Quarterly report pursuant to Section 13 or 15(d)

Leases (Tables)

v3.19.2
Leases (Tables)
6 Months Ended
Jun. 30, 2019
Leases [Abstract]  
Schedule of lease expense

    Three months ended
June 30,
2019
   

Six months ended

June 30,
2019

 
Operating lease expense   $ 93,043     $ 186,088  
                 
Finance lease cost                
Amortization of right-to-use assets   $ 20,323     $ 40,647  
Interest on lease liabilities   $ 5,576     $ 11,506  
Total finance lease cost   $ 25,899     $ 52,153  
Schedule of supplemental information related to leases

    Three months ended
June 30,
2019
    Six months ended
June 30,
2019
 
Cash flow information:            
             
Cash paid for amounts included in the measurement of lease liabilities:            
Operating cash flows from operating leases   $ 85,869     $ 171,738  
Operating cash flows from finance leases   $ 5,576     $ 11,506  
Financing cash flows from finance leases   $ 17,989     $ 35,624  
                 
Non-cash activity:                
                 
Right-of-use assets obtained in exchange for lease obligations at June 30, 2019:                
Operating leases   $ 1,035,956          
Finance Leases   $ 261,721          
Schedule of weighted average remaining lease terms

Weighted average remaining lease term:      
Operating leases     3.2 years  
Finance Leases     3.2 years  
Schedule of weighted average discount rate

Weighted average discount rates:      
Operating leases     8 %
Finance Leases     8 %
Schedule of maturities lease liabilities

Year ending December 31,   Operating Leases     Finance Leases  
2019 (excluding six months ended June 30, 2019)   $ 186,932     $ 47,130  
2020     375,352       94,260  
2021     377,715       94,260  
2022     252,907       64,144  
2023     -       3,912  
Total lease payments   $ 1,192,906     $ 303,706  
Less imputed interest     (142,600 )     (36,962 )
Present value of lease liabilities   $ 1,050,306     $ 266,744