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 7.09 years, with a weighted-average discount rate of 6.74%.

The Company incurred lease expense for its operating leases of $104,588 and $105,629 which was included in “General and administrative expenses,” for the six months ended June 30, 2020 and 2019, respectively.

The Company had operating cash flows used in operating leases of $104,588 for the six months ended June 30, 2020.

The following table presents information about the amount, timing and uncertainty of cash flows arising from the Company’s operating leases as of June 30, 2020.

Maturity of Lease Liability
Remainder of 2020	$	65,622
2021		81,636
2022		53,938
2023		53,938
2024		53,938
Thereafter		202,233
Total undiscounted operating lease payments	$	511,305
Less: Imputed interest		106,587
Present value of operating lease liabilities	$	404,718

The Company’s weighted-average remaining lease term relating to its finance leases is 3.31 years, with a weighted-average discount rate of 6.74%.

The following table presents information about the amount, timing and uncertainty of cash flows arising from the Company’s finance leases as of June 30, 2020.

Maturity of Lease Liability
Remainder of 2020	$	32,587
2021		59,448
2022		41,531
2023		29,733
2024		17,263
Thereafter		3,283
Total undiscounted finance lease payments	$	183,845
Less: Imputed interest		20,191
Present value of finance lease liabilities	$	163,654

The Company had operating cash flows used in finances leases of $5,251 for the six months ended June 30, 2020. The Company had financing cash flows used in finances leases of $38,719 for the six months ended June 30, 2020.

The Company incurred interest expense on its finance leases of $5,251 which was included in “Interest expense,” for the six months ended June 30, 2020. The Company incurred amortization expense on its finance leases of $70,048 which was included in “Depreciation and amortization expense,” for the six months ended June 30, 2020.