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Leases | 6 Months Ended
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Jun. 30, 2019
Leases [Abstract] |
Leases | NOTE 7 – LEASES The Company elected the practical expedient under ASU 2018-11 “Leases: Targeted Improvements” which allows the Company to apply the transition provision for Topic 842 at the Company’s adoption date instead of at the earliest comparative period presented in the financial statements. Therefore, the Company recognized and measured leases existing at January 1, 2019 but without retrospective application. In addition, the Company elected the optional practical expedient permitted under the transition guidance which allows the Company to carry forward the historical accounting treatment for existing leases upon adoption. No impact was recorded to the beginning retained earnings for Topic 842. The Company has two operating leases for corporate offices. The following table outlines the details:
|  | Lease 1 |  |  | Lease 2 |
Initial Lease Term |  |  | December 2017 to December 2021 |  |  |  | November 2018 to November 2023 |
Renewal Term |  |  | January 2021 to December 2024 |  |  |  | November 2023 to November 2028 |
Initial Recognition of Right to use assets at January 1, 2019 |  | $ | 534,140 |  |  | $ | 313,301 |
Incremental Borrowing Rate |  |  | 10 | % |  |  | 10 | %
The table below reconciles the fixed component of the undiscounted cash flows for each of the first five years and the total remaining years to the operating lease liabilities recorded in the Consolidated Balance Sheet as of June 30, 2019
Amounts due within twelve months of June 30 |  |  |
2019 |  | $ | 158,366 |
2020 |  |  | 163,102 |
2021 |  |  | 167,984 |
2022 |  |  | 173,038 |
2023 |  |  | 178,237 |
Thereafter |  |  | 305,012 |
Total minimum lease payments |  |  | 1,145,739 |
Less: effect of discounting |  |  | (334,574 | )
Present value of future minimum lease payments |  |  | 811,165 |
Less: current obligations under leases |  |  | 80,832 |
Long-term lease obligations |  | $ | 730,333 |
For the three-months and six-months ended June 30, 2019 amortization of assets were $22,195 and $43,939, respectively. For the three-months and six-months ended June 30, 2019, amortization of liabilities were $18,363 and 36,276, respectively.

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- Definition The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -URI http://asc.fasb.org/subtopic&trid=77888251 + Details
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