Finance and Operating Lease Obligations (Tables)
|
6 Months Ended |
Jun. 30, 2020 |
|---|
| Leases [Abstract] |
|
| Schedule of Lease-related Assets and Liabilities |
The following table presents our lease-related
assets and liabilities at June 30, 2020 (unaudited) and December 31, 2019:
| |
|
Balance Sheet Classification |
|
June 30, 2020 |
|
|
December 31, 2019 |
|
| Assets: |
|
|
|
|
(unaudited) |
|
|
|
|
|
| Operating leases |
|
Right-of-use operating lease assets |
|
$ |
394,281 |
|
|
$ |
274,747 |
|
| Finance leases |
|
Property and equipment, net |
|
|
349,987 |
|
|
|
1,119,418 |
|
| |
|
|
|
|
|
|
|
|
|
|
| Total lease assets |
|
|
|
$ |
744,268 |
|
|
$ |
1,394,165 |
|
| |
|
|
|
|
|
|
|
|
|
|
| Liabilities: |
|
|
|
|
|
|
|
|
|
|
| Current: |
|
|
|
|
|
|
|
|
|
|
| Operating leases |
|
Right-of-use operating lease obligations |
|
|
165,924 |
|
|
|
116,037 |
|
| Finance leases |
|
Current liabilities |
|
|
349,987 |
|
|
|
1,119,418 |
|
| Noncurrent: |
|
|
|
|
|
|
|
|
|
|
| Operating leases |
|
Right-of-use operating lease obligations |
|
|
228,357 |
|
|
|
158,710 |
|
| Finance leases |
|
Long-term debt |
|
|
- |
|
|
|
- |
|
| |
|
|
|
|
|
|
|
|
|
|
| Total lease liabilities |
|
|
|
$ |
744,268 |
|
|
$ |
1,394,165 |
|
| |
|
|
|
|
|
|
|
|
|
|
| Weighted-average remaining term: |
|
|
|
|
|
|
|
|
|
|
| Operating leases |
|
|
|
|
2.42 years |
|
|
|
2.02 years |
|
| Finance leases |
|
|
|
|
0 years |
|
|
|
0.08 years |
|
| Weighted-average discount rate: |
|
|
|
|
|
|
|
|
|
|
| Operating leases(1) |
|
|
|
|
13.0 |
% |
|
|
13.0 |
% |
| Finance leases |
|
|
|
|
10.3 |
% |
|
|
5.1 |
% |
| (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, 2020 and 2019:
| |
|
Three Months Ended
June 30, 2020 |
|
|
Three Months Ended
June 30, 2019 |
|
|
Six Months Ended
June 30, 2020 |
|
|
Six Months Ended
June 30, 2019 |
|
| Finance lease expense: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Depreciation/amortization of leased assets (1) |
|
$ |
10,539 |
|
|
$ |
9,290 |
|
|
$ |
26,349 |
|
|
$ |
(45,069 |
) |
| Interest on lease liabilities |
|
|
46,503 |
|
|
|
1,155 |
|
|
|
93,012 |
|
|
|
5,100 |
|
| Operating leases: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Short-term lease expense (2) |
|
|
78,502 |
|
|
|
99,927 |
|
|
|
194,238 |
|
|
|
187,401 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total lease expense |
|
$ |
135,544 |
|
|
$ |
110,372 |
|
|
$ |
313,599 |
|
|
$ |
147,432 |
|
| (1) |
Adjusts depreciation recorded in the six months ended June 30, 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 six months ended June 30, 2020 and 2019:
| |
|
Six Months Ended June 30, 2020 |
|
|
Six Months Ended June 30, 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 |
|
$ |
133,807 |
|
|
$ |
92,550 |
|
| Operating cash flows for finance leases |
|
$ |
9,455 |
|
|
$ |
5,100 |
|
| Financing cash flows for finance leases payments |
|
$ |
100,707 |
|
|
$ |
143,926 |
|
|
| Schedule of Future Minimum Rentals Under Right-to-use Operating and Finance Leases |
Aggregate future minimum lease payments under
right-of-use operating and finance leases are as follows:
| |
|
Right-of-Use Operating Leases |
|
|
Finance Leases |
|
| July 1, 2020 to June 30, 2021 |
|
$ |
207,525 |
|
|
$ |
353,779 |
|
| July 1, 2021 to June 30, 2022 |
|
|
155,687 |
|
|
|
- |
|
| July 1, 2022 to June 30, 2023 |
|
|
99,107 |
|
|
|
- |
|
| July 1, 2023 to June 30, 2024 |
|
|
- |
|
|
|
- |
|
| July 1, 2024 to June 30, 2025 |
|
|
- |
|
|
|
- |
|
| Total |
|
|
462,319 |
|
|
|
353,779 |
|
| |
|
|
|
|
|
|
|
|
| Less interest |
|
|
(68,038 |
) |
|
|
(3,792 |
) |
| Present value of minimum lease payments |
|
$ |
394,281 |
|
|
$ |
349,987 |
|
|