Note 6 - Lessee Leases
|12 Months Ended|
Dec. 31, 2019
|Note 6 - Lessee Leases||
Note 6 Lessee Leases
Our operating leases are comprised of office space and office equipment leases. Fleet and vehicle leases entered into prior to January 1, 2019, under ASC 840 guidelines, are classified as operating leases. Fleet leases entered into beginning January 1, 2019, under ASC 842 guidelines, are classified as finance leases.
Gross right of use assets recorded under finance leases related to WCI vehicle fleet leases were $206,332 and $0 as of December 31, 2019 and 2018, respectively. Accumulated amortization associated with finance leases was $36,640 and $0 as of December 31, 2019 and 2018, respectively.
Lease costs recognized in our consolidated income statements is summarized as follows:
Right of use asset amortization under operating agreements was $214,030 for the year ended December 31, 2019.
Other information about lease amounts recognized in our consolidated financial statements is summarized as follows:
As of December 31, 2019, our lease liabilities were as follows:
The entire disclosure for lessor entity's leasing arrangements for operating, capital and leveraged leases.
Reference 1: http://fasb.org/us-gaap/role/ref/otherTransitionRef