Finance and Operating Lease Obligations (Tables)
|
9 Months Ended |
Sep. 30, 2021 |
|---|
| Finance And Operating Lease Obligations |
|
| Schedule of Lease-related Assets and Liabilities |
The
following table presents our lease-related assets and liabilities at September 30, 2021 (unaudited) and December 31, 2020:
Schedule
of Lease-related Assets and Liabilities
| |
|
Balance Sheet Classification |
|
September 30, 2021
|
|
|
December 31, 2020
|
|
| |
|
|
|
|
|
|
|
|
| Assets: |
|
|
|
|
|
|
|
|
|
|
| Operating leases |
|
Right-of-use operating lease assets |
|
$ |
877,412 |
|
|
$ |
1,000,272 |
|
| Finance leases |
|
Property and equipment, net |
|
|
220,461 |
|
|
|
249,985 |
|
| |
|
|
|
|
|
|
|
|
|
|
| Total lease assets |
|
|
|
$ |
1,097,873 |
|
|
$ |
1,250,257 |
|
| |
|
|
|
|
|
|
|
|
|
|
| Liabilities: |
|
|
|
|
|
|
|
|
|
|
| Current: |
|
|
|
|
|
|
|
|
|
|
| Operating leases |
|
Right-of-use operating lease obligations |
|
$ |
237,026 |
|
|
$ |
172,952 |
|
| Finance leases |
|
Current liabilities |
|
|
220,461 |
|
|
|
249,985 |
|
| Noncurrent: |
|
|
|
|
|
|
|
|
|
|
| Operating leases |
|
Right-of-use operating lease obligations |
|
|
640,386 |
|
|
|
827,320 |
|
| |
|
|
|
|
|
|
|
|
|
|
| Total lease liabilities |
|
|
|
$ |
1,097,873 |
|
|
$ |
1,250,257 |
|
| |
|
|
|
|
|
|
|
|
|
|
| Weighted-average remaining term: |
|
|
|
|
|
|
|
|
|
|
| Operating leases |
|
|
|
|
3.50 years |
|
|
|
4.17 years |
|
| Finance leases |
|
|
|
|
0 years |
|
|
|
0 years |
|
| Weighted-average discount rate: |
|
|
|
|
|
|
|
|
|
|
| Operating leases |
|
|
|
|
13.0 |
% |
|
|
13.0 |
% |
| Finance leases |
|
|
|
|
4.9 |
% |
|
|
4.9 |
% |
|
| 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 and nine
months ended September 30, 2021 and 2020:
Schedule
of Information Related to Lease Expense for Finance and Operating Leases
| |
|
|
Three Months
Ended
September 30,
2021
|
|
|
|
Three Months
Ended
September 30,
2020
|
|
|
|
Nine
Months
Ended
September 30,
2021
|
|
|
|
Nine Months
Ended
September 30,
2020
|
|
| Finance
lease expense: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Depreciation/amortization
of leased assets |
|
$ |
- |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
26,349 |
|
| Interest
on lease liabilities |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
9,455 |
|
| Operating
leases: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Short-term
lease expense (1) |
|
|
44,342 |
|
|
|
49,196 |
|
|
|
151,025 |
|
|
|
219,138 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total
lease expense |
|
$ |
44,342 |
|
|
$ |
49,196 |
|
|
$ |
151,025 |
|
|
$ |
254,942 |
|
| (1) |
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 nine months ended September 30, 2021 and 2020:
Schedule
of Supplemental Cash Flow Information
| |
|
Nine Months
Ended
September 30,
2021
|
|
|
Nine Months
Ended
September 30,
2020
|
|
| Cash paid for amounts included in the measurement of lease liabilities: |
|
|
|
|
|
|
|
|
| Operating cash flows for operating leases |
|
$ |
168,923 |
|
|
$ |
98,374 |
|
| Operating cash flows for finance leases |
|
|
- |
|
|
|
9,455 |
|
| Financing cash flows for finance lease payments |
|
|
29,524 |
|
|
|
200,709 |
|
|
| 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:
Schedule
of Future Minimum Rentals Under Right-to-use Operating and Finance Leases
| |
|
Right-of-Use
Operating
Leases
|
|
|
Finance
Leases
|
|
| Twelve months ended September 30, 2022 |
|
$ |
337,357 |
|
|
$ |
224,252 |
|
| Twelve months ended September 30, 2023 |
|
|
307,082 |
|
|
|
- |
|
| Twelve months ended September 30, 2024 |
|
|
217,839 |
|
|
|
- |
|
| Twelve months ended September 30, 2025 |
|
|
223,795 |
|
|
|
- |
|
| Twelve months ended September 30, 2026 |
|
|
18,650 |
|
|
|
- |
|
| Thereafter |
|
|
- |
|
|
|
- |
|
| Total |
|
|
1,104,723 |
|
|
|
224,252 |
|
| |
|
|
|
|
|
|
|
|
| Less interest |
|
|
- |
|
|
|
- |
|
| Present value of minimum lease payments |
|
$ |
1,104,723 |
|
|
$ |
224,252 |
|
| |
|
|
|
|
|
|
|
|
| Less current portion of lease obligations |
|
|
(227,311 |
) |
|
|
(3,791 |
) |
| Lease obligations, net of current portion |
|
$ |
877,412 |
|
|
$ |
220,461 |
|
|