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LEASES | 12 Months Ended
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Dec. 31, 2019
LEASES |
LEASES | 18. LEASES The Company has operating leases for a corporate office and equipment. The leases have a remaining lease term of one year. The Company currently has no finance leases. The right-of-use (“ROU”) asset is determined based on the lease liability adjusted for lease incentives received. Lease expense is recognized on a straight-line basis over the lease term. The leases may include various expenses incidental to the use of the property, such as common area maintenance, property taxes and insurance. These costs are separate from the minimum rent payment and are not considered in the determination of the lease liability and ROU asset. The Company has not noted any material instances in its leases where these costs were combined with the minimum rent payment and has therefore elected the policy to not separate lease from non-lease components if they are combined with the minimum rent payment. The option periods are not included in the determination of the lease liability and right-of-use asset as the Company is not reasonably certain if it will extend at the time of lease commencement. The operating lease cost component of the lease expense was $80,648 and $79,331 for the years ended December 31, 2019 and 2018, respectively. The cash paid for amounts included in the measurement of lease liabilities as a component of cash flows related to leases was $80,648 and $79,331 for the years ended December 31, 2019 and 2018, respectively. Assets and liabilities associated with these leases included in the Balance Sheets are as follows:
|  | December 31,
|  | 2019 |  | 2018
OPERATING LEASES |  |  |  |  |  |
Other assets |  | $ | 82,359 |  | $ | 163,007
Other accrued liabilities |  | $ | 82,359 |  | $ | 80,648
Other long-term liabilities |  |  | - |  |  | 82,359
Total operating lease liabilities |  | $ | 82,359 |  | $ | 163,007
The weighted average remaining lease term is 1.0 year and the weighted average discount rate is 4.0% at December 31, 2019. Future minimum payments under non-cancelable operating leases and financing leases consist of the following at December 31, 2019:
Year ending December 31, |  |  |
Remainder of 2020 |  |  | 84,155
Less imputed interest |  |  | (1,796)
Total |  | $ | 82,359

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- References No definition available. + Details
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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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