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 $188,400 and $223,927 which was included in “General and administrative expenses,” for the year ended December 31, 2020 and 2019, respectively.

The following table presents information about the amount, timing and uncertainty of cash flows arising from the Company’s operating leases as of December 31, 2020.

Maturity of Lease Liability
2021	$	248,288
2022		218,083
2023		192,583
2024		58,704
Thereafter		220,107
Total undiscounted operating lease payments	$	937,765
Less: Imputed interest		(147,023	)
Present value of operating lease liabilities	$	790,742

The Company’s weighted-average remaining lease term relating to its finance leases is 5.11 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 December 31, 2020:

Maturity of Lease Liability
2021	$	105,620
2022		76,252
2023		65,939
2024		49,688
2025		16,430
Thereafter		-
Total undiscounted finance lease payments	$	313,929
Less: Imputed interest		(35,831	)
Present value of finance lease liabilities	$	278,098

The Company had financing cash flows used in finances leases of $85,804 and 74,476 for the years ended December 31, 2020 and 2019, respectively.

The Company incurred interest expense on its finance leases of $13,759 and $10,927 which was included in “Interest expense,” for the years ended December 31, 2020 and 2019, respectively. The Company incurred amortization expense on its finance leases of $123,533 and $160,542 which was included in “Depreciation and amortization expense,” for the years ended December 31, 2020 and 2019, respectively.