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Leases (Tables)
12 Months Ended
Dec. 31, 2019
Leases [Abstract]  
Supplemental Balance Sheet Information for Operating Leases

Supplemental Balance Sheet Information for Operating Leases:

 

 

 

December 31, 2019

 

Operating leases:

 

 

 

 

Operating lease right of use assets

 

$

1,430,641

 

Operating lease liabilities:

 

 

 

 

Current portion of operating lease liabilities

 

 

486,445

 

Noncurrent operating lease liabilities

 

 

1,419,880

 

Total operating lease liabilities

 

$

1,906,325

 

Weighted average remaining lease term (in years)

 

 

5.9

 

Weighted average discount rate

 

 

13.75

%

Supplemental Statement of Cash Flows Information for Operating Leases

Supplemental Statement of Cash Flows Information for Operating Leases:

 

 

 

For the year ended December 31, 2019

 

Noncash lease expense

 

 

315,458

 

Change in operating lease liabilities

 

 

(257,678

)

Future Minimum Lease Payments under Non-Cancellable Operating Leases

Future minimum lease payments under non-cancellable operating leases as of December 31, 2019:

 

Financial year

 

 

 

 

2020

 

$

712,076

 

2021

 

 

690,358

 

2022

 

 

337,254

 

2023

 

 

142,892

 

2024

 

 

146,044

 

2025 and thereafter

 

 

676,260

 

Total future minimum lease payments

 

 

2,704,884

 

Less:  Amounts representing interest

 

 

(798,559

)

Total

 

$

1,906,325

 

Schedule of Future Minimum Lease Payments Under Non-Cancelable Operating leases

 

Total lease expense, in accordance with the superseded lease standard was $496,055 for 2018. Future minimum lease payments under non-cancellable operating leases as of December 31, 2018 were as follows:

 

Financial year

 

 

 

 

2019

 

$

576,743

 

2020

 

 

714,616

 

2021

 

 

692,893

 

2022

 

 

737,324

 

2023 and thereafter

 

 

3,696,796

 

Total

 

$

6,418,372