Leases

6 Months Ended

Jun. 30, 2019

Leases [Abstract]

Leases

Note 10 – Leases

The following table presents the Company’s ROU assets and lease liabilities as of June 30, 2019:

Lease Classification	June 30, 2019
ROU Assets:
Operating	$	1,381,830
Financing		984,742
Total ROU assets	$	2,366,572
Liabilities
Current:
Operating	$	958,992
Finance		576,322
Noncurrent:
Operating		1,071,677
Finance		379,825
Total lease liabilities	$	2,986,816

Maturities of lease liabilities as of June 30, 2019 by fiscal year are as follows:

Maturity of Lease Liabilities	Operating			Finance			Total
2019	$	558,109		$	332,786		$	890,895
2020		1,128,138			520,947			1,649,085
2021		536,819			166,318			703,137
2022		40,080			11,240			51,320
2023		—			3,644			3,644
Thereafter		—			—			—
Total lease payments		2,263,146			1,034,935			3,298,081
Less: Interest		(232,477	)		(78,788	)		(311,265	)
Present value of lease liabilities	$	2,030,669		$	956,147		$	2,986,816

Statement of operations classification of lease costs are as follows:

		June 30, 2019
Lease Cost	Classification	Three months ended		Six months ended
Operating	Operating expenses	$	218,673	$	439,595
Finance:
Amortization	Operating expenses		107,496		204,689
Interest expense	Other expenses		19,297		41,778
Total lease costs		$	345,466	$	686,062

Other Information	Total
Weighted average remaining lease term (in years)
Operating leases		2.1
Finance leases		1.8
Weighted average discount rate:
Operating leases		10.0	%
Finance leases		9.2	%

Supplemental Cash Flow Information	Total
Cash paid for amounts included in the measurement of lease liabilities
Cash used in operating activities
Operating leases	$	439,595
Finance leases	$	41,778
Cash used in financing activities
Finance leases	$	235,600
ROU assets obtained in exchange for lease obligations:
Finance leases	$	355,536

Lease Commitments as of December 31, 2018

Minimum lease payments for future years as of December 31, 2018 were as follows:

Year ending December 31,	Total
2019	$	1,615,679
2020		1,534,204
2021		639,829
2022		40,080
2023 and thereafter		—
Total	$	3,829,792