Leases (Tables)
|
6 Months Ended |
Jun. 30, 2020 |
|---|
| Leases [Abstract] |
|
| Schedule of Lease Expense |
The components of lease expense were as follows:
| |
|
Three Months Ended
June 30, |
|
|
Six Months Ended
June 30, |
|
| |
|
2020 |
|
|
2019 |
|
|
2020 |
|
|
2019 |
|
| Operating lease cost |
|
$ |
834,950 |
|
|
$ |
639,393 |
|
|
$ |
1,634,486 |
|
|
$ |
1,104,621 |
|
| Short-term lease cost |
|
|
941 |
|
|
|
32,425 |
|
|
$ |
10,310 |
|
|
|
137,976 |
|
| Variable lease cost |
|
|
2,062 |
|
|
|
12,450 |
|
|
$ |
15,534 |
|
|
|
19,033 |
|
| Total- net lease cost |
|
$ |
837,953 |
|
|
$ |
684,268 |
|
|
$ |
1,660,330 |
|
|
$ |
1,261,630 |
|
|
| Schedule of Supplemental Balance Sheet Information Related to Leases |
Supplemental balance sheet information related
to leases was as follows:
| |
|
June 30, 2020 |
|
|
December 31, 2019 |
|
| Operating leases: |
|
|
|
|
|
|
|
|
| Operating lease ROU assets, net |
|
$ |
8,358,549 |
|
|
$ |
3,526,315 |
|
| |
|
|
|
|
|
|
|
|
| Current operating lease liabilities |
|
$ |
4,689,790 |
|
|
$ |
1,688,772 |
|
| Non-current operating lease liabilities |
|
|
7,592,536 |
|
|
|
2,040,772 |
|
| Total operating lease liabilities |
|
$ |
12,282,326 |
|
|
$ |
3,729,544 |
|
| |
|
|
|
|
|
|
|
|
| Operating leases: |
|
|
|
|
|
|
|
|
| ROU assets |
|
$ |
9,724,984 |
|
|
$ |
5,467,749 |
|
| Asset lease expense |
|
|
(1,337,677 |
) |
|
|
(1,888,443 |
) |
| Foreign exchange loss |
|
|
(28,758 |
) |
|
|
(52,991 |
) |
| ROU assets, net |
|
$ |
8,358,549 |
|
|
$ |
3,526,315 |
|
| |
|
|
|
|
|
|
|
|
| Weighted average remaining lease term (in years): |
|
|
|
|
|
|
|
|
| Operating leases |
|
|
2.81 |
|
|
|
2.46 |
|
| Weighted average discount rate: |
|
|
|
|
|
|
|
|
| Operating leases |
|
|
6.80 |
% |
|
|
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
June 30, |
|
|
Six Months Ended
June 30, |
|
| |
|
2020 |
|
|
2019 |
|
|
2020 |
|
|
2019 |
|
| Cash paid for amounts included in the measurement of lease liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
| Operating cash flows from operating leases |
|
$ |
763,733 |
|
|
$ |
646,824 |
|
|
$ |
1,443,066 |
|
|
$ |
1,124,884 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ROU assets obtained in exchange for lease liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Operating leases, net of impairment and terminations |
|
$ |
2,646,511 |
|
|
$ |
1,453,751 |
|
|
$ |
6,263,898 |
|
|
$ |
1,634,041 |
|
|
| Schedule of Maturities of Lease Liabilities |
Maturities of lease liabilities are as follows:
| Operating leases - Year ending December 31, |
|
|
|
| 2020 (six months) |
|
$ |
2,788,605 |
|
| 2021 |
|
|
4,908,064 |
|
| 2022 |
|
|
3,818,759 |
|
| 2023 |
|
|
1,617,221 |
|
| 2024 |
|
|
288,327 |
|
| 2025 |
|
|
54,948 |
|
| Total lease payments |
|
|
13,475,924 |
|
| Less: imputed interest |
|
|
(1,193,598 |
) |
| Total lease obligations |
|
|
12,282,326 |
|
| Less: current obligations |
|
|
(4,689,790 |
) |
| Long-term lease obligations |
|
$ |
7,592,536 |
|
|