Finance and Operating Lease Obligations (Tables)
|
12 Months Ended |
Dec. 31, 2020 |
|---|
| Leases [Abstract] |
|
| Schedule of Lease-related Assets and Liabilities |
The following table presents our lease-related assets
and liabilities at December 31, 2020 and December 31, 2019:
| |
|
Balance Sheet Classification |
|
December 31, 2020 |
|
|
December 31, 2019 |
|
| |
|
|
|
|
|
|
|
|
|
|
| Assets: |
|
|
|
|
|
|
|
|
|
|
| Operating leases |
|
Right-of-use operating lease assets |
|
$ |
1,000,272 |
|
|
$ |
88,905 |
|
| Finance leases |
|
Property and equipment, net |
|
|
249,985 |
|
|
|
1,119,418 |
|
| |
|
|
|
|
|
|
|
|
|
|
| Total lease assets |
|
|
|
$ |
1,250,257 |
|
|
$ |
1,208,323 |
|
| |
|
|
|
|
|
|
|
|
|
|
| Liabilities: |
|
|
|
|
|
|
|
|
|
|
| Current: |
|
|
|
|
|
|
|
|
|
|
| Operating leases |
|
Right-of-use operating lease obligations |
|
$ |
172,952 |
|
|
$ |
30,311 |
|
| Finance leases |
|
Current liabilities |
|
|
249,985 |
|
|
|
1,119,418 |
|
| Noncurrent: |
|
|
|
|
|
|
|
|
|
|
| Operating leases |
|
Right-of-use operating lease obligations |
|
|
827,320 |
|
|
|
58,594 |
|
| |
|
|
|
|
|
|
|
|
|
|
| Total lease liabilities |
|
|
|
$ |
1,250,257 |
|
|
$ |
1,208,323 |
|
| |
|
|
|
|
|
|
|
|
|
|
| Weighted-average remaining term: |
|
|
|
|
|
|
|
|
|
|
| Operating leases |
|
|
|
|
4.17 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 years ended December 31, 2020 and 2019:
| |
|
Year Ended December 31, 2020 |
|
|
Year Ended December 31, 2019 |
|
| Finance lease expense: |
|
|
|
|
|
|
|
|
| Depreciation/amortization of leased assets (1) |
|
$ |
26,349 |
|
|
$ |
(11,828 |
) |
| Interest on lease liabilities |
|
|
9,455 |
|
|
|
5,804 |
|
| Operating leases: |
|
|
|
|
|
|
|
|
| Short-term lease expense (2) |
|
|
169,465 |
|
|
|
248,146 |
|
| Total lease expense |
|
$ |
205,269 |
|
|
$ |
242,122 |
|
| (1) |
Adjusts depreciation recorded in the prior year. |
| (2) |
Expenses are included in general and administrative expenses in the consolidated statements of operations. |
|
| Schedule of Supplemental Cash Flow Information |
The following table presents supplemental cash flow
information for the years ended December 31, 2020 and 2019:
| |
|
Year Ended
December 31, 2020
|
|
|
Year Ended
December 31, 2019
|
|
| Cash paid for amounts included in the measurement of lease liabilities: |
|
|
|
|
|
|
|
|
| Financing cash flows for operating leases |
|
$ |
137,847 |
|
|
$ |
53,939 |
|
| Operating cash flows for finance leases |
|
$ |
9,455 |
|
|
$ |
- |
|
| Financing cash flows for finance lease payments |
|
$ |
200,709 |
|
|
$ |
143,931 |
|
|
| 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
|
|
| January 1, 2021 to December 31, 2021 |
|
$ |
293,829 |
|
|
$ |
253,776 |
|
| January 1, 2022 to December 31, 2022 |
|
|
339,538 |
|
|
|
- |
|
| January 1, 2023 to December 31, 2023 |
|
|
275,176 |
|
|
|
- |
|
| January 1, 2024 to December 31, 2024 |
|
|
219,463 |
|
|
|
- |
|
| January 1, 2025 to December 31, 2025 |
|
|
191,809 |
|
|
|
- |
|
| Thereafter |
|
|
|
|
|
|
|
|
| Total |
|
|
1,319,815 |
|
|
|
253,776 |
|
| |
|
|
|
|
|
|
|
|
| Less interest |
|
|
(319,543 |
) |
|
|
(3,791 |
) |
| Present value of minimum lease payments |
|
$ |
1,000,272 |
|
|
$ |
249,985 |
|
| |
|
|
|
|
|
|
|
|
| Less current portion of lease obligations |
|
|
(172,952 |
) |
|
|
(249,985 |
) |
| Lease obligations, net of current portion |
|
$ |
827,320 |
|
|
$ |
- |
|
|