Quarterly report pursuant to Section 13 or 15(d)

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

v3.20.2
OPERATING LEASE RIGHT-OF-USE ASSETS AND OPERATING LEASE LIABILITIES (Tables)
3 Months Ended
Mar. 31, 2020
Leases [Abstract]  
Right-of-use asset
   

As of

March 31, 2020

   

As of

 December 31, 2019

 
    (Unaudited)        
Farm lease, ROU Asset   $ 506,506     $ 506,506  
Commercial lease ROU     1,924,856       1,924,856  
Less: Accumulated amortization     (374,996 )     (258,109 )
Balance of ROU asset   $ 2,056,366     $ 2,173,253  
Operating lease right-of-use assets
   

March 31,

2020

   

December 31,

2019

 
    (Unaudited)         
Operating lease right-of-use assets – related party   $ 1,705,115     $ 1,782,443  
Operating lease right-of-use assets – unrelated party     351,251       390,810  
Operating lease right-of-use assets, net   $ 2,056,366     $ 2,173,253  
Operating lease liability

Operating lease liability related to the ROU asset is summarized below:

 

   

As of

March 31, 2020

   

As of

 December 31, 2019

 
    (Unaudited)        
Farm lease   $ 506,506     $ 506,506  
Commercial lease     1,924,856       1,924,856  
Total lease liability     2,431,362       2,431,362  
Reduction of lease liability     (285,879 )     (172,410 )
Total     2,145,483       2,258,952  
Less: current portion     (498,778 )     (432,065 )
Long term portion of lease liability   $ 1,646,705     $ 1,826,887  

 

Operating lease liabilities, current portion consisted of the following:

   

March 31,

2020

   

December 31,

2019

 
    (Unaudited)         
Operating lease liabilities – related party   $ 324,628     $ 262,196  
Operating lease liabilities – unrelated party     174,150       169,869  
Operating lease liabilities   $ 498,778     $ 432,065  

 

Operating lease liabilities, long-term portion consisted of the following:

   

March 31,

2020

   

December 31,

2019

 
    (Unaudited)         
Operating lease liabilities – related party   $ 1,469,604     $ 1,605,945  
Operating lease liabilities – unrelated party     177,101       220,942  
Operating lease liabilities   $ 1,646,705     $ 1,826,887  

 

Minimum lease payments under non-cancelable operating lease
Year ended December 31, 2020   $ 682,000  
Year ended December 31, 2021     696,580  
Year ended December 31, 2022     560,933  
Year ended December 31, 2023     531,063  
Year ended December 31, 2024     315,140  
Total     2,785,716  
Less: undiscounted payments during the three months ended March 31, 2020     (169,000 )
Total undiscounted future minimum lease payments due as of March 31, 2020     2,616,716  
Imputed interest     (471,233 )
Total operating lease liability   $ 2,145,483