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Leases | 9 Months Ended
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Sep. 30, 2020
Leases [Abstract] |
Leases |
10. | Leases
The Company leases an office, a plant and certain equipment under non-cancelable operating lease agreements. The leases have remaining lease terms of two and a half years to five years. The plant lease includes an option to extend the lease for up to five years. Supplemental balance sheet information related to leases is as follows:
| Balance Sheet Location |  | September 30, 2020 |
| Operating Leases |  |  |  |
| Right-of-use assets, net |  | $ | 1,567,074 |
| Current liabilities | Lease liability, current maturities |  | 311,745 |
| Non-current liabilities | Lease liability, net of current maturities |  | 1,255,329 |
| Total operating lease liabilities |  | $ | 1,567,074 |
| Finance Leases |  |  |  |
| Right-of-use assets |  | $ | 57,120 |
| Current liabilities | Lease liability, current maturities |  | 20,160 |
| Non-current liabilities | Lease liability, net of current maturities |  | 36,960 |
| Total finance lease liabilities |  | $ | 57,120 |
| Weighted Average Remaining Lease Term |  |  |  |
| Operating leases |  |  | 4.9 years |
| Finance leases |  |  | 2.9 years |
| Weighted Average Discount Rate |  |  |  |
| Operating leases |  |  | 3% |
| Finance leases |  |  | 3% |
As the leases do not provide an implicit rate, the Company used an incremental borrowing rate based on the information available at the lease commencement date in determining the present value of the lease payments, which is reflective of the specific term of the leases and economic environment of each geographic region. Anticipated future lease costs, which are based in part on certain assumptions to approximate minimum annual rental commitments under non-cancelable leases, are as follows:
| Year Ending December 31, |  |  | Operating |  |  | Financing |  |  | Total |
| 2020 (remaining) |  | $ | 87,300 |  | $ | 4,555 |  | $ | 91,855 |
| 2021 |  |  | 349,200 |  |  | 20,160 |  |  | 369,360 |
| 2022 |  |  | 349,200 |  |  | 20,160 |  |  | 369,360 |
| 2023 |  |  | 330,300 |  |  | 12,245 |  |  | 342,545 |
| 2024 |  |  | 324,000 |  |  | - |  |  | 324,000 |
| Thereafter |  |  | 243,000 |  |  | - |  |  | 243,000 |
| Total lease payments |  |  | 1,683,000 |  |  | 57,120 |  |  | 1,740,120 |
| Less: Imputed interest |  |  | 115,926 |  |  | - |  |  | 115,926 |
| Present value of lease liabilities |  | $ | 1,567,074 |  | $ | 57,120 |  | $ | 1,624,194 |
Operating leases for office space and the plant, with total lease payments of $1,683,000, has been leased from an affiliate of the Company, and an affiliate of the sellers of Echo. Under the APA, the contingent consideration potentially due to the sellers may be paid in restricted common stock of the Company.

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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 + Details
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