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Leases (Tables)
9 Months Ended
Sep. 30, 2019
Leases [Abstract]  
Summary of Components of Operating Lease Expense

The following table summarizes the components of operating lease expense reflected on the accompanying condensed consolidated statements of operations for the three month and nine month periods ended September 30, 2019:

 

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

September 30, 2019

 

 

September 30, 2019

 

Operating lease cost

 

$

19,966

 

 

$

58,866

 

Variable lease cost

 

 

4,647

 

 

 

13,698

 

Less - sublease income

 

 

1,621

 

 

 

5,083

 

Total

 

$

22,992

 

 

$

67,481

 

Summary of Supplemental Cash Flow Information And Certain Other Information Related to Operating Leases

The following table summarizes the supplemental cash flow information and certain other information related to operating leases for the nine month period ended September 30, 2019:

 

 

 

Nine Months Ended

 

 

 

September 30, 2019

 

Cash paid for amounts included in the measurement of lease liabilities:

 

 

 

 

Operating cash flows from operating leases

 

$

62,073

 

 

 

 

 

 

Operating lease right-of-use assets obtained in exchange for operating lease liabilities

 

$

603,288

 

 

 

 

 

 

Weighted average remaining lease term

 

12 years

 

 

 

 

 

 

Weighted average discount rate

 

 

3.6

%

Summary of Maturities of Operating Lease Liabilities Outstanding

Maturities of the operating lease liabilities outstanding at September 30, 2019 for each of the years in the period ending December 31, 2024 and thereafter are set forth in the table below.

 

Year Ending December 31,

 

 

 

 

2019 (October 1 through December 31)

 

$

22,441

 

2020

 

 

86,862

 

2021

 

 

82,649

 

2022

 

 

66,608

 

2023

 

 

62,065

 

2024

 

 

60,898

 

Thereafter

 

 

426,209

 

Total lease payments

 

 

807,732

 

Less -  Discount

 

 

155,051

 

Operating lease liabilities

 

$

652,681

 

Schedule of Prior Adoption For Future Minimum Rental Payment for Operating Leases Prior to the adoption of the new lease accounting guidance, the minimum rental commitments under non-cancelable operating leases at December 31, 2018, net of sublease income, were approximately as follows:

 

Year Ending December 31,

 

 

 

 

2019

 

$

86,839

 

2020

 

 

89,445

 

2021

 

 

83,701

 

2022

 

 

70,780

 

2023

 

 

59,973

 

Thereafter

 

 

488,612

 

Total minimum rental commitments

 

 

879,350

 

Less - sublease proceeds

 

 

26,941

 

Net rental commitments

 

$

852,409