General form of registration statement for all companies including face-amount certificate companies

Leases (Tables)

v3.19.3
Leases (Tables)
 6 Months Ended
Jun. 30, 2019
Leases [Abstract]  
Schedule of Components of Lease Expense

The components of lease expense were as follows:

 

    For the Six Months Ended  
    June 30, 2019  
Finance lease cost:        
Amortization of assets   $ 19,971  
Interest on lease liabilities     9,158  
Total lease cost   $ 29,129  
Schedule of Supplemental Balance Sheet Information Related to Leases

Supplemental balance sheet information related to leases were as follows:

 

    June 30, 2019  
Finance lease:        
Right-of-use asset   $ 278,725  
Accumulated amortization     (19,971 )
Right-of-use asset, net   $ 258,754  
         
Current portion of finance lease liability   $ 38,561  
Long-term finance lease liability     222,358  
Total finance lease liability   $ 260,919  
         
Weighted average remaining lease term:        
Operating leases     N/A  
Finance leases     5.5 years  
         
Weighted average discount rate:        
Operating leases     N/A  
Finance leases     6.75 %
Schedule of Supplemental Cash Flow Related to Leases

Supplemental cash flow and other information related to leases was as follows:

 

    For the Six Months Ended  
    June 30, 2019  
Cash paid for amounts included in the measurement of lease liabilities:        
Operating cash flows used for finance leases   $ 26,964  
         
Leased assets obtained in exchange for lease liabilities:        
Total operating lease liabilities   $ -  
Total finance lease liabilities   $ 260,919  
Schedule of Finance Lease Liability Maturity

The Company’s maturities of lease liabilities under finance leases as of June 30, 2019 are as follows:

 

    Finance  
    Leases  
       
2019   $ 27,234  
2020     55,824  
2021     57,498  
2022     59,223  
2023     61,000  
Thereafter     51,957  
Total     312,876  
Less interest     56,461  
Present value of lease liabilities     260,919  
Less current portion     38,561  
Long-term lease liabilities   $ 222,358