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LEASES | 9 Months Ended
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Sep. 30, 2020
Leases [Abstract] |
LEASES | 15. LEASES We have operating leases for office space. Our leases have remaining lease terms of 1 month to 10.8 years, some of which may include options to extend the leases perpetually, and some of which may include options to terminate the leases within 1 year. The following table provides a summary of leases by balance sheet category as of September 30, 2020:
|  | September 30, 2020 |
Operating right-of-use assets |  | $ | 4,130,760 |
Operating lease liability - current |  |  | 514,910 |
Operating lease liability - non-current |  |  | 3,683,355 |
The components of lease expenses for the nine months ended September 30, 2020, were as follows:
|  | Nine Months Ended |
|  | September 30, 2020 |
Operating lease cost |  | $ | 695,456 |
Short-term lease cost |  |  | - |
Variable lease cost |  |  | 106,927 |
The following tables provides a summary of other information related to leases for the nine months ended September 30, 2020:
|  | September 30, 2020 |
Cash paid for amounts included in the measurement of lease liabilities: |  |  |
Operating cash flows from operating leases |  | $ | 762,356 |
Right-of-use assets obtained in exchange for new operating lease liabilities |  | $ | - |
Weighted-average remaining lease term - operating leases |  |  | 7.4 years |
Weighted-average discount rate - operating leases |  |  | 10% |
The Company determined that using a discount rate of 10% is reasonable, as this is consistent with the mortgage rates for commercial properties for the time period commensurate with the terms of the leases. Maturity of lease liabilities under our non-cancellable operating leases as of September 30, 2020, are as follows:
Payments due by period |  |  |
2020 (remainder) |  | $ | 247,790 |
2021 |  |  | 880,914 |
2022 |  |  | 872,599 |
2023 |  |  | 895,200 |
2024 |  |  | 857,368 |
Thereafter |  |  | 2,233,700 |
Total lease payments |  |  | 5,987,571 |
Less interest |  |  | (1,789,306 | )
Present value of lease liabilities |  | $ | 4,198,265 |

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- Definition Tabular disclosure for lessee's operating leases. Includes, but is not limited to, description of lessee's operating lease, existence and terms of renewal or purchase options and escalation clauses, restrictions imposed by lease, such as those concerning dividends, additional debt, and further leasing, rent holidays, rent concessions, or leasehold improvement incentives and unusual provisions or conditions. + References Reference 1: http://fasb.org/us-gaap/role/ref/otherTransitionRef -Publisher FASB -Name Accounting Standards Codification -Topic 840 -SubTopic 10 -Section 55 -Paragraph 40 -Subparagraph (Note 1,3) -URI http://asc.fasb.org/extlink&oid=121580752&loc=d3e38371-112697 Reference 2: http://fasb.org/us-gaap/role/ref/otherTransitionRef -Publisher FASB -Name Accounting Standards Codification -Topic 840 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=121573735&loc=d3e41499-112717 Reference 3: http://fasb.org/us-gaap/role/ref/otherTransitionRef -Publisher FASB -Name Accounting Standards Codification -Topic 460 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=121555522&loc=d3e12069-110248 Reference 4: http://fasb.org/us-gaap/role/ref/otherTransitionRef -Publisher FASB -Name Accounting Standards Codification -Topic 840 -SubTopic 20 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=121573735&loc=d3e41502-112717 Reference 5: http://fasb.org/us-gaap/role/ref/otherTransitionRef -Publisher FASB -Name Accounting Standards Codification -Topic 840 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=121549808&loc=d3e36991-112694 + Details
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