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LEASES | 3 Months Ended
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Mar. 31, 2020
LEASES |
NOTE 12 - LEASES | The Company has various lease agreements with terms up to 10 years, comprising 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 6.82 years, with a weighted-average discount rate of 6.74%. The Company incurred lease expense for its operating leases of $53,576 and $52,508 which was included in “General and administrative expenses,” for the three months ended March 31, 2020 and 2019, respectively. The Company had operating cash flows used in operating leases of $53,600 for the three months ended March 31, 2020. The following table presents information about the amount, timing and uncertainty of cash flows arising from the Company’s operating leases as of March 31, 2020.
Maturity of Lease Liability |  |  |
Remainder of 2020 |  | $ | 114,222 |
2021 |  |  | 80,728 |
2022 |  |  | 52,877 |
2023 |  |  | 52,877 |
2024 |  |  | 52,877 |
Thereafter |  |  | 198,288 |
Total undiscounted finance lease payments |  | $ | 551,869 |
Less: Imputed interest |  |  | 111,722 |
Present value of finance lease liabilities |  | $ | 440,146 |
The Company’s weighted-average remaining lease term relating to its finance leases is 2.69 years, with a weighted-average discount rate of 6.71%. The following table presents information about the amount, timing and uncertainty of cash flows arising from the Company’s finance leases as of March 31, 2020.
Maturity of Lease Liability |  |  |
Remainder of 2020 |  | $ | 44,001 |
2021 |  |  | 45,391 |
2022 |  |  | 27,831 |
2023 |  |  | 16,268 |
2024 |  |  | 4,047 |
Thereafter |  |  | - |
Total undiscounted finance lease payments |  | $ | 137,539 |
Less: Imputed interest |  |  | 12,828 |
Present value of finance lease liabilities |  | $ | 124,710 |
The Company had operating cash flows used in finances leases of $2,301 for the three months ended March 31, 2020. The Company had financing cash flows used in finances leases of $19,886 for the three months ended March 31, 2020. The Company incurred interest expense on its finance leases of $2,301 which was included in “Interest expense,” for the three months ended March 31, 2020. The Company incurred amortization expense on its finance leases of $38,248 which was included in “Depreciation and amortization expense,” for the three months ended March 31, 2020.

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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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