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6. LEASES (Tables)
 3 Months Ended
Mar. 31, 2019
Leases Tables Abstract  
Operating lease
Operating leases:  

March 31,

2019

(Unaudited)

  
Assets:      
  Operating lease right-of-use asset   $ 703,823  
Liabilities:        
  Current Portion of Long-Term Operating Lease   $ 23,436  
  Long-Term Operating Lease, Net of Current Portion     1,089,316  
    $ 1,112,752  
Lease cost
General and Administrative Expenses:  

Three Months Ended March 31,

2019

(Unaudited)

  
  Operating lease expense   $ 39,644  
Other information related to leases
   

March 31,

2019

(Unaudited)

  
Weighted-average remaining lease term:      
Operating leases    10.00 years  
       
Discount rate:      
Operating leases   7.00%  
Maturities of lease payments

As of March 31, 2019, the maturities of our operating lease liability are as follows:

 

Year Ended:

    Operating Lease  
April 1 - December 31, 2019   $ 65,753  
December 31, 2020     146,688  
December 31, 2021     151,088  
December 31, 2022     155,621  
December 31, 2023     160,290  
Thereafter     910,280  
Total minimum lease payments     1,589,720  
Less: Interest     476,968  
Present value of lease obligations     1,112,752  
Less: Current portion     23,436  
Long-term portion of lease obligations   $ 1,089,316  

 

As previously reported in our Annual Report on Form 10-K for the year ended December 31, 2018 and under legacy lease accounting (ASC 840), future minimum lease payments under non-cancellable leases as of December 31, 2018 were as follows:

 

 Year Ended:

   Operating Lease  
 December 31, 2019   $ 102,000  
 December 31, 2020     147,000  
 December 31, 2021     151,000  
 December 31, 2022     156,000  
 December 31, 2023     160,000  
Thereafter     923,000  
    $ 1,639,000