Lease (Tables)
|
12 Months Ended |
Dec. 31, 2020 |
|---|
| Leases [Abstract] |
|
| Components of lease expense |
The components of lease expense
were as follows:
| |
|
Year Ended
December 31, 2020 |
|
| Finance lease: |
|
|
|
|
| Amortization of assets, included in depreciation and amortization expense |
|
$ |
814,572 |
|
| Interest on lease liabilities, included in interest expense |
|
|
154,858 |
|
| Operating lease: |
|
|
|
|
| Amortization of assets, included in total operating expense |
|
|
101,504 |
|
| Interest on lease liabilities, included in total operating expense |
|
|
20,763 |
|
| Total net lease cost |
|
$ |
1,091,697 |
|
|
| Supplemental balance sheet information related to leases |
Supplemental balance sheet information related to leases was as follows
Operating Leases
| Operating lease ROU asset |
|
$ |
241,911 |
|
| |
|
|
|
|
| Current operating lease liabilities |
|
|
104,549 |
|
| Noncurrent operating lease liabilities |
|
|
147,525 |
|
| Total operating lease liabilities |
|
$ |
252,074 |
|
| |
|
December 31, 2020 |
|
| Finance leases: |
|
|
|
|
| Property and equipment, at cost |
|
$ |
4,366,665 |
|
| Accumulated amortization |
|
|
(2,267,449 |
) |
| Property and equipment, net |
|
|
2,099,216 |
|
| |
|
|
|
|
| Current obligations of finance leases |
|
$ |
1,317,542 |
|
| Finance leases, net of current obligations |
|
|
1,222,420 |
|
| Total finance lease liabilities |
|
$ |
2,539,962 |
|
|
| Supplemental cash flow and other information related to leases |
Supplemental cash flow and other information related to leases was as follows:
| |
|
Year Ended
December 31, 2020 |
|
| Cash paid for amounts included in the measurement of lease liabilities: |
|
|
|
|
| Operating cash flows related to operating leases |
|
$ |
80,743 |
|
| Financing cash flows related to finance leases |
|
$ |
774,971 |
|
| |
|
|
|
|
| Weighted average remaining lease term (in years): |
|
|
|
|
| Operating leases |
|
|
1.72 |
|
| Finance leases |
|
|
2.12 |
|
| |
|
|
|
|
| Weighted average discount rate: |
|
|
|
|
| Operating leases |
|
|
7 |
% |
| Finance leases |
|
|
6 |
% |
|
| Long-term obligations under the operating and Finance leases |
Long-term obligations under the operating and finance leases at December
31, 2020 mature as follows:
| For the Year ending December 31, |
|
Operating Leases |
|
|
Finance Leases |
|
| 2021 |
|
$ |
104,549 |
|
|
$ |
1,462,239 |
|
| 2022 |
|
|
107,718 |
|
|
|
849,427 |
|
| 2023 |
|
|
64,357 |
|
|
|
441,724 |
|
| 2024 |
|
|
- |
|
|
|
- |
|
| 2025 |
|
|
- |
|
|
|
- |
|
| Total lease payments |
|
|
276,625 |
|
|
|
2,753,390 |
|
| Less: Amounts representing interest |
|
|
(24,551 |
) |
|
|
(213,428 |
) |
| Total lease obligations |
|
|
252,074 |
|
|
|
2,539,962 |
|
| Less: Current |
|
|
(104,549 |
) |
|
|
(1,317,542 |
) |
| |
|
$ |
147,525 |
|
|
$ |
1,222,420 |
|
|