SIGNIFICANT ACCOUNTING POLICIES UPDATE (Tables)

3 Months Ended

Mar. 31, 2019

Accounting Policies [Abstract]

Components of Lease Expense

The components of lease expense were as follows:

Three months ended March 31,	2019
Operating lease cost	$	280,246
Finance lease cost:
Amortization of right-of-use assets	$	3,166
Interest on lease liabilities	728
Total finance lease costs	$	3,894
Three months ended March 31,	2019
Supplemental Cash Flows Information
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	103,004
Operating cash flows from finance leases	728
Financing cash flows from finance leases	2,939
Right-of-use assets obtained in exchange for lease obligations:
Operating leases	$	2,785,444
Finance leases	31,386
Weighted Average Remaining Lease Term
Operating leases	11 years
Finance leases	4 years
Weighted Average Discount Rate
Operating leases	7.47		%
Finance leases	6.86		%

Maturities of Operating Lease Liabilities

The undiscounted annual future minimum lease payments are summarized by year in the table below:

Year Ending December 31,	Operating Leases			Finance Leases
2019 (excluding the three months ended March 31, 2019)	$	826,215		$	10,998
2020	1,106,944			14,664
2021	891,346			14,664
2022	805,432			12,276
2023	697,277			7,500
Thereafter	5,555,117			—
Total future minimum lease payments	9,882,331			60,102
Less imputed interest	(3,546,134		)	(8,128		)
Total:	$	6,336,197		$	51,974

Maturities of Finance Lease Liabilities

The undiscounted annual future minimum lease payments are summarized by year in the table below:

Year Ending December 31,	Operating Leases			Finance Leases
2019 (excluding the three months ended March 31, 2019)	$	826,215		$	10,998
2020	1,106,944			14,664
2021	891,346			14,664
2022	805,432			12,276
2023	697,277			7,500
Thereafter	5,555,117			—
Total future minimum lease payments	9,882,331			60,102
Less imputed interest	(3,546,134		)	(8,128		)
Total:	$	6,336,197		$	51,974

Supplemental Lease Information

Supplemental balance sheet information related to leases was as follows:

Operating Leases as of March 31,	2019
Right of use asset	$	6,035,660
Current portion of lease obligations	622,065
Long term portion of lease obligations	5,714,132
Total operating lease obligations	6,336,197
Financing Leases as of March 31,	2019
Property and Equipment, at cost	56,933
Accumulated depreciation	(5,295		)
Property and Equipment, net	51,638
Other accounts payable and accrued expenses	11,445
Other long term liabilities	40,529
Total financing lease liabilities	$	51,974