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Leases | 12 Months Ended
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Dec. 31, 2020
Leases [Abstract] |
Leases | The Company entered into operating leases for corporate and operational facilities (“real estate leases”), computer hardware for datacenters and automobiles (collectively “all other leases”). Real estate leases. Substantially all real estate leases have remaining terms of six (6) to nine (9) years, with additional five (5) year extensions available. All of these leases require a fixed lease payment that contains an annual lease payment escalation provision ranging from 3% to 4% per year. Certain leases contain early termination provisions that would require payment of unamortized tenant improvements, real estate broker commissions paid, and up to six (6) months of rent to compensate the landlord for early termination. The cost to exit a lease would be significant and potentially range $0.2 million to $0.8 million. The earliest any lease termination provisions could be exercised would be in 2023. All other leases. Non-real estate operating leases have remaining terms of one (1) to two (2) years. All of these leases require a fixed lease payment over the entire lease term with no escalation provision. There are no early termination provisions under such arrangements. The components of lease expense were as follows:
|  | YEARS ENDED |
|  | DECEMBER 31, |
|  | 2020 |  |  | 2019 |
Operating lease expense |  | $ | 32,367 |  |  | $ | 212,221 |
Finance lease expense: |  |  |  |  |  |  |  |
Amortization of right of use assets |  | $ | 673,378 |  |  | $ | 568,688 |
Interest on finance lease liabilities |  |  | 293,493 |  |  |  | 285,978 |
Total finance lease expense |  | $ | 966,871 |  |  | $ | 854,666 |
Supplemental cash flow information related to leases was as follows:
|  | YEARS ENDED |
|  | DECEMBER 31, |
|  | 2020 |  |  | 2019 |
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |  |  |
Operating cash flows from operating leases |  | $ | 32,367 |  |  | $ | 212,221 |
Operating cash flows from finance leases |  |  | 293,493 |  |  |  | 285,978 |
Financing cash flows from finance leases |  |  | 608,004 |  |  |  | 473,278 |
Operating lease expense is included in general and administrative expenses in the consolidated statement of operations. Amortization of right of use assets is included in depreciation and amortization in the consolidated statement of operations. Supplemental balance sheet information related to leases was as follows:
|  | DECEMBER 31, |
|  | 2020 |  |  | 2019 |
Operating lease right of use assets, net |  | $ | 6,095,376 |  |  | $ | 5,932,769 |
Current portion of operating lease liabilities |  |  | 577,855 |  |  |  | 599,619 |
Operating lease liabilities, net of current portion |  |  | 5,931,788 |  |  |  | 5,593,649 |
Weighted average remaining lease term |  |  |  |  |  |  |  |
Operating leases |  |  | 11.4 |  |  |  | 11.1 |
Finance leases |  |  | 0.3 |  |  |  | 1.1 |
Weighted average discount rate |  |  |  |  |  |  |  |
Operating leases |  |  | 5 | % |  |  | 5 | %
Finance leases |  |  | 5 | % |  |  | 5 | %
Maturities of lease liabilities as of December 31, 2020, were as follows:
|  | Operating Leases |  |  | Finance Leases |
2021 |  | $ | 832,365 |  |  | $ | 6,215 |
2022 |  |  | 854,679 |  |  |  | - |
2023 |  |  | 811,538 |  |  |  | - |
2024 |  |  | 832,494 |  |  |  | - |
2025 |  |  | 740,253 |  |  |  | - |
Thereafter |  |  | 4,179,979 |  |  |  | - |
Total undiscounted operating lease payments |  |  | 8,251,308 |  |  |  | 6,215 |
Less: Imputed interest |  |  | 1,747,828 |  |  |  | 52 |
Total operating lease liability |  | $ | 6,503,480 |  |  | $ | 6,163 |
During the year ended December 31, 2020, the Company entered into a lease amendment, effective July 24, 2020, for additional office space and a one year extension of the original lease term. The Company accounted for the lease amendment under the lease modification guidance in ASC 842. As a result, the Company re-measured its lease liability and recognized an additional lease liability and corresponding right-of-use asset of $943,290. The lease liability was discounted using the Company’s incremental borrowing rate of 3.5%.

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- References No definition available. + Details
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- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/otherTransitionRef -Publisher FASB -Name Accounting Standards Codification -Topic 840 -URI http://asc.fasb.org/topic&trid=2208923 + Details
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