Annual report pursuant to Section 13 and 15(d)

Leases

v3.20.1
Leases
12 Months Ended
Dec. 31, 2019
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 December 31, 2019 consolidated balance sheet and represent the Company’s right to use the underlying asset for the lease term. The
Company’s obligations to make lease payments are also listed as a separate line items on the Company's December 31, 2019
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 December 31, 2019, total operating and financed right-of-use assets were $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 expense 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. In the twelve months ended December 31, 2019, the Company recognized approximately $697 thousand in total lease costs, which was comprised of $417 thousand in operating lease costs for right-of use assets and $280 thousand in lease costs related to lease liabilities.

As of December 31, 2019, the Company recorded $177,193 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:

December 31, 2019
Cash paid for operating lease liabilities $ 451,107   
Weighted-average remaining lease term 2.0 years
Weighted-average discount rate 6.25  %

Minimum future lease payments ended December 31, 2019
2020 408,263   
2021 242,558   
2022 163,284   
814,105   
Less imputed interest (57,084)  
Total lease liabilities $ 757,021   

Information related to the Company's financed lease liabilities are as follows:
December 31, 2019
Cash paid for finance lease liabilities $ 270,312   
Weighted-average remaining lease term
Less than one year
Weighted-average discount rate 6.25  %

Minimum future lease payments ended December 31, 2019
2020 82,405   
82,405   
Less imputed interest (1,628)  
Total lease liabilities $ 80,777   
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 December 31, 2019 consolidated balance sheet and represent the Company’s right to use the underlying asset for the lease term. The
Company’s obligations to make lease payments are also listed as a separate line items on the Company's December 31, 2019
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 December 31, 2019, total operating and financed right-of-use assets were $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 expense 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. In the twelve months ended December 31, 2019, the Company recognized approximately $697 thousand in total lease costs, which was comprised of $417 thousand in operating lease costs for right-of use assets and $280 thousand in lease costs related to lease liabilities.

As of December 31, 2019, the Company recorded $177,193 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:

December 31, 2019
Cash paid for operating lease liabilities $ 451,107   
Weighted-average remaining lease term 2.0 years
Weighted-average discount rate 6.25  %

Minimum future lease payments ended December 31, 2019
2020 408,263   
2021 242,558   
2022 163,284   
814,105   
Less imputed interest (57,084)  
Total lease liabilities $ 757,021   

Information related to the Company's financed lease liabilities are as follows:
December 31, 2019
Cash paid for finance lease liabilities $ 270,312   
Weighted-average remaining lease term
Less than one year
Weighted-average discount rate 6.25  %

Minimum future lease payments ended December 31, 2019
2020 82,405   
82,405   
Less imputed interest (1,628)  
Total lease liabilities $ 80,777