Leases

9 Months Ended

Sep. 30, 2019

Leases [Abstract]

Leases

Note 10 – Leases

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

Lease Classification	September 30, 2019
ROU Assets:
Operating	$	1,214,482
Financing		1,096,472
Total ROU assets	$	2,310,954
Liabilities
Current:
Operating	$	987,833
Finance		627,620
Noncurrent:
Operating		812,801
Finance		411,103
Total lease liabilities	$	2,839,357

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

Maturity of Lease Liabilities	Operating			Finance			Total
2019	$	279,055		$	180,753		$	459,808
2020		1,128,294			633,130			1,761,424
2021		536,819			270,043			806,862
2022		40,080			41,961			82,041
2023		—			3,364			3,364
Thereafter		—			280			280
Total lease payments		1,984,248			1,129,531			3,113,779
Less: Interest		(183,614	)		(90,808	)		(274,422	)
Present value of lease liabilities	$	1,800,634		$	1,038,723		$	2,839,357

Statement of operations classification of lease costs are as follows:

		September 30, 2019
Lease Cost	Classification	Three months ended		Nine months ended
Operating	Operating expenses	$	216,368	$	655,963
Finance:
Amortization	Operating expenses		124,749		329,438
Interest expense	Other expenses		18,704		60,482
Total lease costs		$	359,821	$	1,045,883

Other Information	Total
Weighted average remaining lease term (in years)
Operating leases		1.9
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	$	655,963
Finance leases	$	60,482
Cash used in financing activities
Finance leases	$	389,501
ROU assets obtained in exchange for lease obligations:
Finance leases	$	592,014

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