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LEASES
 6 Months Ended
Jun. 30, 2020
Leases [Abstract]  
LEASES

15. LEASES

 

We have operating leases for office space and restaurant locations. Our leases have remaining lease terms of 1 month to 11 years, some of which may include options to extend the leases perpetually, and some of which may include options to terminate the leases within 1 year.  

 

The following table provides a summary of leases by balance sheet category as of June 30, 2020: 

 

    June 30, 2020
Operating right-of-use assets   $                   3,930,609
Operating lease liability - current   471,651
Operating lease liability - non-current             3,505,559

  

The components of lease expenses for the six months ended June 30, 2020, were as follows:

 

    Six Months Ended
    June 30, 2020
Operating lease cost   $                      452,725
Short-term lease cost                         —   
Variable lease cost         106,927

  

The following tables provides a summary of other information related to leases for the six months ended June 30, 2020:

  

    June 30, 2020
Cash paid for amounts included in the measurement of lease liabilities:    
Operating cash flows from operating leases   $                      540,561
Right-of-use assets obtained in exchange for new operating lease liabilities   $                                  -   
Weighted-average remaining lease term - operating leases    7.8 years
Weighted-average discount rate - operating leases   10%

  

The Company determined that using a discount rate of 10% is reasonable, as this is consistent with the mortgage rates for commercial properties for the time period commensurate with the terms of the leases.

 

Maturity of lease liabilities under our non-cancellable operating leases as of June 30, 2020, are as follows: 

 

Payments due by period    
2020 (remainder)   $                       444,385
2021    787,506
2022           776,229
2023                  786,645
2024                 755,298
Thereafter              2,233,700
Total lease payments               5,783,763
Less interest              (1,806,553)
Present value of lease liabilities   $                   3,977,210