Finance and Operating Lease Obligations (Tables)
|
6 Months Ended |
Jun. 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 June 30, 2021 and December 31, 2020:
Schedule of Lease-related Assets and Liabilities
| |
|
Balance Sheet Classification |
|
June 30, 2021
|
|
|
December 31, 2020
|
|
| |
|
|
|
|
|
|
|
|
| Assets: |
|
|
|
|
|
|
|
|
|
|
| Operating leases |
|
Right-of-use operating lease assets |
|
$ |
910,541 |
|
|
$ |
1,000,272 |
|
| Finance leases |
|
Property and equipment, net |
|
|
249,985 |
|
|
|
249,985 |
|
| |
|
|
|
|
|
|
|
|
|
|
| Total lease assets |
|
|
|
$ |
1,160,526 |
|
|
$ |
1,250,257 |
|
| |
|
|
|
|
|
|
|
|
|
|
| Liabilities: |
|
|
|
|
|
|
|
|
|
|
| Current: |
|
|
|
|
|
|
|
|
|
|
| Operating leases |
|
Right-of-use operating lease obligations |
|
$ |
217,937 |
|
|
$ |
172,952 |
|
| Finance leases |
|
Current liabilities |
|
|
249,985 |
|
|
|
249,985 |
|
| Noncurrent: |
|
|
|
|
|
|
|
|
|
|
| Operating leases |
|
Right-of-use operating lease obligations |
|
|
692,604 |
|
|
|
827,320 |
|
| |
|
|
|
|
|
|
|
|
|
|
| Total lease liabilities |
|
|
|
$ |
1,160,526 |
|
|
$ |
1,250,257 |
|
| |
|
|
|
|
|
|
|
|
|
|
| Weighted-average remaining term: |
|
|
|
|
|
|
|
|
|
|
| Operating leases |
|
|
|
|
3.92 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 six months
ended June 30, 2021 and 2020:
Schedule of Information Related to Lease Expense for Finance and Operating Leases
| |
|
|
Three Months Ended June 30, 2021 |
|
|
|
Three Months Ended June 30, 2020 |
|
|
|
Six Months Ended June 30, 2021 |
|
|
|
Six Months Ended June 30, 2020 |
|
| Finance lease expense: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Finance
lease expense: Depreciation/amortization of leased assets |
|
$ |
- |
|
|
$ |
10,539 |
|
|
$ |
- |
|
|
$ |
26,349 |
|
|
Finance
lease expense: Interest on lease liabilities |
|
|
- |
|
|
|
46,503 |
|
|
|
- |
|
|
|
93,012 |
|
| Operating leases: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
leases: Short-term lease expense (1)
|
|
|
34,033 |
|
|
|
69,235 |
|
|
|
106,583 |
|
|
|
169,942 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total lease expense |
|
$ |
34,033 |
|
|
$ |
126,277 |
|
|
$ |
106,693 |
|
|
$ |
289,303 |
|
| (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 six months ended June 30, 2021 and 2020:
Schedule of Supplemental Cash Flow Information
| |
|
Six
Months Ended
June 30, 2021 |
|
|
Six
Months Ended
June 30, 2020 |
|
| Cash paid for amounts included in the measurement of
lease liabilities: |
|
|
|
|
|
|
|
|
| Operating cash flows for operating leases |
|
$ |
102,152 |
|
|
$ |
73,812 |
|
| Operating cash flows for finance leases |
|
|
- |
|
|
|
9,455 |
|
| Financing cash flows for finance leases 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:
Schedule of Future Minimum Rentals Under Right-to-use Operating and Finance Leases
| |
|
Right-of-Use Operating Leases |
|
|
Finance Leases |
|
| Twelve months ended June 30, 2022 |
|
$ |
314,807 |
|
|
$ |
253,776 |
|
| Twelve months ended June 30, 2023 |
|
|
339,024 |
|
|
|
- |
|
| Twelve months ended June 30, 2024 |
|
|
216,239 |
|
|
|
- |
|
| Twelve months ended June 30, 2025 |
|
|
222,712 |
|
|
|
- |
|
| Twelve months ended June 30, 2026 |
|
|
74,598 |
|
|
|
- |
|
| Thereafter |
|
|
- |
|
|
|
- |
|
| Total |
|
|
1,167,380 |
|
|
|
253,776 |
|
| |
|
|
|
|
|
|
|
|
| Less interest |
|
|
(256,839 |
) |
|
|
(3,791 |
) |
| Present value of minimum lease payments |
|
$ |
910,541 |
|
|
$ |
249,985 |
|
| |
|
|
|
|
|
|
|
|
| Less current portion of lease obligations |
|
|
(217,937 |
) |
|
|
(249,985 |
) |
| Lease obligations, net of current portion |
|
$ |
692,604 |
|
|
$ |
- |
|
|