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Leases (Tables)
6 Months Ended
Jun. 30, 2019
Lessee Disclosure [Abstract]  
Schedule of lease expense

The components of lease expense were as follows:

 

 

 

Three months ended

 

 

Six months ended

 

 

 

June 30, 2019

 

 

June 30, 2019

 

Operating lease cost

 

$

          117,842

 

 

$

         237,539

 

Finance lease cost

 

 

 

 

 

 

 

 

Amortization of assets

 

 

2,266

 

 

 

4,533

 

Interest on finance lease obligations

 

 

1,954

 

 

 

3,960

 

Total net lease cost

 

$

          122,062

 

 

$

         246,032

 

 

Schedule of supplemental balance sheet information related to leases

Supplemental balance sheet information related to leases was as follows:

 

 

 

June 30, 2019

 

Operating leases:

 

 

 Related Party

 

 

 

 Other

 

 

 

 Total

 

Right of use asset

 

$

        3,017,704

 

 

$

         274,607

 

 

$

      3,292,311

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current operating lease liabilities

 

 

148,698

 

 

 

59,614

 

 

 

208,312

 

Noncurrent operating lease liabilities

 

 

3,341,434

 

 

 

253,135

 

 

 

3,594,569

 

Total operating lease liabilities

 

$

        3,490,132

 

 

$

         312,749

 

 

$

      3,802,881

 

 

 

 

 

 

 

Finance leases:

 

June 30, 2019

 

 

Right of use asset, at cost

 

$

            47,367

 

 

Accumulated amortization

 

 

(18,061

)

 

Right of use asset, net

 

$

            29,306

 

 

 

 

 

 

 

 

Current obligations of finance leases

 

$

              8,044

 

 

Finance leases, net of current obligations

 

 

29,671

 

 

Total finance lease liabilities

 

$

            37,715

 

 

 

 

 

 

 

 

Weighted average remaining lease term (in years):

 

 

 

 

 

Operating leases

 

 

11.5

 

 

Finance leases

 

 

3.4

 

 

 

 

 

 

 

 

Weighted average discount rate:

 

 

 

 

 

Operating leases

 

 

5.8

%

 

Finance leases

 

 

21.0

%

 

 

Schedule of supplemental cash flow information related to leases

Supplemental cash flow and other information related to leases was as follows:

 

 

 

Six months ended

 

 

 

 

June 30, 2019

 

 

Cash paid for amounts included in the measurement of lease liabilities:

 

 

 

 

 

Operating cash flows from operating leases

 

$

          210,645

 

 

Operating cash flows from finance leases

 

$

              3,960

 

 

Financing cash flows from finance leases

 

$

              2,968

 

 

 

Schedule of maturities of operating lease liabilities

Maturities of lease liabilities were as follows:

 

Years Ending December 31st,

 

 Operating Leases

 

 

 Finance Leases

 

2019 (remaining six months)

 

$

              211,351

 

 

$

                7,350

 

2020

 

 

422,164

 

 

 

15,705

 

2021

 

 

434,829

 

 

 

14,143

 

2022

 

 

447,874

 

 

 

10,984

 

2023

 

 

461,310

 

 

 

5,610

 

Thereafter

 

 

3,308,155

 

 

 

 

Total lease payments

 

 

5,285,683

 

 

 

53,792

 

Less amount representing interest

 

 

(1,482,802

)

 

 

(16,077

)

Total lease obligations

 

 

3,802,881

 

 

 

37,715

 

Less current portion

 

 

(208,312

)

 

 

(8,044

)

Long-term lease obligations

 

$

            3,594,569

 

 

$

               29,671

 

 

As previously reported in the 2018 Form 10-K under ASC Topic 840, future minimum lease payments under the Company’s operating lease agreements that had initial or remaining non-cancelable lease terms in excess of one year as of December 31, 2018 were as follows:

 

Years ended December 31st:

 

Total

 

2019

 

$

420,370

 

2020

 

 

421,590

 

2021

 

 

432,079

 

2022

 

 

447,264

 

2023

 

 

460,682

 

Thereafter

 

 

3,327,705

 

Total lease commitments

 

$

5,509,690