Quarterly report pursuant to Section 13 or 15(d)

Finance Lease Obligation (Tables)

v3.20.2
Finance Lease Obligation (Tables)
3 Months Ended
Sep. 30, 2020
Finance Lease Obligation  
Schedule of components of lease expense and supplemental balance sheet information related to the finance lease obligation

 

 

 

 

 

 

Three Months 

 

 

Ended

 

 

September 30, 

 

 

2020

Finance Lease Cost:

 

 

  

Amortization of right-of-use assets

 

$

415

Interest on lease liabilities

 

 

614

Operating Lease Cost

 

 

42

Total Lease Cost

 

$

1,071

 

 

 

 

 

Other Information

    

 

  

Cash paid for amounts included in the measurement lease liabilities:

 

 

 

Operating cash flows from operating lease

 

$

42

Financing cash flows from finance lease obligation

 

$

73

 

Schedule of future minimum payments under the finance lease obligation

 

 

 

 

 

 

    

September 30, 

 

 

 

2020

 

Finance lease right-of-use assets

 

$

27,201

 

Finance lease obligation – current portion

 

$

306

 

Finance lease obligation - non-current portion

 

$

31,928

 

Weighted average remaining lease term - finance lease

 

 

29.43 years

 

Weighted average discount rate - Finance lease obligation

 

 

7.608

%

 

Schedule of Future Minimum Lease Payments for Capital Leases [Table Text Block]

Future minimum payments under the finance lease obligation are due as follows:

 

 

 

 

 

 

 

 

 

 

 

Fiscal period ending on September 30:

    

Principal

    

Interest

    

Total

2021

 

$

306,334

 

$

2,443,666

 

$

2,750,000

2022

 

 

330,312

 

 

2,419,688

 

 

2,750,000

2023

 

 

356,167

 

 

2,393,833

 

 

2,750,000

2024

 

 

384,046

 

 

2,365,954

 

 

2,750,000

2025

 

 

414,106

 

 

2,335,894

 

 

2,750,000

Thereafter

 

 

30,443,565

 

 

36,931,435

 

 

67,375,000

 

 

 

 

 

 

 

 

 

 

Total minimum lease payments

 

 

32,234,530

 

$

48,890,470

 

$

81,125,000

Less: current portion

 

 

(306,334)

 

 

  

 

 

  

Long-term portion of minimum lease obligations

 

$

31,928,196