Quarterly report pursuant to Section 13 or 15(d)

SIGNIFICANT ACCOUNTING POLICIES UPDATE (Tables)

v3.19.3
SIGNIFICANT ACCOUNTING POLICIES UPDATE (Tables)
9 Months Ended
Sep. 30, 2019
Accounting Policies [Abstract]  
Components of Lease Expense
The components of lease expense were as follows:
 
 
Nine months ended September 30,
 
Three months ended September 30,
 
 
2019
 
2019
Operating lease cost
 
$
840,672

 
$
280,180

 
 
 
 
 
Finance lease cost:
 
 
 
 
Amortization of right-of-use assets
 
$
9,498

 
$
3,166

Interest on lease liabilities
 
2,432

 
828

Total finance lease costs
 
$
11,930

 
$
3,994

 
 
 
 
 
Right-of-use assets obtained in exchange for lease obligations:
 
 
 
 
Operating leases
 
$
2,951,253

 
$
165,809

Finance leases
 
31,386

 

Supplemental Lease Information
Supplemental balance sheet information related to leases was as follows:
 
 
September 30, 2019
Operating Leases:
 
 
Right of use asset
 
$
5,887,243

 
 
 
Current portion of lease obligations
 
628,294

Long term portion of lease obligations
 
5,569,696

Total operating lease obligations
 
6,197,990

 
 
 
Financing Leases:
 
 
Property and Equipment, at cost
 
56,933

Accumulated depreciation
 
(11,627
)
Property and Equipment, net
 
45,306

 
 
 
Other accounts payable and accrued expenses
 
11,834

Other long term liabilities
 
34,513

Total financing lease liabilities
 
$
46,347

 
 
 
Weighted Average Remaining Lease Term
 
 
Operating leases
 
10 years

Finance leases
 
4 years

 
 
 
Weighted Average Discount Rate
 
 
Operating leases
 
7.47
%
Finance leases
 
6.86
%
Supplemental Cash Flows information related to leases was as follows:
 
 
Nine months ended September 30,
 
 
2019
Supplemental Cash Flows Information
 
 
Cash paid for amounts included in the measurement of lease liabilities:
 
 
Operating cash flows from operating leases
 
$
653,181

Operating cash flows from finance leases
 
2,432

Financing cash flows from finance leases
 
8,565

Maturities of Operating Lease Liabilities
The undiscounted annual future minimum lease payments are summarized by year in the table below:
Year Ending December 31,
 
Operating Leases
 
Finance Leases
2019 (excluding the nine months ended September 30, 2019)
 
$
270,232

 
$
3,666

2020
 
1,106,585

 
14,664

2021
 
901,267

 
14,664

2022
 
875,177

 
12,276

2023
 
769,041

 
7,500

Thereafter
 
5,622,703

 

Total future minimum lease payments
 
9,545,005

 
52,770

Less imputed interest
 
(3,347,015
)
 
(6,423
)
Total:
 
$
6,197,990

 
$
46,347

Maturities of Finance Lease Liabilities
The undiscounted annual future minimum lease payments are summarized by year in the table below:
Year Ending December 31,
 
Operating Leases
 
Finance Leases
2019 (excluding the nine months ended September 30, 2019)
 
$
270,232

 
$
3,666

2020
 
1,106,585

 
14,664

2021
 
901,267

 
14,664

2022
 
875,177

 
12,276

2023
 
769,041

 
7,500

Thereafter
 
5,622,703

 

Total future minimum lease payments
 
9,545,005

 
52,770

Less imputed interest
 
(3,347,015
)
 
(6,423
)
Total:
 
$
6,197,990

 
$
46,347