Leases

3 Months Ended

Mar. 31, 2021

Leases [Abstract]

Leases

Note 10 – Leases

The following table presents the Company’s ROU assets and lease liabilities as of March 31, 2021 and December 31, 2020:

Lease Classification	March 31, 2021		December 31, 2020
ROU Assets:
Operating	$	2,383,364	$	2,082,300
Financing		338,673		449,628
Total ROU assets	$	2,722,037	$	2,531,928
Liabilities
Current:
Operating	$	849,895	$	964,434
Finance		183,533		266,470
Noncurrent:
Operating		2,737,211		1,492,544
Finance		29,265		46,794
Total lease liabilities	$	3,799,904	$	2,770,242

Maturities of lease liabilities as of March 31, 2021 by fiscal year are as follows:

Maturity of Lease Liabilities		Operating			Finance			Total
	2021	$	762,658		$	174,625		$	937,283
	2022		757,242			44,850			802,092
	2023		614,286			3,364			617,650
	2024		623,663			280			623,943
	2025		535,889			—			535,889
	Thereafter		2,782,434			—			2,782,434
	Total lease payments		6,076,172			223,119			6,299,291
	Less: Interest		(2,489,066	)		(10,321	)		(2,499,387	)
	Present value of lease liabilities	$	3,587,106		$	212,798		$	3,799,904

Condensed consolidated statements of operations classification of lease costs as of the three months ended March 31, 2021 and 2020 are as follows:

		Three months ended March 31,
Lease Cost	Classification	2021		2020
Operating	Operating expenses	$	348,038	$	214,336
Finance:
Amortization	Operating expenses		110,955		132,348
Interest expense	Other expenses		6,860		18,470
Total lease costs		$	465,853	$	365,154

Other lease information as of March 31, 2021 is as follows:

Other Information	Total
Weighted average remaining lease term (in years)
Operating leases		7.5
Finance leases		0.9
Weighted average discount rate:
Operating leases		6.9	%
Finance leases		9.8	%

Supplemental cash flow information as of the three months ended March 31, 2021 and 2020 is as follows:

Supplemental Cash Flow Information	2021		2020
Cash paid for amounts included in the measurement of lease liabilities
Cash used in operating activities
Operating leases	$	348,038	$	214,336
Finance leases	$	6,860	$	18,470
Cash used in financing activities
Finance leases	$	100,466	$	162,455
ROU assets obtained in exchange for lease obligations:
Operating leases	$	748,294	$	—