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Leases (Tables)
3 Months Ended
Mar. 31, 2019
Leases [Abstract]  
Schedule of ROU Assets and Lease Liabilities

The following table presents the Company’s ROU assets and lease liabilities as of March 31, 2019:

 

Lease Classification

 

 

 

 

March 31, 2019

 

ROU Assets:

 

 

 

 

 

 

 

Operating

 

 

 

 

$

1,546,155

 

Financing

 

 

 

 

 

961,418

 

Total ROU assets

 

 

 

 

$

2,507,573

 

Liabilities

 

 

 

 

 

 

 

Current:

 

 

 

 

 

 

 

Operating

 

 

 

 

$

930,887

 

Finance

 

 

 

 

 

492,300

 

Noncurrent:

 

 

 

 

 

 

 

Operating

 

 

 

 

 

1,322,696

 

Finance

 

 

 

 

 

452,089

 

Total lease liabilities

 

 

 

 

$

3,197,972

 

Schedule of Maturities of Lease Liabilities

Maturities of lease liabilities as of March 31, 2019 by fiscal year are as follows:

 

Maturity of Lease Liabilities

 

 

 

Operating

 

 

Finance

 

 

Total

 

2019

 

 

 

$

835,371

 

 

$

415,566

 

 

$

1,250,937

 

2020

 

 

 

 

1,128,295

 

 

 

464,866

 

 

 

1,593,161

 

2021

 

 

 

 

536,819

 

 

 

138,278

 

 

 

675,097

 

2022

 

 

 

 

40,080

 

 

 

11,240

 

 

 

51,320

 

2023

 

 

 

 

 

 

 

3,644

 

 

 

3,644

 

Thereafter

 

 

 

 

 

 

 

 

 

 

 

Total lease payments

 

 

 

 

2,540,565

 

 

 

1,033,594

 

 

 

3,574,159

 

Less: Interest

 

 

 

 

(286,982

)

 

 

(89,205

)

 

 

(376,187

)

Present value of lease liabilities

 

 

 

$

2,253,583

 

 

$

944,389

 

 

$

3,197,972

 

Schedule of Statement of Operations Classification of Lease Costs and Other Information

Statement of operations classification of lease costs are as follows:

 

Lease Cost

 

 

 

Classification

 

Total

 

Operating

 

 

 

Operating expenses

 

$

220,922

 

Finance:

 

 

 

 

 

 

 

 

Amortization

 

 

 

Operating expenses

 

 

97,193

 

Interest expense

 

 

 

Other expenses

 

 

22,480

 

Total lease costs

 

 

 

 

 

$

340,595

 

 

Other Information

 

 

 

 

 

Total

 

Weighted average remaining lease term (in years)

 

 

 

 

 

 

 

 

Operating leases

 

 

 

 

 

 

2.4

 

Finance leases

 

 

 

 

 

 

2.0

 

Weighted average discount rate:

 

 

 

 

 

 

 

 

Operating leases

 

 

 

 

 

 

10.0

%

Finance leases

 

 

 

 

 

 

9.2

%

Schedule of Supplemental Cash Flow Information

 

Supplemental Cash Flow Information

 

 

 

 

 

Total

 

Cash paid for amounts included in the measurement of lease liabilities

 

 

 

 

 

 

 

 

Cash used in operating activities

 

 

 

 

 

 

 

 

Operating leases

 

 

 

 

 

$

214,622

 

Finance leases

 

 

 

 

 

$

22,480

 

Cash used in financing activities

 

 

 

 

 

 

 

 

Finance leases

 

 

 

 

 

$

116,538

 

ROU assets obtained in exchange for lease obligations:

 

 

 

 

 

 

 

 

Finance leases

 

 

 

 

 

$

224,716

 

 

 

Schedule of Future Minimum Lease Payments

Minimum lease payments for future years as of December 31, 2018 were as follows:

 

Year ending December 31,

 

Total

 

2019

 

$

1,615,679

 

2020

 

 

1,534,204

 

2021

 

 

639,829

 

2022

 

 

40,080

 

2023 and thereafter

 

 

 

Total

 

$

3,829,792