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 |
|
|