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Operating Leases | 3 Months Ended
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Mar. 31, 2019
Leases [Abstract] |
Operating Leases | Operating Lease The Company currently leases office space of approximately 37,829 square feet at one location. In February 2016, the FASB issued ASU 2016-02, "Leases", which, among other things, requires lessees to recognize most leases on-balance sheet. The Company adopted this ASU on its effective date, January 1, 2019, using a modified retrospective approach without restating prior comparative periods. Upon implementation, the Company recorded a right-of use asset of approximately $2.9 million, which includes the lease liability amount less deferred rent liabilities and lease incentives received, and a lease liability of approximately $3.6 million related to our office lease. As of March 31, 2019, the carrying value of the right-of use asset, which is included in property and equipment, net of depreciation on the consolidated balance sheets, was approximately $2.8 million. As of March 31, 2019, the carrying value of the lease liability which is included in accounts payable and accrued expenses on the consolidated balance sheets, was approximately $3.5 million The adoption of this ASU had no impact on our consolidated statements of income and cash flows and there was no cumulative-effect adjustment required to opening retained earnings. The following table summarizes the total lease and operating expenses for the three months ended March 31, 2019 and 2018:
| March 31, 2019 |  | March 31, 2018
Three Months Ended | $ | 252,073 |  |  | $ | 256,290 |
The approximate future minimum lease payments under the operating lease are as follows:
Future Minimum Lease Payments
Nine Months Remaining In |  |  |  |  |  |  |  |  |  |  |  |
2019 |  | 2020 |  | 2021 |  | 2022 |  | 2023 |  | Thereafter |  | Total
$ | 439,762 |  |  | $ | 614,721 |  |  | $ | 624,179 |  |  | $ | 624,179 |  |  | $ | 624,179 |  |  | $ | 780,223 |  |  | $ | 3,707,243 |
In addition to the above lease payments, the Company is also responsible for normal operating expenses of the property. These operating expenses were approximately $0.4 million in 2018, and are expected to be approximately the same in 2019.

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- Definition Disclosure of accounting policy for leasing arrangement entered into by lessee. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=77888426&loc=SL77918666-209980 + Details
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