Lease (Tables)
|
3 Months Ended |
Mar. 31, 2021 |
|---|
| Leases [Abstract] |
|
| Components of lease expense |
The components of lease expense were as follows:
| |
|
Three Months Ended
March 31, 2021 |
| Finance leases: |
|
|
|
|
| Amortization of assets, included in depreciation and amortization expense |
|
$ |
350,607 |
|
| Interest on lease liabilities, included in interest expense |
|
|
26,941 |
|
| Operating lease: |
|
|
|
|
| Amortization of assets, included in total operating expense |
|
|
25,652 |
|
| Interest on lease liabilities, included in total operating expense |
|
|
4,287 |
|
| Total net lease cost |
|
$ |
407,487 |
|
|
| Supplemental balance sheet information related to leases |
Supplemental balance sheet information related to leases was as follows
Operating Leases
| Operating
lease ROU asset |
|
$ |
220,419 |
|
| |
|
|
|
|
| Current
operating lease liabilities |
|
|
105,319 |
|
| Noncurrent
operating lease liabilities |
|
|
125,391 |
|
| Total
operating lease liabilities |
|
$ |
230,710
|
|
| |
|
March
31, 2021 |
| Finance leases: |
|
|
|
|
| Property and equipment, at cost |
|
$ |
4,416,665 |
|
| Accumulated amortization |
|
|
(2,305,689 |
) |
| Property and equipment, net |
|
|
2,110,976 |
|
| |
|
|
|
|
| Current obligations of finance leases |
|
$ |
1,273,587 |
|
| Finance leases, net of current obligations, |
|
|
965,768 |
|
| Total finance lease liabilities |
|
$ |
2,239,355 |
|
| Supplemental cash flow and other information related to leases |
Supplemental cash flow and other information related to leases was as follows:
| |
|
Three
Months Ended March 31, 2021 |
| Cash
paid for amounts included in the measurement of lease liabilities: |
|
|
|
|
| Operating
cash flows related to operating leases |
|
$ |
21,364 |
|
| Financing
cash flows related to finance leases |
|
$ |
350,607 |
|
| |
|
|
|
|
| Weighted
average remaining lease term (in years): |
|
|
|
|
| Operating
leases |
|
|
1.47 |
|
| Finance
leases |
|
|
2.07 |
|
| |
|
|
|
|
| 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 March 31,
2021 mature as follows:
| For the Twelve Months Ended March 31, |
|
Operating Leases |
|
Finance Leases |
| 2022 |
|
$ |
105,319 |
|
|
$ |
1,260,160 |
|
| 2023 |
|
|
108,534 |
|
|
|
773,155 |
|
| 2024 |
|
|
37,120 |
|
|
|
377,276 |
|
| Total lease payments |
|
|
250,973 |
|
|
|
2,410,591 |
|
| Less: Amounts representing interest |
|
|
(20,263 |
) |
|
|
(171,236 |
) |
| Total lease obligations |
|
|
230,710 |
|
|
|
2,239,355 |
|
| Less: Current |
|
|
(105,319 |
) |
|
|
(1,273,587 |
) |
| |
|
$ |
125,391 |
|
|
$ |
965,768 |
|
|