Commitments and Contingencies (Tables)
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3 Months Ended |
Mar. 31, 2020 |
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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 three months ended March 31, 2020 and 2019:
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Line Item in the
Company’s Consolidated
Statements of Operations |
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Three Months Ended
March 31, 2020 |
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Three Months
Ended
March 31, 2019 |
| Finance lease costs: |
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| Amortization of assets |
Depreciation and amortization |
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$ |
10,554 |
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$ |
6,169 |
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| Interest on lease liabilities |
Other expense, net |
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2,283 |
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1,911 |
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| Total finance lease costs |
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12,837 |
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8,080 |
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| Operating lease costs |
General and administrative expenses |
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849,891 |
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|
697,755 |
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| Total lease costs |
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$ |
862,728 |
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$ |
705,835 |
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| Assets And Liabilities, Lessee |
Supplemental information and balance sheet location related to leases is as follows:
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March 31, 2020 |
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December 31, 2019 |
| Operating Leases: |
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| Operating lease right-of -use asset |
$ |
12,430,910 |
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$ |
12,486,672 |
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| Operating lease liability - current portion |
$ |
2,497,097 |
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$ |
2,313,109 |
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| Operating lease liability - net of current portion |
11,856,766 |
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11,901,040 |
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| Total operating lease liability |
$ |
14,353,863 |
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$ |
14,214,149 |
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| Finance Leases: |
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| Property and equipment, at cost |
$ |
232,001 |
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$ |
80,604 |
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| Less accumulated amortization |
(35,228) |
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(24,675) |
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| Property and equipment, net |
$ |
196,773 |
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$ |
55,929 |
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| Finance lease liability - current portion |
46,607 |
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24,253 |
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| Finance lease liability - net of current portion |
156,227 |
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34,398 |
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| Total finance lease liabilities |
$ |
202,834 |
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$ |
58,651 |
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| Weighted average remaining lease term (in years): |
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| Operating leases |
5.2 |
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5.4 |
| Finance lease |
5.1 |
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2.3 |
| Weighted average discount rate: |
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| Operating leases |
8.6 |
% |
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8.7 |
% |
| Finance leases |
5.7 |
% |
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10.0 |
% |
Supplemental cash flow information related to leases is as follows:
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Three
Months Ended March 31, 2020 |
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Three
Months Ended March 31, 2019 |
| Cash paid for amounts included in measurement of liabilities: |
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| Operating cash flows from operating leases |
$ |
765,093 |
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$ |
735,426 |
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| Operating cash flows from finance leases |
2,283 |
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1,911 |
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| Financing cash flows from finance leases |
7,214 |
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5,285 |
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| Non-cash transactions: ROU assets obtained in exchange for lease liabilities |
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| Operating lease |
$ |
549,004 |
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$ |
— |
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| Finance lease |
151,396 |
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80,604 |
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| Lessee, Operating Lease, Liability, Maturity |
Maturities of lease liabilities as of March 31, 2020 are as follows:
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Operating Leases |
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Finance Lease |
| 2020 (remainder) |
$ |
2,651,054 |
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$ |
42,290 |
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| 2021 |
3,680,753 |
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56,386 |
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| 2022 |
3,564,346 |
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35,276 |
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| 2023 |
2,851,906 |
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27,600 |
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| 2024 |
2,233,014 |
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27,600 |
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| Thereafter |
2,794,811 |
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39,100 |
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| Total lease payments |
$ |
17,775,884 |
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$ |
228,252 |
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| Less: Imputed interest |
(3,422,021) |
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(25,418) |
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| Total lease obligations |
14,353,863 |
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202,834 |
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| Less: Current obligations |
(2,497,097) |
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(46,607) |
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| Long-term lease obligation |
$ |
11,856,766 |
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$ |
156,227 |
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| Finance Lease, Liability, Maturity |
Maturities of lease liabilities as of March 31, 2020 are as follows:
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Operating Leases |
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Finance Lease |
| 2020 (remainder) |
$ |
2,651,054 |
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$ |
42,290 |
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| 2021 |
3,680,753 |
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56,386 |
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| 2022 |
3,564,346 |
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35,276 |
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| 2023 |
2,851,906 |
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27,600 |
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| 2024 |
2,233,014 |
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27,600 |
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| Thereafter |
2,794,811 |
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39,100 |
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| Total lease payments |
$ |
17,775,884 |
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$ |
228,252 |
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| Less: Imputed interest |
(3,422,021) |
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(25,418) |
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| Total lease obligations |
14,353,863 |
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202,834 |
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| Less: Current obligations |
(2,497,097) |
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(46,607) |
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| Long-term lease obligation |
$ |
11,856,766 |
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$ |
156,227 |
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