Leases

3 Months Ended

Mar. 31, 2020

Leases [Abstract]

Leases

Note 10 – Leases

The following table presents the Company’s ROU assets and lease liabilities as of March 31, 2020 and December 31, 2019:

Lease Classification	March 31, 2020		December 31, 2019
ROU Assets:
Operating	$	885,882	$	1,043,537
Financing		826,243		958,590
Total ROU assets	$	1,712,125	$	2,002,127
Liabilities
Current:
Operating	$	947,610	$	1,017,414
Finance		517,042		579,030
Noncurrent:
Operating		392,106		547,225
Finance		212,798		313,263
Total lease liabilities	$	2,069,556	$	2,456,932

Maturities of lease liabilities as of March 31, 2020 by fiscal year are as follows:

Maturity of Lease Liabilities		Operating			Finance			Total
	2020	$	856,889		$	452,206		$	1,309,095
	2021		547,019			281,914			828,933
	2022		40,930			45,374			86,304
	2023		—			3,364			3,364
	2024		—			280			280
	Thereafter		—			—			—
	Total lease payments		1,444,838			783,138			2,227,976
	Less: Interest		(105,122	)		(53,298	)		(158,420	)
	Present value of lease liabilities	$	1,339,716		$	729,840		$	2,069,556

Statement of operations classification of lease costs as of the three months ended March 31, 2020, and 2019 are as follows:

Lease Cost	Classification	2020		2019
Operating	Operating expenses	$	214,336	$	220,922
Finance:
Amortization	Operating expenses		132,348		97,193
Interest expense	Other expenses		18,470		22,480
Total lease costs		$	365,154	$	340,595

Other lease information as of March 31, 2020 is as follows:

Other Information	Total
Weighted average remaining lease term (in years)
Operating leases		1.5
Finance leases		1.4
Weighted average discount rate:
Operating leases		10.0	%
Finance leases		9.4	%

Supplemental cash flow information as of the three months ended March 31, 2020, and 2019 is as follows:

Supplemental Cash Flow Information	2020		2019
Cash paid for amounts included in the measurement of lease liabilities
Cash used in operating activities
Operating leases	$	214,336	$	214,622
Finance leases	$	18,470	$	22,480
Cash used in financing activities
Finance leases	$	162,455	$	116,538
ROU assets obtained in exchange for lease obligations:
Finance leases	$	—	$	224,716