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LEASES | 6 Months Ended
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Jun. 30, 2019
Leases [Abstract] |
LEASES | 4. lEases The Company leases a building and equipment. Under ASC 842, at contract inception we determine whether the contract is or contains a lease and whether the lease should be classified as an operating or a financing lease. Operating leases are included in ROU assets and operating lease liabilities in our consolidated balance sheets. The Company leases manufacturing and office space under an agreement classified as an operating lease. The lease agreement expires on April 30, 2022 and does not include any renewal options. The agreement provides for an initial monthly base amount plus annual escalations through the term of the lease. In addition to the monthly base amounts in the lease agreement, the Company is required to pay real estate taxes and operating expenses during the lease terms. The Company also leases office equipment in agreements classified as operating leases. For the three and six months ended June 30, 2019, the Company’s operating lease expense was $439,825 and $878,154, respectively. Future minimum lease payments under non-cancellable operating leases as of June 30, 2019 were as follows:
Twelve months ending June 30, |  |  |
2020 |  | $ | 1,899,753 |
2021 |  |  | 1,942,915 |
2022 |  |  | 1,645,566 |
2023 |  |  | 73,405 |
2024 |  |  | 13,128 |
Thereafter |  |  | 1,785 |
Total undiscounted operating lease payments |  |  | 5,576,552 |
Less imputed interest |  |  | (474,537 | )
Present value of operating lease payments |  | $ | 5,102,015 |
The following table sets forth the ROU assets and operating lease liabilities as of June 30, 2019:
Assets |  |  |
ROU Assets |  | $ | 4,626,916 |
Liabilities |  |  |  |
Current operating lease liabilities |  | $ | 1,637,869 |
Long-term operating lease liabilities |  |  | 3,464,146 |
Total ROU liabilities |  | $ | 5,102,015 |
The Company’s weighted average remaining lease term for its operating leases is 2.6 years.

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- Definition The entire disclosure for lessee entity's leasing arrangements including, but not limited to, all of the following: (a.) The basis on which contingent rental payments are determined, (b.) The existence and terms of renewal or purchase options and escalation clauses, (c.) Restrictions imposed by lease agreements, such as those concerning dividends, additional debt, and further leasing. + References Reference 1: http://fasb.org/us-gaap/role/ref/otherTransitionRef -Publisher FASB -Name Accounting Standards Codification -Topic 840 -URI http://asc.fasb.org/topic&trid=2208923 + Details
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