Quarterly report pursuant to Section 13 or 15(d)

Leases (Tables)

v3.19.2
Leases (Tables)
6 Months Ended
Jun. 30, 2019
Leases [Abstract]  
Schedule of Operating Leases

The following summarizes quantitative information about the Company’s operating leases:

 

Lease cost  

Three Months

Ended June 30, 2019

 

Six Months

Ended June 30, 2019

Operating lease cost   $ 600,593     $ 1,201,185  
Variable lease cost     861,282       1,637,335  
Operating lease expense     1,461,875       2,838,520  
Short-term lease rent expense     4,620       9,240  
Total rent expense   $ 1,466,495     $ 2,847,760  
                 
Other information                
Operating cash flows from operating leases   $ 584,255     $ 1,208,231  
Right of use assets exchanged for new operating lease liabilities   $ 558,314     $ 2,105,813  
Weighted-average remaining lease term – operating leases     0.5 years       0.5 years  
Weighted-average discount rate – operating leases     10.00 %     10.00 %
Schedule of Maturities of Operating Lease Liabilities

Maturities of the Company’s operating lease liabilities, are as follows (unaudited):

 

For the six months ended December 31, 2019   $ 883,790  
For the year ended December 31, 2020     58,731  
For the year ended December 31, 2021     35,040  
Total   $ 977,561  
Less present value discount     (27,274 )
Operating lease liabilities   $ 950,287