| Schedule of operating and financing lease assets and liabilities |
The
tables below present the operating and financing lease assets and liabilities recognized on the condensed consolidated balance
sheets as of March 31, 2020 and December 31, 2019:
| Right-of
Use Assets |
|
March
31, 2020 |
|
December
31, 2019 |
| Operating
Leases |
|
$ |
1,757,324 |
|
|
$ |
1,867,205 |
|
| Financing
Leases |
|
|
5,227 |
|
|
|
6,347 |
|
| |
|
$ |
1,762,551 |
|
|
$ |
1,873,552 |
|
| Lease
Liabilities, Current |
|
March
31, 2020 |
|
December
31, 2019 |
| Operating
Leases |
|
$ |
447,728 |
|
|
$ |
440,127 |
|
| Financing
Leases |
|
|
4,539 |
|
|
|
4,494 |
|
| |
|
$ |
452,267 |
|
|
$ |
444,621 |
|
| Lease
Liabilities, Non-Current |
|
|
|
|
|
|
|
|
| Operating
Leases |
|
$ |
1,363,664 |
|
|
$ |
1,479,458 |
|
|
Financing Leases |
|
|
386 |
|
|
|
1,538 |
|
| |
|
$ |
1,364,050 |
|
|
$ |
1,480,996 |
|
| Total
Lease Liabilities |
|
|
1,816,317 |
|
|
|
1,925,617 |
|
|
| Schedule of weighted average remaining lease term and weighted average discount rate |
The
Company's weighted average remaining lease term and weighted average discount rate for operating and financing leases as of March
31, 2020 and December 31, 2019 are:
| March
31, 2020 |
|
Operating |
|
Financing |
| Weighted Average
Remaining Lease Term |
|
|
3.71 Years |
|
|
|
1.17 Years |
|
| Weighted
Average Discount Rate |
|
|
3.95 |
% |
|
|
3.95 |
% |
| December
31, 2019 |
|
Operating |
|
Financing |
| Weighted Average
Remaining Lease Term |
|
|
3.96 Years |
|
|
|
1.42 Years |
|
| Weighted
Average Discount Rate |
|
|
3.95 |
% |
|
|
3.95 |
% |
|
| Schedule of future minimum lease payments |
The table below reconciles the undiscounted future minimum lease payments (displayed by year and in the aggregate) under non-cancelable leases with terms of more than one year to the total lease liabilities recognized on the condensed consolidated balance sheets as of March 31, 2020:
| Year Ending December 31, |
|
Operating |
|
Financing |
| Remainder of 2020 |
|
$ |
381,260 |
|
|
$ |
3,489 |
|
| 2021 |
|
|
520,993 |
|
|
|
1,550 |
|
| 2022 |
|
|
534,295 |
|
|
|
— |
|
| 2023 |
|
|
515,257 |
|
|
|
— |
|
| Undiscounted Future Minimum Lease Payments |
|
|
1,951,805 |
|
|
|
5,039 |
|
| Less: Difference between undiscounted lease payments and discounted lease liabilities |
|
|
140,413 |
|
|
|
114 |
|
| Total Lease Liabilities |
|
$ |
1,811,392 |
|
|
$ |
4,925 |
|
| Short-Term Lease Liabilities |
|
$ |
447,728 |
|
|
$ |
4,539 |
|
| Long-Term Lease Liabilities |
|
$ |
1,363,664 |
|
|
$ |
386 |
|
|