Quarterly report pursuant to Section 13 or 15(d)

OPERATING LEASE RIGHT-OF-USE ASSETS AND OPERATING LEASE LIABILITIES (Tables)

v3.19.2
OPERATING LEASE RIGHT-OF-USE ASSETS AND OPERATING LEASE LIABILITIES (Tables)
6 Months Ended
Jun. 30, 2019
Leases [Abstract]  
Right-of-use asset

 

ROU is summarized below:

 

    June 30, 2019
Farm lease ROU   $ 506,506  
Less accumulated reduction     (39,470 )
Balance of ROU asset as of June 30, 2019   $ 467,036  

 

Operating lease liability

 

    June 30, 2019
Farm lease   $ 506,506  
Total lease liability     506,506  
Reduction of lease liability     (39,470 )
Total     467,036  
Less: current portion     (161,617 )
Long term portion of lease liability as of June 30, 2019   $ 305,419  

 

Minimum lease payments under non-cancelable operating lease

 

Year ended December 31, 2019   $ 176,000  
Year ended December 31, 2020     196,000  
Year ended December 31, 2021     196,000  
Year ended December 31, 2022     20,000  
Total     588,000  
Less: undiscounted payments during the six months ended June 30, 2019     (52,667 )
Total undiscounted future minimum lease payments due as of June 30, 2019     535,333  
Imputed interest     (68,297 )
Total operating lease liability   $ 467,036