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Leases | 3 Months Ended
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Mar. 31, 2020
Leases [Abstract] |
Leases |
9. | Leases
The Company has various lease agreements in place for facilities and equipment. Terms of these leases include, in some instances, scheduled rent increases, renewals, purchase options and maintenance costs, and vary by lease. These lease obligations expire at various dates through 2023. As the rate implicit in each lease is not readily determinable, the Company uses its incremental borrowing rate based on information available at commencement to determine the present value of the lease payments. Based on the present value of the lease payments for the remaining lease term of the Company’s existing leases, the Company recognized right-of-use assets of $920,805, lease liabilities of $1,110,445, and a net adjustment to retained earnings of $187,353 upon adoption on January 1, 2019. Right-of-use assets and lease liabilities commencing after January 1, 2019 are recognized at commencement date based on the present value of lease payments over the lease term. As of March 31, 2020, the right-of-use assets and lease liabilities were $0.6 million and $0.7 million, respectively. Leases with an initial term of 12 months or less (“short-term leases”) are not recorded on the balance sheet and are recognized on a straight-line basis over the lease term. Aggregate lease expense for the three-months ended March 31, 2020 was $0.2 million, consisting of $0.2 million in lease expense for lease liabilities recorded on the Company’s balance sheet and $0.0 million in short-term lease expense. Maturities of lease liabilities as of March 31, 2020 are as follows:
|  | Operating Leases |  |  | Weighted-Average Remaining Term in Years |
2020 |  | $ | 347,070 |  |  |  |  |
2021 |  |  | 292,635 |  |  |  |  |
2022 |  |  | 37,477 |  |  |  |  |
Thereafter |  |  | 38,564 |  |  |  |  |
Total lease payments |  |  | 715,746 |  |  |  |  |
Less imputed interest (based on 6.3% weighted- average discount rate |  |  | (50,819 | ) |  |  |  |
Present value of lease liability |  | $ | 664,927 |  |  |  | 1.8 |

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- Definition The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -URI http://asc.fasb.org/subtopic&trid=77888251 + Details
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