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Leases | 9 Months Ended
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Sep. 30, 2020
Leases [Abstract] |
Leases | Leases The Company has entered into operating and finance leases primarily for real estate and equipment rental. These leases have terms which range from two years to four years, and often include one or more options to renew or in the case of equipment rental, to purchase the equipment. These operating and finance leases are listed as separate line items on the Company's September 30, 2020 consolidated balance sheet and represent the Company’s right to use the underlying asset for the lease term. The Company’s obligation to make lease payments are also listed as separate line items on the Company's September 30, 2020, consolidated balance sheet. 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 and lease liabilities for operating leases of approximately $1.2 million and finance leases of approximately $265,000, respectively, on January 1, 2019. Operating lease right-of-use assets and 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 September 30, 2020 and December 31, 2019, total operating and financed right-of-use assets were $687,077 and $472,791, and $756,115 and $88,178, respectively. The Company has entered into a short-term finance lease for equipment with a remaining term of twelve months or less and is included in the "Accrued expenses and other current liabilities" section of the consolidated balance sheet. All operating lease expense is recognized on a straight-line basis over the lease term. As of September 30, 2020, the Company recorded $291,100 in amortization expense related to finance leases. Because the rate implicit in each lease is not readily determinable, the Company uses its incremental borrowing rate to determine the present value of the lease payments. Information related to the Company's operating lease liabilities are as follows:
| For the Nine Months Ended September 30,
Cash paid for operating lease liabilities | $ | 198,293 |
Weighted-average remaining lease term | 2.4 years
Weighted-average discount rate | 6.25 | %
Minimum future lease payments ended September 30, 2020 |  |
2020 | 59,919 |  |
2021 | 242,558 |  |
2022 | 249,326 |  |
2023 | 172,084 |  |
| 723,887 |  |
Less imputed interest | (36,573) |  |
Total lease liabilities | $ | 687,314 |  |
Information related to the Company's financed lease liabilities are as follows:
| For the Nine Months Ended September 30,
Cash paid for finance lease liabilities | $ | 529,648 |
Weighted-average remaining lease term | 2.6 years
Weighted-average discount rate | 6.25 | %
Minimum future lease payments ended September 30, 2020 |
2020 | $ | 66,161 |
2021 | 261,066 |
2022 | 66,691 |
2023 | 30,472 |
| 424,390 |
Less imputed interest | (24,840) |
Total lease liabilities | $ | 399,550 |
Leases | Leases The Company has entered into operating and finance leases primarily for real estate and equipment rental. These leases have terms which range from two years to four years, and often include one or more options to renew or in the case of equipment rental, to purchase the equipment. These operating and finance leases are listed as separate line items on the Company's September 30, 2020 consolidated balance sheet and represent the Company’s right to use the underlying asset for the lease term. The Company’s obligation to make lease payments are also listed as separate line items on the Company's September 30, 2020, consolidated balance sheet. 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 and lease liabilities for operating leases of approximately $1.2 million and finance leases of approximately $265,000, respectively, on January 1, 2019. Operating lease right-of-use assets and 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 September 30, 2020 and December 31, 2019, total operating and financed right-of-use assets were $687,077 and $472,791, and $756,115 and $88,178, respectively. The Company has entered into a short-term finance lease for equipment with a remaining term of twelve months or less and is included in the "Accrued expenses and other current liabilities" section of the consolidated balance sheet. All operating lease expense is recognized on a straight-line basis over the lease term. As of September 30, 2020, the Company recorded $291,100 in amortization expense related to finance leases. Because the rate implicit in each lease is not readily determinable, the Company uses its incremental borrowing rate to determine the present value of the lease payments. Information related to the Company's operating lease liabilities are as follows:
| For the Nine Months Ended September 30,
Cash paid for operating lease liabilities | $ | 198,293 |
Weighted-average remaining lease term | 2.4 years
Weighted-average discount rate | 6.25 | %
Minimum future lease payments ended September 30, 2020 |  |
2020 | 59,919 |  |
2021 | 242,558 |  |
2022 | 249,326 |  |
2023 | 172,084 |  |
| 723,887 |  |
Less imputed interest | (36,573) |  |
Total lease liabilities | $ | 687,314 |  |
Information related to the Company's financed lease liabilities are as follows:
| For the Nine Months Ended September 30,
Cash paid for finance lease liabilities | $ | 529,648 |
Weighted-average remaining lease term | 2.6 years
Weighted-average discount rate | 6.25 | %
Minimum future lease payments ended September 30, 2020 |
2020 | $ | 66,161 |
2021 | 261,066 |
2022 | 66,691 |
2023 | 30,472 |
| 424,390 |
Less imputed interest | (24,840) |
Total lease liabilities | $ | 399,550 |

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- Definition The entire disclosure for finance leases of lessee. Includes, but is not limited to, description of lessee's finance lease and maturity analysis of finance 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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- 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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