Leases (Tables)
|
3 Months Ended |
Mar. 31, 2019 |
|---|
| Leases [Abstract] |
|
| Schedule of Operating and Finance Leases Discount Rates, Total Lease Cost and Weighted Average Remaining Lease Terms |
Weighted average remaining lease terms for operating and finance leases as of March 31, 2019 are as follows:
|
|
|
Operating Leases |
207 months |
Finance Leases |
33 months |
Individual components of the total lease cost incurred by the Company for the three month period ended March 31, 2019 is as follows:
|
|
|
|
|
|
Mar 31, 2019 |
Operating lease cost |
$ |
1,005,191 |
|
Finance lease cost |
|
Amortization of right-of-use assets |
43,714 |
|
Interest on finance lease liabilities |
20,297 |
|
Short-term lease cost |
— |
|
Total lease cost |
$ |
1,069,202 |
|
Weighted average discount rates for operating and finance leases are as follows:
|
|
|
|
Operating Leases |
7.32 |
% |
Finance Leases |
11.85 |
% |
|
| Schedule of Operating and Finance Leases Recorded in Consolidated Balance Sheet |
Operating and finance lease amounts included in the Consolidated Balance Sheet are as follows:
|
|
|
|
|
|
Financial Statement Line Item |
Classification |
March 31, 2019 |
|
Right-of-use assets, operating leases |
Assets |
$ |
36,759,065 |
|
Right-of-use assets, finance leases |
Property, plant, and equipment |
532,062 |
|
Current lease liabilities, operating leases |
Current liabilities |
3,473,925 |
|
Current lease liabilities, finance leases |
Current liabilities |
235,685 |
|
Non-current lease liabilities, operating leases |
Non-current liabilities |
34,366,152 |
|
Non-current lease liabilities, finance leases |
Non-current liabilities |
539,073 |
|
|
| Schedule of Maturities For Operating Leases After Adoption of 842 |
The amount of undiscounted future minimum lease payments under operating leases are as follows:
|
|
|
|
|
Remainder of 2019 |
$ |
2,622,191 |
|
2020 |
3,562,092 |
|
2021 |
3,635,376 |
|
2022 |
3,672,731 |
|
2023 |
3,563,383 |
|
2024 |
3,634,651 |
|
Thereafter |
48,553,620 |
|
Total undiscounted minimum future operating lease payments |
69,244,044 |
|
Imputed Interest |
31,403,967 |
|
Total operating lease liabilities recorded as of March 31, 2019 |
$ |
37,840,077 |
|
|
| Schedule of Maturities For Finance Leases After Adoption of 842 |
The amount of undiscounted future minimum lease payments under finance leases are as follows:
|
|
|
|
|
Remainder of 2019 |
$ |
238,206 |
|
2020 |
329,534 |
|
2021 |
335,462 |
|
2022 |
11,998 |
|
Total undiscounted minimum future finance lease payments |
915,200 |
|
Imputed Interest |
140,442 |
|
Total finance lease liabilities recorded as of March 31, 2019 |
$ |
774,758 |
|
|
| Schedule of Undiscounted Future Minimum Lease Payments for Operating Leases Before Adoption of 842 |
Undiscounted future minimum lease payments under non-cancellable operating leases accounted for under ASC 840 "Leases" were as follows:
|
|
|
|
|
|
Dec 31, 2018 |
|
2019 |
$ |
3,207,053 |
|
2020 |
3,243,694 |
|
2021 |
3,238,745 |
|
2022 |
3,224,810 |
|
2023 |
3,102,815 |
|
Thereafter |
45,337,403 |
|
|
| Schedule of Undiscounted Future Minimum Lease Payments for Capital Leases Before Adoption of 842 |
Undiscounted future minimum lease payments under non-cancellable capital leases accounted for under ASC 840 "Leases" were as follows:
|
|
|
|
|
|
Dec 31, 2018 |
|
2019 |
$ |
354,299 |
|
2020 |
329,534 |
|
2021 |
335,462 |
|
2022 |
11,998 |
|
2023 |
— |
|
Total minimum lease payments |
1,031,293 |
|
Less imputed interest costs |
164,826 |
|
Present value of minimum lease payments |
$ |
866,467 |
|
|