Finance and Operating Lease Obligations (Tables)
|
9 Months Ended |
Sep. 30, 2020 |
|---|
| Leases [Abstract] |
|
| Schedule of Lease-related Assets and Liabilities |
The following table presents our lease-related
assets and liabilities at September 30, 2020 (unaudited) and December 31, 2019:
| |
|
Balance Sheet Classification |
|
September 30, 2020 |
|
|
December 31, 2019 |
|
| |
|
|
|
|
(unaudited) |
|
|
|
|
|
| Assets: |
|
|
|
|
|
|
|
|
|
|
| Operating leases |
|
Right-of-use operating lease assets |
|
$ |
1,030,021 |
|
|
$ |
88,905 |
|
| Finance leases |
|
Property and equipment, net |
|
|
249,985 |
|
|
|
1,119,418 |
|
| |
|
|
|
|
|
|
|
|
|
|
| Total lease assets |
|
|
|
$ |
1,280,006 |
|
|
$ |
1,208,323 |
|
| |
|
|
|
|
|
|
|
|
|
|
| Liabilities: |
|
|
|
|
|
|
|
|
|
|
| Current: |
|
|
|
|
|
|
|
|
|
|
| Operating leases |
|
Right-of-use operating lease obligations |
|
$ |
152,609 |
|
|
$ |
30,311 |
|
| Finance leases |
|
Current liabilities |
|
|
249,985 |
|
|
|
1,119,418 |
|
| Noncurrent: |
|
|
|
|
|
|
|
|
|
|
| Operating leases |
|
Right-of-use operating lease obligations |
|
|
877,412 |
|
|
|
58,594 |
|
| |
|
|
|
|
|
|
|
|
|
|
| Total lease liabilities |
|
|
|
$ |
1,280,006 |
|
|
$ |
1,208,323 |
|
| |
|
|
|
|
|
|
|
|
|
|
| Weighted-average remaining term: |
|
|
|
|
|
|
|
|
|
|
| Operating leases |
|
|
|
|
4.39 years |
|
|
|
2.96 years |
|
| Finance leases |
|
|
|
|
0 years |
|
|
|
0.08 years |
|
| Weighted-average discount rate: |
|
|
|
|
|
|
|
|
|
|
| Operating leases |
|
|
|
|
13.0 |
% |
|
|
13.0 |
% |
| Finance leases |
|
|
|
|
4.9 |
% |
|
|
5.1 |
% |
|
| 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, 2020 and 2019:
| |
|
Three Months Ended September 30, 2020 |
|
|
Three Months Ended September 30, 2019 |
|
|
Nine Months Ended September 30, 2020 |
|
|
Nine Months Ended September 30, 2019 |
|
| Finance lease expense: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Depreciation/amortization of leased assets (1) |
|
$ |
- |
|
|
$ |
15,004 |
|
|
$ |
26,349 |
|
|
$ |
(30,055 |
) |
| Interest on lease liabilities |
|
|
- |
|
|
|
704 |
|
|
|
9,455 |
|
|
|
5,804 |
|
| Operating leases: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Short-term lease expense (2) |
|
|
49,196 |
|
|
|
42,221 |
|
|
|
219,138 |
|
|
|
178,795 |
|
| Total lease expense |
|
$ |
49,196 |
|
|
$ |
57,929 |
|
|
$ |
254,942 |
|
|
$ |
154,544 |
|
| (1) |
Adjusts depreciation recorded in the nine months ended September 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 nine months ended September 30, 2020 and 2019:
| |
|
Nine Months Ended September 30, 2020 |
|
|
Nine Months Ended September 30, 2019 |
|
| Cash paid for amounts included in the measurement of lease liabilities: |
|
|
|
|
|
|
|
|
| Operating cash flows for operating leases |
|
$ |
- |
|
|
$ |
118,512 |
|
| Financing cash flows for operating leases |
|
$ |
98,374 |
|
|
$ |
41,953 |
|
| Operating cash flows for finance leases |
|
$ |
9,455 |
|
|
$ |
5,800 |
|
| Financing cash flows for finance leases payments |
|
$ |
200,709 |
|
|
$ |
143,930 |
|
|
| 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 |
|
| October 1, 2020 to September 30, 2021 |
|
$ |
277,940 |
|
|
$ |
253,776 |
|
| October 1, 2021 to September 30, 2022 |
|
|
337,357 |
|
|
|
- |
|
| October 1, 2022 to September 30, 2023 |
|
|
307,082 |
|
|
|
- |
|
| October 1, 2023 to September 30, 2024 |
|
|
217,839 |
|
|
|
- |
|
| October 1, 2024 to September 30, 2025 |
|
|
223,795 |
|
|
|
- |
|
| Thereafter |
|
|
18,650 |
|
|
|
|
|
| Total |
|
|
1,382,663 |
|
|
|
253,776 |
|
| |
|
|
|
|
|
|
|
|
| Less interest |
|
|
(352,642 |
) |
|
|
(3,791 |
) |
| Present value of minimum lease payments |
|
$ |
1,030,021 |
|
|
$ |
249,985 |
|
| |
|
|
|
|
|
|
|
|
| Less current portion of lease obligations |
|
|
(152,609 |
) |
|
|
(249,985 |
) |
| Lease obligations, net of current portion |
|
$ |
877,412 |
|
|
$ |
- |
|
|