Finance and Operating Lease Obligations (Tables)
|
3 Months Ended |
Mar. 31, 2021 |
|---|
| Leases [Abstract] |
|
| Schedule of Lease-related Assets and Liabilities |
The following table presents our lease-related assets
and liabilities at March 31, 2021 and December 31, 2020:
| |
|
Balance Sheet Classification |
|
|
March 31,
2021
|
|
|
December 31,
2020
|
|
| |
|
|
|
|
|
|
|
|
|
| Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
| Operating leases |
|
Right-of-use operating lease assets |
|
|
$ |
958,745 |
|
|
$ |
1,000,272 |
|
| Finance leases |
|
Property and equipment, net |
|
|
|
249,985 |
|
|
|
249,985 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Total lease assets |
|
|
|
|
|
$ |
1,208,730 |
|
|
$ |
1,250,257 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
| Current: |
|
|
|
|
|
|
|
|
|
|
|
|
| Operating leases |
|
Right-of-use operating lease obligations |
|
|
$ |
195,454 |
|
|
$ |
172,952 |
|
| Finance leases |
|
Current liabilities |
|
|
|
249,985 |
|
|
|
249,985 |
|
| Noncurrent: |
|
|
|
|
|
|
|
|
|
|
|
|
| Operating leases |
|
Right-of-use operating lease obligations |
|
|
|
763,291 |
|
|
|
827,320 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Total lease liabilities |
|
|
|
|
|
$ |
1,208,730 |
|
|
$ |
1,250,257 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Weighted-average remaining term: |
|
|
|
|
|
|
|
|
|
|
|
|
| Operating leases |
|
|
|
|
|
|
3.96 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 ended March 31, 2021 and 2020:
| |
|
Three Months Ended
March 31, 2021
|
|
|
Three Months Ended
March 31, 2020
|
|
| Finance lease expense: |
|
|
|
|
|
|
|
|
| Depreciation/amortization of leased assets |
|
$ |
- |
|
|
$ |
15,810 |
|
| Interest on lease liabilities |
|
|
- |
|
|
|
46,509 |
|
| Operating leases: |
|
|
|
|
|
|
|
|
| Short-term lease expense (1) |
|
|
72,650 |
|
|
|
100,706 |
|
| Total lease expense |
|
$ |
72,650 |
|
|
$ |
163,025 |
|
| (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 three months ended March 31, 2021 and 2020:
| |
|
Three Months Ended
March 31, 2021
|
|
|
Three Months Ended
March 31, 2020
|
|
| Cash paid for amounts included in the measurement of lease liabilities: |
|
|
|
|
|
|
|
|
| Operating cash flows for operating leases obligations |
|
$ |
34,861 |
|
|
$ |
18,000 |
|
| Operating cash flows for finance leases |
|
$ |
- |
|
|
$ |
9,455 |
|
| Financing cash flows for finance lease payments |
|
$ |
- |
|
|
$ |
100,707 |
|
|
| 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
|
|
| April 1, 2021 to March 31, 2022 |
|
$ |
309,718 |
|
|
$ |
253,776 |
|
| April 1, 2022 to March 31, 2023 |
|
|
341,718 |
|
|
|
- |
|
| April 1, 2023 to March 31, 2024 |
|
|
243,270 |
|
|
|
- |
|
| April 1, 2024 to March 31, 2025 |
|
|
221,088 |
|
|
|
- |
|
| April 1, 2025 to March 31, 2026 |
|
|
130,547 |
|
|
|
- |
|
| Thereafter |
|
|
|
|
|
|
|
|
| Total |
|
|
1,246,341 |
|
|
|
253,776 |
|
| |
|
|
|
|
|
|
|
|
| Less interest |
|
|
(287,595 |
) |
|
|
(3,791 |
) |
| Present value of minimum lease payments |
|
|
958,746 |
|
|
|
249,985 |
|
| |
|
|
|
|
|
|
|
|
| Less current portion of lease obligations |
|
|
(195,454 |
) |
|
|
(249,985 |
) |
| Lease obligations, net of current portion |
|
$ |
763,292 |
|
|
$ |
- |
|
|