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

The Company incurred lease expense for its operating leases of $64,577 and $53,576 which was included in “General and administrative expenses,” for the three months ended March 31, 2021 and 2020, respectively.

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, 2021.

Maturity of Lease Liability
Remainder of 2021	$	202,886
2022		226,636
2023		202,152
2024		60,485
2025		56,366
Thereafter		154,975
Total undiscounted operating lease payments	$	903,500
Less: Imputed interest		(133,728	)
Present value of operating lease liabilities	$	769,772

The Company’s weighted-average remaining lease term relating to its finance leases is 2.68 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 March 31, 2021.

Maturity of Lease Liability
Remainder of 2021	$	73,974
2022		76,682
2023		66,780
2024		51,176
2025		20,716
Thereafter		584
Total undiscounted finance lease payments	$	289,912
Less: Imputed interest		(33,014	)
Present value of finance lease liabilities	$	256,898

The Company had operating cash flows used in finances leases of $4,453 and $2,301 for the three months ended March 31, 2021 and 2020, respectively.

The Company incurred interest expense on its finance leases of $4,453 which was included in “Interest expense,” for the three months ended March 31, 2021. The Company incurred amortization expense on its finance leases of $26,755 which was included in “Depreciation and amortization expense,” for the three months ended March 31, 2021.