Leases

9 Months Ended

Sep. 30, 2020

Leases

Leases

Note 10. Leases

The Company has operating and finance leases for corporate offices and certain equipment. These leases have remaining lease terms of two years to approximately ten years, some of which include options to extend the leases for multiple renewal periods of five years each. As of September 30, 2020, and December 31, 2019, assets recorded under finance leases were $273,700 and $71,000, respectively, and accumulated depreciation associated with finance leases was $62,603 and $22,800, respectively.

The components of lease cost were as follows:

	Nine Months Ended
	September 30, 2020
Operating lease cost	$	971,282
Finance lease cost:
Amortization of right-of-use assets	$	30,143
Interest on finance lease liabilities		7,747
		37,890
Total lease cost	$	1,009,172

Other information related to leases was as follows:

	Nine Months Ended
Supplemental Cash Flows Information	September 30, 2020
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	912,008
Operating cash flows from finance leases	$	58,058
Financing cash flows from finance leases	$	50,311
Right-of-use assets obtained in exchange for lease obligations:
Operating leases	$	4,288,364
Finance leases	$	202,619
Weighted-Average Remaining Lease Term
Operating leases		7.5 years
Finance leases		3.0 years
Weighted-Average Discount Rate
Operating leases		6.8	%
Finance leases		5.4	%

Future minimum lease payments under non-cancellable leases as of September 30, 2020 were as follows:

	Operating		Finance
Years Ending December 31,	Leases		Leases
2020 (excluding the nine months ended September 30, 2020)	$	277,982	$	23,212
2021		2,606,382		65,976
2022		2,718,603		57,329
2023		2,211,252		56,211
2024		2,131,805		—
2025		1,894,325		—
Thereafter		7,196,727		—
Total future minimum lease payments		19,037,076		202,728
Less imputed interest		(10,555,273)		(15,458)
Total	$	8,481,803	$	187,270

	Operating		Finance
Reported as of September 30, 2020	Leases		Leases
Current lease liabilities	$	666,929	$	63,616
Noncurrent lease liabilities		7,814,874		123,654
Total	$	8,481,803	$	187,270