
$ |
129,714 |
|
|
$ |
116,037 |
|
| Finance leases |
|
Current liabilities |
|
|
1,018,711 |
|
|
|
1,119,418 |
|
| Noncurrent: |
|
|
|
|
|
|
|
|
|
|
| Operating leases |
|
Right-of-use operating lease obligations |
|
|
109,987 |
|
|
|
158,710 |
|
| Finance leases |
|
Long-term debt |
|
|
— |
|
|
|
— |
|
| |
|
|
|
|
|
|
|
|
|
|
| Total lease liabilities |
|
|
|
$ |
1,258,412 |
|
|
$ |
1,394,165 |
|
| |
|
|
|
|
|
|
|
|
|
|
| Weighted-average remaining term: |
|
|
|
|
|
|
|
|
|
|
| Operating leases |
|
|
|
|
1.85 years |
|
|
|
2.02 years |
|
| Finance leases |
|
|
|
|
0.00 years |
|
|
|
0.08 years |
|
| Weighted-average discount rate: |
|
|
|
|
|
|
|
|
|
|
| Operating leases (1) |
|
|
|
|
13.0 |
% |
|
|
13.0 |
% |
| Finance leases |
|
|
|
|
20.1 |
% |
|
|
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 months ended March 31, 2020 and 2019:
| |
|
Three Months Ended
March 31, 2020 |
|
|
Three Months Ended
March 31, 2019 |
|
| Finance lease expense: |
|
|
|
|
|
|
|
|
| Depreciation/amortization of leased assets (1) |
|
$ |
15,810 |
|
|
$ |
(54,349 |
) |
| Interest on lease liabilities |
|
|
46,509 |
|
|
|
3,945 |
|
| Operating leases: |
|
|
|
|
|
|
|
|
| Short-term lease expense (2) |
|
|
115,736 |
|
|
|
87,474 |
|
| |
|
|
|
|
|
|
|
|
| Total lease expense |
|
$ |
178,055 |
|
|
$ |
37,070 |
|
| (1) |
Adjusts depreciation recorded in the three months ended March 31, 2019. |
| (2) |
Expenses are included in general and administrative expenses in our unaudited condensed consolidated statements of operations. |
|
| Schedule of Supplemental Cash Flow Information |
The following table presents supplemental cash
flow information for the three months ended March 31, 2020 and 2019:
| |
|
Three Months
Ended
March 31, 2020 |
|
|
Three Months
Ended
March 31, 2019 |
|
| Cash paid for amounts included in the measurement of lease liabilities: |
|
|
|
|
|
|
|
|
| Operating cash flows for operating leases |
|
$ |
- |
|
|
$ |
76,559 |
|
| Financing cash flows for operating leases |
|
$ |
50,194 |
|
|
$ |
5,993 |
|
| Operating cash flows for finance leases |
|
$ |
9,455 |
|
|
$ |
3,945 |
|
| Financing cash flows for finance leases payments |
|
$ |
100,707 |
|
|
$ |
73,741 |
|
|
| Schedule of Future Minimum Rentals Under Right-to-use Operating and Capital Leases |
Aggregate future minimum lease payments under
right-of-use operating and finance leases are as follows:
| |
|
Right-of-Use |
|
|
|
|
| |
|
Operating Leases |
|
|
Finance Leases |
|
| April 1, 2020 to March 31, 2021 |
|
$ |
134,776 |
|
|
$ |
1,251,922 |
|
| April 1, 2021 to March 31, 2022 |
|
|
110,062 |
|
|
|
- |
|
| April 1, 2022 to March 31, 2023 |
|
|
29,247 |
|
|
|
- |
|
| April 1, 2023 to March 31, 2024 |
|
|
2,438 |
|
|
|
- |
|
| April 1, 2024 to March 31, 2025 |
|
|
- |
|
|
|
- |
|
| Total |
|
|
276,523 |
|
|
|
1,251,922 |
|
| |
|
|
|
|
|
|
|
|
| Less interest |
|
|
(36,822 |
) |
|
|
(233,211 |
) |
| Present value of minimum lease payments |
|
|
239,701 |
|
|
|
1,018,711 |
|
| |
|
|
|
|
|
|
|
|
| Less current portion of lease obligations |
|
|
(129,714 |
) |
|
|
(1,018,711 |
) |
| Lease obligations, net of current portion |
|
$ |
109,987 |
|
|
$ |
- |
|
|