Quarterly report pursuant to Section 13 or 15(d)

Leases

v3.20.1
Leases
3 Months Ended
Mar. 31, 2020
Leases [Abstract]  
Leases Leases
The Company has entered into operating and finance leases primarily for real estate and equipment rental. These leases have terms which range from two to four years, and often include one or more options to renew or in the case of equipment rental, to purchase the equipment. These operating and finance leases are listed as separate line items on the Company's March 31, 2020 consolidated balance sheet and represent the Company’s right to use the underlying asset for the lease term. The Company’s obligation to make lease payments are also listed as separate line items on the Company's March 31, 2020, consolidated balance sheet.  Based on the present value of the lease payments for the remaining lease term of the Company's existing leases, the Company recognized right-of-use assets and lease liabilities for operating leases of approximately $1.2 million and finance leases of approximately $265,000, respectively, on January 1, 2019. Operating lease right-of-use assets and liabilities commencing after January 1, 2019 are recognized at commencement date based on the present value of lease payments over the lease term. As of March 31, 2020 and 2019, total operating and financed right-of-use assets were $646,727 and $476,209, and $756,115 and $88,178, respectively. The Company has entered into a short-term finance lease for equipment with a remaining term of twelve months or less and is included in the "Accrued expenses and other current liabilities" section of the consolidated balance sheet. All operating lease expense is recognized on a straight-line basis over the lease term.
As of March 31, 2020, the Company recorded $105,678 in amortization expense related to finance leases.

Because the rate implicit in each lease is not readily determinable, the Company uses its incremental borrowing rate to determine the present value of the lease payments.

Information related to the Company's operating lease liabilities are as follows:

For the Three Months Ended March 31,
Cash paid for operating lease liabilities $ 115,751   
Weighted-average remaining lease term 1.9 years
Weighted-average discount rate 6.25  %

Minimum future lease payments ended March 31, 2020
2020 287,220   
2021 242,558   
2022 163,284   
693,062   
Less imputed interest (45,825)  
Total lease liabilities $ 647,237   
Information related to the Company's financed lease liabilities are as follows:

For the Three Months Ended March 31,
Cash paid for finance lease liabilities 220,216   
Weighted-average remaining lease term 1.0 year
Weighted-average discount rate 6.25  %

Minimum future lease payments ended March 31, 2020
2020 $ 178,957   
2021 194,376   
373,333   
Less imputed interest (19,062)  
Total lease liabilities $ 354,271   
Leases Leases
The Company has entered into operating and finance leases primarily for real estate and equipment rental. These leases have terms which range from two to four years, and often include one or more options to renew or in the case of equipment rental, to purchase the equipment. These operating and finance leases are listed as separate line items on the Company's March 31, 2020 consolidated balance sheet and represent the Company’s right to use the underlying asset for the lease term. The Company’s obligation to make lease payments are also listed as separate line items on the Company's March 31, 2020, consolidated balance sheet.  Based on the present value of the lease payments for the remaining lease term of the Company's existing leases, the Company recognized right-of-use assets and lease liabilities for operating leases of approximately $1.2 million and finance leases of approximately $265,000, respectively, on January 1, 2019. Operating lease right-of-use assets and liabilities commencing after January 1, 2019 are recognized at commencement date based on the present value of lease payments over the lease term. As of March 31, 2020 and 2019, total operating and financed right-of-use assets were $646,727 and $476,209, and $756,115 and $88,178, respectively. The Company has entered into a short-term finance lease for equipment with a remaining term of twelve months or less and is included in the "Accrued expenses and other current liabilities" section of the consolidated balance sheet. All operating lease expense is recognized on a straight-line basis over the lease term.
As of March 31, 2020, the Company recorded $105,678 in amortization expense related to finance leases.

Because the rate implicit in each lease is not readily determinable, the Company uses its incremental borrowing rate to determine the present value of the lease payments.

Information related to the Company's operating lease liabilities are as follows:

For the Three Months Ended March 31,
Cash paid for operating lease liabilities $ 115,751   
Weighted-average remaining lease term 1.9 years
Weighted-average discount rate 6.25  %

Minimum future lease payments ended March 31, 2020
2020 287,220   
2021 242,558   
2022 163,284   
693,062   
Less imputed interest (45,825)  
Total lease liabilities $ 647,237   
Information related to the Company's financed lease liabilities are as follows:

For the Three Months Ended March 31,
Cash paid for finance lease liabilities 220,216   
Weighted-average remaining lease term 1.0 year
Weighted-average discount rate 6.25  %

Minimum future lease payments ended March 31, 2020
2020 $ 178,957   
2021 194,376   
373,333   
Less imputed interest (19,062)  
Total lease liabilities $ 354,271