Leases

3 Months Ended

Mar. 31, 2019

Leases [Abstract]

Leases

Leases

The Company has entered into operating and finance leases primarily for real estate and equipment rental. These leases have terms which range from two to four years, and often include one or more options to renew or in the case of equipment rental, to purchase the equipment. These operating and finance leases are listed as separate line items on the Company's March 31, 2019 Consolidated Balance Sheet, and represent the Company’s right to use the underlying asset for the lease term. The Company’s obligation to make lease payments are also listed as separate line items on the Company's March 31, 2019 Consolidated Balance Sheet.  Based on the present value of the lease payments for the remaining lease term of the Company's existing leases, the Company recognized right-of-use assets and lease liabilities for operating leases of approximately $1.2 million and finance leases of approximately $265,000, respectively, on January 1, 2019. Operating lease right-of-use assets and liabilities commencing after January 1, 2019 are recognized at commencement date based on the present value of lease payments over the lease term. As of March 31, 2019, total right-of-use assets and operating lease liabilities were approximately $1.1 million and $221,000, respectively. The Company has entered into a short-term finance lease for equipment with a remaining term of twelve months or less and is included in the "Accrued expenses and other current liabilities" section of the Consolidated Balance Sheet. All operating lease expense is recognized on a straight-line basis over the lease term. In the three months ended March 31, 2019, the Company recognized approximately $177 thousand in total lease costs, which was comprised of $118 thousand in operating lease costs for right-of-use assets and $59 thousand in lease costs related to lease liabilities.

As of March 31, 2019, the Company recorded $44,298 in amortization expense related to the finance lease.

Because the rate implicit in each lease is not readily determinable, the Company uses its incremental borrowing rate to determine the present value of the lease payments.

Information related to the Company's operating right-of-use assets and related lease liabilities were as follows:

	Three Months Ended March 31, 2019
Cash paid for operating lease liabilities	$	99,986
Weighted-average remaining lease term	2.6 years
Weighted-average discount rate	6.25		%

Minimum future lease payments ended March 31, 2019
2020	408,262
2021	242,558
2022	163,284
	814,104
Less imputed interest	(100,879	)
Total lease liabilities	713,225

Information related to the Company's finance right-of-use assets and related lease liabilities were as follows:

	Three Months Ended March 31, 2019
Cash paid for finance lease liabilities	$	44,764
Weighted-average remaining lease term	1.1 years
Weighted-average discount rate	6.25		%

Minimum future lease payments ended March 31, 2019
2020	77,480
Less imputed interest	(11,266	)
Total lease liabilities	66,214

Leases

Leases

The Company has entered into operating and finance leases primarily for real estate and equipment rental. These leases have terms which range from two to four years, and often include one or more options to renew or in the case of equipment rental, to purchase the equipment. These operating and finance leases are listed as separate line items on the Company's March 31, 2019 Consolidated Balance Sheet, and represent the Company’s right to use the underlying asset for the lease term. The Company’s obligation to make lease payments are also listed as separate line items on the Company's March 31, 2019 Consolidated Balance Sheet.  Based on the present value of the lease payments for the remaining lease term of the Company's existing leases, the Company recognized right-of-use assets and lease liabilities for operating leases of approximately $1.2 million and finance leases of approximately $265,000, respectively, on January 1, 2019. Operating lease right-of-use assets and liabilities commencing after January 1, 2019 are recognized at commencement date based on the present value of lease payments over the lease term. As of March 31, 2019, total right-of-use assets and operating lease liabilities were approximately $1.1 million and $221,000, respectively. The Company has entered into a short-term finance lease for equipment with a remaining term of twelve months or less and is included in the "Accrued expenses and other current liabilities" section of the Consolidated Balance Sheet. All operating lease expense is recognized on a straight-line basis over the lease term. In the three months ended March 31, 2019, the Company recognized approximately $177 thousand in total lease costs, which was comprised of $118 thousand in operating lease costs for right-of-use assets and $59 thousand in lease costs related to lease liabilities.

As of March 31, 2019, the Company recorded $44,298 in amortization expense related to the finance lease.

Because the rate implicit in each lease is not readily determinable, the Company uses its incremental borrowing rate to determine the present value of the lease payments.

Information related to the Company's operating right-of-use assets and related lease liabilities were as follows:

	Three Months Ended March 31, 2019
Cash paid for operating lease liabilities	$	99,986
Weighted-average remaining lease term	2.6 years
Weighted-average discount rate	6.25		%

Minimum future lease payments ended March 31, 2019
2020	408,262
2021	242,558
2022	163,284
	814,104
Less imputed interest	(100,879	)
Total lease liabilities	713,225

Information related to the Company's finance right-of-use assets and related lease liabilities were as follows:

	Three Months Ended March 31, 2019
Cash paid for finance lease liabilities	$	44,764
Weighted-average remaining lease term	1.1 years
Weighted-average discount rate	6.25		%

Minimum future lease payments ended March 31, 2019
2020	77,480
Less imputed interest	(11,266	)
Total lease liabilities	66,214