XML 24 R14.htm IDEA: XBRL DOCUMENT

Lease Liability

3 Months Ended

Mar. 31, 2019

8. Lease Liability

The Company has operating leases predominantly for operating facilities. As of March 31, 2019, the remaining lease terms on our operating leases range from less than one year to approximately five years. Renewal options to extend our leases have not been exercised due to uncertainty. Termination options are not reasonably certain of exercise by the Company. There is no transfer of title or option to purchase the leased assets upon expiration. There are no residual value guarantees or material restrictive covenants. There are no significant finance leases as of March 31, 2019.

Future minimum lease payments as of March 31, 2019 are as follows:

Maturity of Lease Liability
2019	$	297,105
2020		392,987
2021		303,956
2022		284,130
2023		290,499
Thereafter		24,208
Total lease payments		1,592,885
Less: Imputed Interest		(172,244	)
Total lease liability	$	1,420,641

Current	$	360,839
Noncurrent	$	1,059,802

Weighted-average remaining lease term (years)		4.4

Weighted-average discount rate		5.4	%

The Company has an additional operating lease for equipment of $118,219 which has not commenced as of March 31, 2019, and as such, has not been recognized on the Company’s consolidated balance sheets. This operating lease is expected to commence between 2019 and 2020 with a 4-year lease term.