Quarterly report pursuant to Section 13 or 15(d)

Commitments and Contingencies (Tables)

v3.20.2
Commitments and Contingencies (Tables)
9 Months Ended
Sep. 30, 2020
Commitments and Contingencies Disclosure [Abstract]  
Lease, Cost
The table below summarizes the components of lease expense and income statement location for the three and nine months ended September 30, 2020 and 2019:
Line Item in the
Company’s Consolidated
Income Statements
Three Months Ended September 30, 2020 Three Months Ended September 30, 2019 Nine Months Ended September 30, 2020 Nine Months Ended September 30, 2019
Finance lease costs:
Amortization of assets Depreciation and amortization $ 18,850  $ 6,169  $ 49,024  $ 18,506 
Interest on lease liabilities Other expense, net 3,066  1,642  8,779  5,331 
Total finance lease costs 21,916  7,811  57,803  23,837 
Operating lease costs General and administrative expenses 891,603  855,962  2,659,569  2,292,191 
Total lease costs $ 913,519  $ 863,773  $ 2,717,372  $ 2,316,028 
Assets And Liabilities, Lessee
Supplemental information and balance sheet location related to leases is as follows:
September 30, 2020 December 31, 2019
Operating Leases:
Operating lease right-of -use asset $ 11,555,086  $ 12,486,672 
Operating lease liability - current portion $ 2,756,838  $ 2,313,109 
Operating lease liability - net of current portion 10,798,802  11,901,040 
Total operating lease liability $ 13,555,640  $ 14,214,149 
Finance Leases:
Property and equipment, at cost $ 282,027  $ 80,604 
Less accumulated amortization (73,698) (24,675)
Property and equipment, net $ 208,329  $ 55,929 
Finance lease liability - current portion 69,380  24,253 
Finance lease liability - net of current portion 150,524  34,398 
Total finance lease liabilities $ 219,904  $ 58,651 
Weighted average remaining lease term (in years):
Operating leases 4.8 5.4
Finance lease 4.2 2.3
Weighted average discount rate:
Operating leases 8.5  % 8.7  %
Finance leases 5.4  % 10.0  %
Supplemental cash flow information related to leases is as follows:
Nine Months Ended September 30, 2020 Nine Months Ended September 30, 2019
Cash paid for amounts included in measurement of liabilities:
Operating cash flows from operating leases $ 2,517,613  $ 2,233,149 
Operating cash flows from finance leases 8,779  5,331 
Financing cash flows from finance leases 40,168  16,259 
Non-cash transactions: ROU assets obtained in exchange for lease liabilities
Operating lease $ 919,607  $ 4,501,092 
Finance lease 201,423  80,604 
Lessee, Operating Lease, Liability, Maturity
Maturities of lease liabilities as of September 30, 2020 are as follows:
Operating Leases Finance Lease
2020 (remainder) $ 943,468  $ 19,725 
2021 3,768,378  78,900 
2022 3,652,919  48,975 
2023 2,950,447  27,600 
2024 2,332,736  27,600 
Thereafter 2,860,814  39,100 
Total lease payments $ 16,508,762  $ 241,900 
Less: Imputed interest (2,953,122) (21,996)
Total lease obligations 13,555,640  219,904 
Less: Current obligations (2,756,838) (69,380)
Long-term lease obligation $ 10,798,802  $ 150,524 
Finance Lease, Liability, Maturity
Maturities of lease liabilities as of September 30, 2020 are as follows:
Operating Leases Finance Lease
2020 (remainder) $ 943,468  $ 19,725 
2021 3,768,378  78,900 
2022 3,652,919  48,975 
2023 2,950,447  27,600 
2024 2,332,736  27,600 
Thereafter 2,860,814  39,100 
Total lease payments $ 16,508,762  $ 241,900 
Less: Imputed interest (2,953,122) (21,996)
Total lease obligations 13,555,640  219,904 
Less: Current obligations (2,756,838) (69,380)
Long-term lease obligation $ 10,798,802  $ 150,524