Leases (Tables)
|
12 Months Ended |
Dec. 31, 2019 |
|---|
| Leases [Abstract] |
|
| Schedule of Lease Expense |
The components of lease expense were as follows:
| |
|
Year Ended
December 31, 2019 |
|
| Operating lease cost |
|
$ |
2,184,880 |
|
| Short-term lease cost |
|
|
229,263 |
|
| Variable lease cost |
|
|
41,714 |
|
| Total- net lease cost |
|
$ |
2,455,857 |
|
|
| Schedule of Supplemental Balance Sheet Information Related to Leases |
Supplemental balance sheet information related
to leases was as follows:
| |
|
December 31, 2019 |
|
| Operating leases: |
|
|
|
|
| Operating lease ROU assets, net |
|
$ |
3,526,315 |
|
| |
|
|
|
|
| Current operating lease liabilities |
|
$ |
1,688,772 |
|
| Non-current operating lease liabilities |
|
|
2,040,772 |
|
| Total operating lease liabilities |
|
$ |
3,729,544 |
|
| |
|
|
|
|
| Operating leases: |
|
|
|
|
| ROU assets |
|
$ |
5,467,749 |
|
| Asset lease expense |
|
|
(1,888,443 |
) |
| Foreign exchange loss |
|
|
(52,991 |
) |
| ROU assets, net |
|
$ |
3,526,315 |
|
| |
|
|
|
|
| Weighted average remaining lease term (in years): |
|
|
|
|
| Operating leases |
|
|
2.46 |
|
| Weighted average discount rate: |
|
|
|
|
| Operating leases |
|
|
7.05 |
% |
|
| Schedule of Supplemental Cash Flow and Other Information Related to Leases |
Supplemental cash flow and other information
related to leases was as follows:
| |
|
Year Ended
December 31, 2019 |
|
| |
|
|
|
| Cash paid for amounts included in the measurement of lease liabilities: |
|
|
|
|
| Operating cash flows from operating leases |
|
$ |
2,332,167 |
|
| |
|
|
|
|
| ROU assets obtained in exchange for lease liabilities: |
|
|
|
|
| Operating leases, net of restructuring, impairment and terminations |
|
$ |
1,221,989 |
|
|
| Schedule of Maturities of Lease Liabilities |
Maturities of lease liabilities are as follows:
| Operating leases - Year ended December 31, |
|
|
|
| 2020 |
|
$ |
1,887,651 |
|
| 2021 |
|
|
1,382,639 |
|
| 2022 |
|
|
624,528 |
|
| 2023 |
|
|
154,492 |
|
| 2024 |
|
|
4,694 |
|
| Total lease payments |
|
|
4,054,004 |
|
| Less: imputed interest |
|
|
(324,460 |
) |
| Total lease obligations |
|
|
3,729,544 |
|
| Less: current obligations |
|
|
1,688,772 |
|
| Long-term lease obligations |
|
$ |
2,040,772 |
|
|
| Schedule of Future Minimum Lease Payments Under Non-cancellable Operating Leases |
For comparative periods prior to the adoption
of the new accounting guidance on January 1, 2019, we have retained the following disclosures as previously reported. Future minimum
lease payments under non-cancelable operating leases as of December 31, 2018 were as follows:
| Operating leases |
|
|
|
| 2019 |
|
$ |
932,068 |
|
| 2020 |
|
|
715,059 |
|
| 2021 |
|
|
510,927 |
|
| 2022 |
|
|
412,585 |
|
| 2023 |
|
|
91,797 |
|
| Total |
|
$ |
2,662,436 |
|
|