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Leases | 9 Months Ended | 12 Months Ended
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Sep. 30, 2020 | Dec. 31, 2019
Leases [Abstract] |  |
Leases | NOTE 12. LEASES Operating Leases The Company adopted ASU 2016-02, Leases, effective January 1, 2019. The standard requires a lessee to record a right-of-use asset and a corresponding lease liability at the inception of the lease, initially measured at the present value of the lease payments. As a result, we recorded right-of-use assets aggregating $684,083 as of January 1, 2019, utilizing a discount rate of 7.45%. That amount consists of operating leases on buildings and office space. ASU 2016-02 requires recognition in the statement of operations of a single lease cost, calculated so that the cost of the lease is allocated over the lease term, generally on a straight-line basis. As of September 30, 2020, the Company reflected accumulated amortization of right of use assets of $295,187 related to these leases, resulting in a net asset balance of $487,595. In accordance with ASU 2016-02, the right-of-use assets are being amortized over the life of the underlying leases. As of September 30, 2020, the weighted average remaining lease term for the operating leases is 2.79 years. The weighted average discount rate for the operating leases is 7.45%. Future minimum lease payment under these operating leases consisted of the following:
Year ending September 30, |  | Operating Lease Obligations |
2020 (remaining three months) |  | $ | 63,779 |
2021 |  |  | 203,023 |
2022 |  |  | 164,660 |
2023 |  |  | 85,440 |
2024 |  |  | 32,082 |
Total undiscounted operating lease payments |  |  | 548,984 |
Less: Imputed interest |  |  | (55,196 | )
Present value of operating lease liabilities |  | $ | 493,788 |
| NOTE 12. LEASES Operating Leases The Company adopted ASU 2016-02, Leases, effective January 1, 2019. The standard requires a lessee to record a right-of-use asset and a corresponding lease liability at the inception of the lease, initially measured at the present value of the lease payments. As a result, we recorded right-of-use assets aggregating $684,083 as of January 1, 2019, utilizing a discount rate of 7.45%. That amount consists of operating leases on buildings and office space. ASU 2016-02 requires recognition in the statement of operations of a single lease cost, calculated so that the cost of the lease is allocated over the lease term, generally on a straight-line basis. As of December 31, 2019, the Company reflected accumulated amortization of right of use assets of $114,433 related to these leases, resulting in a net asset balance of $569,650. In accordance with ASU 2016-02, the right-of-use assets are being amortized over the life of the underlying leases. As of December 31, 2019, the weighted average remaining lease term for the operating leases is 3.42 years. The weighted average discount rate for the operating leases is 7.45%. Future minimum lease payment under these operating leases consisted of the following:
Year ending December 31, |  | Operating Lease Obligations |
2020 |  | $ | 224,096 |
2021 |  |  | 172,363 |
2022 |  |  | 144,000 |
2023 |  |  | 81,000 |
2024 |  |  | 33,000 |
Thereafter |  |  | - |
Total undiscounted operating lease payments |  |  | 654,459 |
Less: Imputed interest |  |  | 78,931 |
Present value of operating lease liabilities |  | $ | 575,528 |

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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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