Note 6 - Lessee Leases
|6 Months Ended|
Jun. 30, 2020
|Note 6 - Lessee Leases||Note 6 Lessee Leases
Our operating leases are comprised of office space and office equipment leases. Fleet leases entered into prior to January 1, 2019, 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 $296,716 and $206,332 as of June 30, 2020 and December 31, 2019, respectively. Accumulated amortization associated with finance leases was $68,067 and $36,640 as of June 30, 2020 and December 31, 2019, respectively.
Lease costs recognized in our consolidated statements of operations is summarized as follows:
(1)Right of use asset amortization under operating agreements was $49,896 and $45,094 for the three months ended June 30, 2020 and 2019, respectively. Right of use asset amortization under operating agreements was $95,722 and $93,767 for the six months ended June 30, 2020 and 2019, respectively.
Other information about lease amounts recognized in our condensed consolidated financial statements is summarized as follows:
Finance lease liabilities were as follows:
Operating lease liabilities were as follows:
The entire disclosure for lessee entity's leasing arrangements including, but not limited to, all of the following: (a.) The basis on which contingent rental payments are determined, (b.) The existence and terms of renewal or purchase options and escalation clauses, (c.) Restrictions imposed by lease agreements, such as those concerning dividends, additional debt, and further leasing.
Reference 1: http://fasb.org/us-gaap/role/ref/otherTransitionRef