13. LEASES

The Company enters into operating leases primarily for real estate, office equipment and vehicles. Lease terms generally range from four to nine years. On April 1, 2019, the Company adopted Topic 842, using the modified-retrospective approach as discussed in Note 2, and as a result, recognized a right-of-use asset of $170,898 and a lease liability of $170,898. No cumulative-effect adjustment to retained earnings was required upon adoption of Topic 842. Right-of use-assets are recorded in prepaid expenses and other current assets and lease liabilities are recorded in accrued liabilities or other liabilities depending on whether they are current or noncurrent.. The Company uses a 12% rate to determine the present value of the lease payments.

Information related to the Company’s right-of-use assets and related liabilities were as follows:


	Nine Months
	Ended
	December 31, 2019
Cash paid for operating lease liabilities	$	26,592
Right-of-use assets obtained in exchange for new operating lease obligations
Weighted-average remaining lease term, real estate		1.75	years
Weighted-average remaining lease term, all other leased equipment		2.84	years
Weighted-average discount rate		12	%

The Company excludes short-term leases (those with lease terms of less than one year at inception) from the measurement of lease liabilities or right-of-use assets.

Maturities of lease liabilities as of December 31, 2019, were as follows:


Due in 12-month period ended December 31,
2020	$	26,592
2021		85,550
Thereafter		5,569
	$	117,711
Less imputed interest		(6,856)
Total lease liabilities	$	110,855

Current operating lease liabilities	$	24,020
Non-current lease liabilities		86,834
Total lease liabilities	$	110,855

As of December 31, 2019, right-of-use assets were $110,855 and lease liabilities were $110,855. During the nine months ended December 31, 2019, the Company did not enter into any new lease arrangements, and did not have any arrangements that had not yet commenced.