Leases (Tables)
|
9 Months Ended |
Sep. 30, 2019 |
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| Leases [Abstract] |
|
| Schedule of Operating and Finance Leases Discount Rates, Total Lease Cost and Weighted Average Remaining Lease Terms |
Individual components of the total lease cost incurred by the Company are as follows:
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Three Months Ended |
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Nine Months Ended |
|
September 30, 2019 |
|
September 30, 2019 |
Operating lease cost |
$ |
1,027,998 |
|
|
$ |
3,083,993 |
|
Finance lease cost: |
|
|
|
Amortization of right-of-use assets |
43,714 |
|
|
131,143 |
|
Interest on finance lease liabilities |
20,526 |
|
|
66,270 |
|
Total lease cost |
$ |
1,092,238 |
|
|
$ |
3,281,406 |
|
Weighted average remaining lease terms for operating and finance leases as of September 30, 2019 are as follows:
|
|
|
Operating Leases |
16.79 years |
Finance Leases |
2.27 years |
Weighted average discount rates for operating and finance leases are as follows:
|
|
|
|
Operating Leases |
7.32 |
% |
Finance Leases |
11.90 |
% |
|
| 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:
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Classification |
|
Financial Statement Line Item |
|
September 30, 2019 |
|
Assets |
|
Right-of-use assets, operating leases |
|
$ |
36,102,240 |
|
Assets |
|
Property, plant and equipment |
|
444,634 |
|
Current liabilities |
|
Current portion of lease liabilities, operating leases |
|
3,543,866 |
|
Current liabilities |
|
Current portion of lease liabilities, finance leases |
|
252,896 |
|
Non-current liabilities |
|
Non-current portion of lease liabilities, operating leases |
|
33,942,080 |
|
Non-current liabilities |
|
Non-current portion of lease liabilities, finance leases |
|
397,815 |
|
|
| Schedule of Maturities For Operating Leases After Adoption of 842 |
The amounts of undiscounted future minimum lease payments under leases as of September 30, 2019 are as follows:
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|
|
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|
|
|
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Operating |
|
Finance |
Remainder of 2019 |
$ |
885,966 |
|
|
$ |
59,472 |
|
2020 |
3,562,092 |
|
|
275,101 |
|
2021 |
3,635,376 |
|
|
315,529 |
|
2022 |
3,672,731 |
|
|
11,998 |
|
2023 |
3,563,383 |
|
|
— |
|
Thereafter |
52,188,270 |
|
|
— |
|
Total undiscounted minimum future lease payments |
67,507,818 |
|
|
662,100 |
|
Imputed Interest |
30,021,872 |
|
|
11,389 |
|
Total lease liabilities recorded as of September 30, 2019 |
$ |
37,485,946 |
|
|
$ |
650,711 |
|
|
| Schedule of Maturities For Finance Leases After Adoption of 842 |
The amounts of undiscounted future minimum lease payments under leases as of September 30, 2019 are as follows:
|
|
|
|
|
|
|
|
|
|
Operating |
|
Finance |
Remainder of 2019 |
$ |
885,966 |
|
|
$ |
59,472 |
|
2020 |
3,562,092 |
|
|
275,101 |
|
2021 |
3,635,376 |
|
|
315,529 |
|
2022 |
3,672,731 |
|
|
11,998 |
|
2023 |
3,563,383 |
|
|
— |
|
Thereafter |
52,188,270 |
|
|
— |
|
Total undiscounted minimum future lease payments |
67,507,818 |
|
|
662,100 |
|
Imputed Interest |
30,021,872 |
|
|
11,389 |
|
Total lease liabilities recorded as of September 30, 2019 |
$ |
37,485,946 |
|
|
$ |
650,711 |
|
|
| Schedule of Undiscounted Future Minimum Lease Payments for Operating Leases Before Adoption of 842 |
Undiscounted future minimum lease payments under non-cancellable operating and capital leases as of December 31, 2018 accounted for under ASC 840 "Leases" were as follows:
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|
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|
|
|
|
|
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Operating |
|
Capital |
2019 |
$ |
3,207,053 |
|
|
$ |
354,299 |
|
2020 |
3,243,694 |
|
|
329,534 |
|
2021 |
3,238,745 |
|
|
335,462 |
|
2022 |
3,224,810 |
|
|
11,998 |
|
2023 |
3,102,815 |
|
|
— |
|
Thereafter |
45,337,403 |
|
|
— |
|
Total undiscounted minimum future operating lease payments |
|
|
|
1,031,293 |
|
Imputed Interest |
|
|
|
164,826 |
|
Total lease liabilities recorded as of December 31, 2018 |
|
|
$ |
866,467 |
|
|
| Schedule of Undiscounted Future Minimum Lease Payments for Capital Leases Before Adoption of 842 |
Undiscounted future minimum lease payments under non-cancellable operating and capital leases as of December 31, 2018 accounted for under ASC 840 "Leases" were as follows:
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|
|
|
|
|
|
|
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Operating |
|
Capital |
2019 |
$ |
3,207,053 |
|
|
$ |
354,299 |
|
2020 |
3,243,694 |
|
|
329,534 |
|
2021 |
3,238,745 |
|
|
335,462 |
|
2022 |
3,224,810 |
|
|
11,998 |
|
2023 |
3,102,815 |
|
|
— |
|
Thereafter |
45,337,403 |
|
|
— |
|
Total undiscounted minimum future operating lease payments |
|
|
|
1,031,293 |
|
Imputed Interest |
|
|
|
164,826 |
|
Total lease liabilities recorded as of December 31, 2018 |
|
|
$ |
866,467 |
|
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