Quarterly report pursuant to Section 13 or 15(d)

Leases (Tables)

v3.19.3
Leases (Tables)
9 Months Ended
Sep. 30, 2019
Leases [Abstract]  
Schedule of Operating Leases

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

 

Lease cost   Three Months Ended September 30, 2019   Nine Months Ended September 30, 2019
Operating lease cost   $ 592,593     $ 1,793,778  
Variable lease cost     711,113       2,348,448  
Operating lease expense     1,303,706       4,142,226  
Short-term lease rent expense     4,620       13,860  
Total rent expense   $ 1,308,326     $ 4,156,086  
                 
Other information                
Operating cash flows from operating leases   $ 584,395     $ 1,792,625  
Right of use assets exchanged for new operating lease liabilities   $ 558,314     $ 2,664,126  
Weighted-average remaining lease term – operating leases     0.6 years       0.6 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 three months ended December 31, 2019   $ 584,395  
For the year ended December 31, 2020     343,731  
For the year ended December 31, 2021     35,040  
Total   $ 963,166  
Less present value discount     (24,618 )
Operating lease liabilities   $ 938,548