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.