Leases

The Company leases facilities and office equipment under various operating leases, which generally are expected to be renewed or replaced by other leases. For the three-month period ended March 31, 2020, operating lease expenses totaled $68,086, compared to $103,522 for the three-month period ended March 31, 2019, respectively.

Operating lease liabilities as of March 31, 2020 will require the following payments:



2020 (nine months)	$	260,906
2021	343,424
2022	351,334
2023	357,695
2024	356,250
Thereafter	1,469,679
Total minimum lease payments	3,139,288
Less imputed interest	(558,258		)
Total lease liabilities	$	2,581,030