Quarterly report pursuant to Section 13 or 15(d)

Leases (Tables)

v3.19.2
Leases (Tables)
6 Months Ended
Jun. 30, 2019
Leases [Abstract]  
Schedule of Supplemental Balance Sheet Information Related to Leases

Supplemental balance sheet information related to leases was as follows:

 

Operating Leases:        
Operating lease right-of-use assets   $ 3,750,420  
         
Current portion included in current liabilities   $ 670,055  
Long-term portion included in non-current liabilities     3,080,365  
Total operating lease liabilities   $ 3,750,420  
         
Finance Leases:        
Property and equipment, gross   $ 414,685  
Accumulated depreciation     (166,240 )
Property and equipment, net   $ 248,445  
         
Other current liabilities   $ 90,303  
Other long-term liabilities     158,142  
Total finance lease liabilities   $ 248,445  
Supplemental Lease Expense Related to Leases

Supplemental lease expense related to leases was as follows:

 

    For the Three Months
Ended 6/30/2019
    For the Six Months
Ended 6/30/2019
 
Operating lease expense   $ 319,935     $ 473,566  
                 
Finance lease expense:                
Amortization of right-of-use assets   $ 19,068     $ 38,136  
Interest on lease liabilities     2,930       6,083  
Total finance lease expense   $ 21,998     $ 44,219  
                 
Total lease expense   $ 341,933     $ 517,785  
Schedule of Other Information Related to Leases

Other information related to leases where the Company is the lessee is as follows:

 

    For the Six Months
Ended 6/30/2019
 
Weighted average remaining lease term:        
Operating leases     6.5 years  
Finance leases        
         
Weighted average discount rate:        
Operating leases     2.5 %
Finance leases     4.7 %
Schedule of Supplemental Cash Flow Information Related to Leases

Supplemental cash flow information related to leases was as follows:

 

    For the Three Months
Ended 6/30/2019
    For the Six Months
Ended 6/30/2019
 
Cash paid for amounts included in the measurement of lease liabilities:                
                 
Operating cash flows from operating leases   $ 261,248     $ 509,691  
Operating cash flows from finance leases (interest payments)     2,930       6,083  
Financing cash flows from finance leases     22,576       45,152  
                 
Right-of-use assets obtained in exchange for lease obligations:                
Operating leases   $ 104,537     $ 3,024,084  
Finance leases     -       -  
Schedule of Operating Lease Maturity

Maturities of lease liabilities were as follows:

 

    Operating Leases     Finance Leases  
Remainder of 2019   $ 509,798     $ 50,330  
2020     801,911       91,420  
2021     626,571       70,820  
2022     595,541       40,034  
Thereafter     2,361,431       15,236  
Total lease payments     4,895,252       267,840  
Less: Present value adjustment     (1,144,832 )     (19,395 )
Total liability   $ 3,750,420     $ 248,445