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Lease Liability

3 Months Ended

Mar. 31, 2020

Leases [Abstract]

Lease Liability

7. Lease Liability

The Company has operating leases predominantly for operating facilities. As of March 31, 2020, the remaining lease terms on our operating leases range from less than one year to approximately four 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, 2020.

Future minimum lease payments as of March 31, 2020 are as follows:

		Totals
2020			295,000
2021			305,000
2022			290,000
2023			270,000
2024			22,000
Total lease payments			1,182,000
Less imputed interest			(63,000	)
Lease liability			1,119,000
Current			369,000
Non-current			750,000
Weighted average remaining lease term (years)			3.41
Weighted average discount rate			5.37	%

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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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