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

The Company incurred lease expense for its operating leases of $148,218 and $195,564 which was included in “General and administrative expenses,” for the nine months ended September 30, 2020 and 2019, respectively.

The Company had operating cash flows used in operating leases of $148,218 for the nine months ended September 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 September 30, 2020.

Maturity of Lease Liability
Remainder of 2020	$	25,060
2021		85,041
2022		56,270
2023		56,270
2024		56,270
Thereafter		210,982
Total undiscounted operating lease payments	$	489,894
Less: Imputed interest		104,332
Present value of operating lease liabilities	$	385,562

The Company’s weighted-average remaining lease term relating to its finance leases is 2.21 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 September 30, 2020.

Maturity of Lease Liability
Remainder of 2020	$	22,789
2021		82,746
2022		57,954
2023		45,664
2024		32,675
Thereafter		8,072
Total undiscounted finance lease payments	$	249,900
Less: Imputed interest		27,922
Present value of finance lease liabilities	$	221,978

The Company had operating cash flows used in finances leases of $9,197 for the nine months ended September 30, 2020. The Company had financing cash flows used in finances leases of $57,316 for the nine months ended September 30, 2020.

The Company incurred interest expense on its finance leases of $9,197 which was included in “Interest expense,” for the nine months ended September 30, 2020. The Company incurred amortization expense on its finance leases of $90,550 which was included in “Depreciation and amortization expense,” for the nine months ended September 30, 2020.