Quarterly report pursuant to Section 13 or 15(d)

Leases (Tables)

v3.19.3
Leases (Tables)
9 Months Ended
Sep. 30, 2019
Leases [Abstract]  
Schedule components of lease expense
   

Three months

ended

September 30,

2019

   

Nine months

ended

September 30,

2019

 
Operating lease expense   $ 93,044     $ 279,132  
                 
Finance lease cost                
Amortization of right-to-use assets   $ 20,324     $ 60,971  
Interest on lease liabilities   $ 5,213     $ 16,719  
Total finance lease cost   $ 25,537     $ 77,690  
Schedule of supplemental cash flow information related to leases
    Nine months ended
September 30,
2019
 
Cash flow information:      
       
Cash paid for amounts included in the measurement of lease liabilities:      
Operating cash flows from operating leases   $ 265,024  
Operating cash flows from finance leases   $ 16,719  
Financing cash flows from finance leases   $ 53,976  
         
Non-cash activity:        
         
Right-of-use assets obtained in exchange for lease obligations at September 30, 2019:        
Operating leases   $ 963,434  
Finance Leases   $ 241,397  
Schedule of weighted average remaining lease terms
Weighted average remaining lease term:    
Operating leases   2.9 years
Finance Leases   3.0 years

Schedule of weighted average discount rates
Weighted average discount rates:      
Operating leases     8 %
Finance Leases     8 %
Schedule of maturities of lease liabilities
Year ending December 31,   Operating Leases     Finance Leases  
2019 (excluding nine months ended September 30, 2019)   $ 93,646     $ 23,565  
2020     375,352       94,260  
2021     377,715       94,260  
2022     252,907       64,144  
2023     -       3,912  
Total lease payments   $ 1,099,620     $ 280,141  
Less imputed interest     (122,076 )     (31,749 )
Present value of lease liabilities   $ 977,544     $ 248,392