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Lease Liability

9 Months Ended

Sep. 30, 2019

Leases [Abstract]

Lease Liability

9. Lease Liability

The Company has operating leases predominantly for operating facilities. As of September 30, 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 September 30, 2019.

Future minimum lease payments as of September 30, 2019 are as follows:

2019		$	106,821
2020			424,129
2021			335,097
2022			315,271
2023			306,070
Thereafter			24,208
Total lease payments			1,511,596
Less: Imputed Interest			(142,632	)
Present value of remaining lease payments		$	1,368,964
Current		$	361,713
Noncurrent		$	1,007,251
Weighted-average remaining lease term (years)			4.0
Weighted-average discount rate			5.4	%

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- References

No definition available.

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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

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