The Company has various lease agreements with terms up to 10 years, comprising of leases of office space. Some leases include options to purchase, terminate or extend for one or more years. These options are included in the lease term when it is reasonably certain that the option will be exercised.

The assets and liabilities from operating and finance leases are recognized at the commencement date based on the present value of remaining lease payments over the lease term using the Company’s secured incremental borrowing rates or implicit rates, when readily determinable. Short-term leases, which have an initial term of 12 months or less, are not recorded on the balance sheet.

The Company’s operating leases do not provide an implicit rate that can readily be determined. Therefore, we use a discount rate based on our incremental borrowing rate, which is determined using the interest rate of our long-term debt as of January 1, 2019.

The Company’s weighted-average remaining lease term relating to its operating leases is 6.32 years, with a weighted-average discount rate of 6.74%.

The Company incurred lease expense for its operating leases of $195,564 which was included in “General and administrative expenses,” for the quarter ended September 30, 2019.

The Company had operating cash flows used in operating leases of $123,947 for the nine months ended September 30, 2019. Right-of-use assets obtained in exchange for new operating lease liabilities $622,765 for the nine months ended September 30, 2019.

The following table presents information about the amount, timing and uncertainty of cash flows arising from the Company’s operating leases as of September 30, 2019.

Maturity of Lease Liability
2019	$	79,448
2020		153,274
2021		71,170
2022		43,620
2023		43,620
Thereafter		174,480
Total undiscounted finance lease payments	$	565,611
Less: Imputed interest		97,987
Present value of finance lease liabilities	$	467,624

The Company’s weighted-average remaining lease term relating to its finance leases is 0.67 years, with a weighted-average discount rate of 6.00%.

The following table presents information about the amount, timing and uncertainty of cash flows arising from the Company’s finance leases as of September 30, 2019.

Maturity of Lease Liability
2019	$	8,542
2020		14,236
2021		-
2022		-
2023		-
Thereafter		-
Total undiscounted finance lease payments	$	22,778
Less: Imputed interest		504
Present value of finance lease liabilities	$	22,274

The Company had operating cash flows used in finances leases of $1,655 for the quarter ended September 30, 2019. The Company had financing cash flows used in finances leases of $27,086 for the quarter ended September 30, 2019.

The Company incurred interest expense on its finance leases of $1,655 which was included in “Interest expense,” for the quarter ended September 30, 2019. The Company incurred amortization expense on its finance leases of $80,449 which was included in “Depreciation and amortization expense,” for the quarter ended September 30, 2019.