Leases (Tables)
|
3 Months Ended |
Mar. 31, 2020 |
|---|
| Leases [Abstract] |
|
| Schedule of Lease Expense |
The components of lease expense were as follows:
| |
|
Three Months Ended March 31, |
|
| |
|
2020 |
|
|
2019 |
|
| Operating lease cost |
|
$ |
799,536 |
|
|
$ |
465,228 |
|
| Short-term lease cost |
|
|
9,369 |
|
|
|
105,551 |
|
| Variable lease cost |
|
|
13,472 |
|
|
|
6,583 |
|
| Total- net lease cost |
|
$ |
822,377 |
|
|
$ |
577,362 |
|
|
| Schedule of Supplemental Balance Sheet Information Related to Leases |
Supplemental balance sheet information related
to leases was as follows:
| |
|
March 31, 2020 |
|
|
December 31, 2019 |
|
| Operating leases: |
|
|
|
|
|
|
|
|
| Operating lease ROU assets, net |
|
$ |
6,430,634 |
|
|
$ |
3,526,315 |
|
| |
|
|
|
|
|
|
|
|
| Current operating lease liabilities |
|
$ |
2,824,729 |
|
|
$ |
1,688,772 |
|
| Non-current operating lease liabilities |
|
|
4,208,244 |
|
|
|
2,040,772 |
|
| Total operating lease liabilities |
|
$ |
7,032,973 |
|
|
$ |
3,729,544 |
|
| |
|
|
|
|
|
|
|
|
| Operating leases: |
|
|
|
|
|
|
|
|
| ROU assets |
|
$ |
7,138,689 |
|
|
$ |
5,467,749 |
|
| Asset lease expense |
|
|
(683,817 |
) |
|
|
(1,888,443 |
) |
| Foreign exchange loss |
|
|
(24,238 |
) |
|
|
(52,991 |
) |
| ROU assets, net |
|
$ |
6,430,634 |
|
|
$ |
3,526,315 |
|
| |
|
|
|
|
|
|
|
|
| Weighted average remaining lease term (in years): |
|
|
|
|
|
|
|
|
| Operating leases |
|
|
2.79 |
|
|
|
2.46 |
|
| Weighted average discount rate: |
|
|
|
|
|
|
|
|
| Operating leases |
|
|
6.91 |
% |
|
|
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:
| |
|
Three Months Ended March 31, |
|
| |
|
2020 |
|
|
2019 |
|
| |
|
|
|
|
|
|
| Cash paid for amounts included in the measurement of lease liabilities: |
|
|
|
|
|
|
|
|
| Operating cash flows from operating leases |
|
$ |
679,333 |
|
|
$ |
478,060 |
|
| |
|
|
|
|
|
|
|
|
| ROU assets obtained in exchange for lease liabilities: |
|
|
|
|
|
|
|
|
| Operating leases, net of impairment and terminations |
|
$ |
3,617,387 |
|
|
$ |
180,290 |
|
|
| Schedule of Maturities of Lease Liabilities |
Maturities of lease liabilities are as follows:
| Operating leases - Year ending December 31, |
|
|
|
|
| 2020 (nine months) |
|
|
$ |
2,475,279 |
|
| 2021 |
|
|
|
2,617,813 |
|
| 2022 |
|
|
|
1,867,695 |
|
| 2023 |
|
|
|
525,837 |
|
| 2024 |
|
|
|
203,845 |
|
| 2025 |
|
|
|
33,827 |
|
| Total lease payments |
|
|
|
7,724,296 |
|
| Less: imputed interest |
|
|
|
(691,323 |
) |
| Total lease obligations |
|
|
|
7,032,973 |
|
| Less: current obligations |
|
|
|
2,824,729 |
|
| Long-term lease obligations |
|
|
$ |
4,208,244 |
|
|