Quarterly report pursuant to Section 13 or 15(d)

LEASES (Tables)

v3.19.3
LEASES (Tables)
6 Months Ended
Sep. 30, 2019
Leases [Abstract]  
Schedule of components of lease cost for operating and finance leases

The components of lease cost for operating and finance leases for the three and six months ended September 30, 2019 were as follows: 

             
Lease Cost  

Three Months Ended  

September 30, 2019

   

Six Months Ended

September 30, 2019 

 
Operating lease cost   $ 185,840     $ 185,840  
Finance lease cost                
Amortization of right-of-use assets     17,476       17,476  
Interest on lease liabilities     5,770       5,770  
Total finance lease cost     23,246       23,246  
Short-term lease cost     350,396       350,396  
Total lease cost   $ 559,482     $ 559,482  
Schedule of supplemental cash flow information related to leases

Supplemental cash flow information related to leases was as follows:  

       
Other Lease Information   Six Months Ended September 30, 2019  
Cash paid for amounts included in the measurement of lease liabilities:        
Operating cash flows from operating leases   $ 185,840  
Operating cash flows from finance leases   $ 5,770  
Financing cash flows from finance leases   $ 37,456  
Schedule of the lease-related assets and liabilities recorded in the consolidated balance sheet

The following table summarizes the lease-related assets and liabilities recorded in the consolidated balance sheet at September 30, 2019:  

       
Lease Position September 30, 2019  
Operating Leases    
Operating lease right-of-use assets       
Operating lease liabilities short-term $ 389,857  
Operating lease liabilities long-term 367,406  
Total operating lease liabilities $ 757,263  
   
Finance Leases    
Equipment $ 350,306  
Accumulated depreciation (17,476 )
Net Property $ 332,830  
       
Long-term debt due within one year $      156,284  
Long-Term Debt 119,731  
Total finance lease liabilities $ 276,015  
Schedule of incremental borrowing rate in determining the present value of lease payments unless the implicit rate is readily determinable

The Company utilizes the incremental borrowing rate in determining the present value of lease payments unless the implicit rate is readily determinable. 

 

Lease Term and Discount Rate   September 30, 2019  
Weighted-average remaining lease term (years)        
Operating leases     2.1  
Finance leases     2.1  
Weighted-average discount rate        
Operating leases     10.0 %
Finance leases     7.8 %
Schedule of maturities of lease liabilities

The following table provides the maturities of lease liabilities at September 30, 2019: 

             

Maturity of Lease Liabilities at September 30, 2019

 

 

 

Operating Leases   Finance Leases  
2020 $ 289,084   $ 86,452  
2021 314,078   126,604  
2022 210,747   80,304  
2023 30,896   8,736  
2024    
2025 and thereafter    
Total future undiscounted lease payments   844,805     302,097  
Less: Interest (87,542 ) (26,082 )
Present value of lease liabilities $ 757,263   $ 276,015