Commitments and Contingencies (Tables)
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12 Months Ended |
Dec. 31, 2019 |
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| Commitments and Contingencies Disclosure [Abstract] |
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| Lease, Cost |
The table below summarizes the components of lease expense and income statement location for the year ended December 31, 2019:
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Line Item in the Company’s Consolidated Statements of Operations |
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Year Ended December 31, 2019 |
| Finance lease costs: |
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| Amortization of assets |
Depreciation and amortization |
|
$ |
24,675 |
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| Interest on lease liabilities |
Other expense, net |
|
6,832 |
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| Total finance lease costs |
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|
$ |
31,507 |
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| Operating lease costs |
General and administrative expenses |
|
$ |
3,005,124 |
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| Total lease costs |
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$ |
3,036,631 |
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| Assets And Liabilities, Lessee |
Supplemental information and balance sheet location related to leases is as follows:
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December 31, 2019 |
| Operating Leases: |
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| Operating lease right-of -use asset |
$ |
12,486,672 |
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| Operating lease liability - current portion |
2,313,109 |
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| Operating lease liability - net of current portion |
11,901,040 |
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| Total operating lease liability |
$ |
14,214,149 |
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| Finance Leases: |
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| Property and equipment, at cost |
80,604 |
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| Less accumulated amortization |
(24,675) |
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| Property and equipment, net |
$ |
55,929 |
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| Finance lease liability - current portion |
24,253 |
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| Finance lease liability - net of current portion |
34,398 |
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| Total finance lease liabilities |
$ |
58,651 |
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| Weighted average remaining lease term (in years): |
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| Operating leases |
5.4 |
| Finance lease |
2.3 |
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| Weighted average discount rate: |
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| Operating leases |
8.7 |
% |
| Finance leases |
10.0 |
% |
Supplemental cash flow information related to leases is as follows:
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Year Ended December 31, 2019 |
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| Cash paid for amounts included in measurement of liabilities: |
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| Operating cash flows from operating leases |
$ |
2,834,903 |
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| Operating cash flows from finance leases |
6,832 |
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| Financing cash flows from finance leases |
21,954 |
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| Non-cash transactions: ROU assets obtained in exchange for lease liabilities |
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| Operating lease |
$ |
1,350,090 |
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| Finance lease |
80,604 |
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| Lessee, Operating Lease, Liability, Maturity |
Maturities of lease liabilities as of December 31, 2019 are as follows:
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Operating Leases |
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Finance Lease |
| 2020 |
$ |
3,376,830 |
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|
$ |
28,786 |
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| 2021 |
3,545,186 |
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|
28,786 |
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| 2022 |
3,430,110 |
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|
7,676 |
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| 2023 |
2,716,465 |
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|
— |
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| 2024 |
2,096,333 |
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|
— |
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| Thereafter |
2,629,450 |
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— |
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| Total lease payments |
17,794,374 |
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|
65,248 |
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| Less: Imputed interest |
(3,580,225) |
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|
(6,597) |
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| Total lease obligations |
14,214,149 |
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|
58,651 |
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| Less: Current obligations |
(2,313,109) |
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|
(24,253) |
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| Long-term lease obligation |
$ |
11,901,040 |
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$ |
34,398 |
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| Finance Lease, Liability, Maturity |
Maturities of lease liabilities as of December 31, 2019 are as follows:
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Operating Leases |
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Finance Lease |
| 2020 |
$ |
3,376,830 |
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|
$ |
28,786 |
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| 2021 |
3,545,186 |
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|
28,786 |
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| 2022 |
3,430,110 |
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|
7,676 |
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| 2023 |
2,716,465 |
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|
— |
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| 2024 |
2,096,333 |
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|
— |
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| Thereafter |
2,629,450 |
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|
— |
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| Total lease payments |
17,794,374 |
|
|
65,248 |
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| Less: Imputed interest |
(3,580,225) |
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|
(6,597) |
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| Total lease obligations |
14,214,149 |
|
|
58,651 |
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| Less: Current obligations |
(2,313,109) |
|
|
(24,253) |
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| Long-term lease obligation |
$ |
11,901,040 |
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$ |
34,398 |
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| Schedule of Future Minimum Rental Payments for Operating Leases |
The future minimum obligations under operating leases in effect as of December 31, 2018 having a noncancelable term in excess of one year as determined prior to the adoption of ASC 842 are as follows:
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Operating Leases |
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| 2020 |
$ |
2,630,443 |
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| 2021 |
2,406,645 |
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| 2022 |
2,299,887 |
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| 2023 |
2,195,077 |
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| 2024 |
1,474,396 |
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| Thereafter |
2,772,575 |
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| Total |
$ |
13,779,023 |
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