Operating Leases

3 Months Ended

Mar. 31, 2020

Disclosure of Operating Leases [Abstract]

Operating Leases

5. Operating Leases.

The Company has operating lease agreements for its corporate office. The leases include options to extend the leases for up to 1 year and options to terminate the lease within 1 year. There are no obligations under finance leases.

The components of lease expense were as follows:  

	March 31, 2020
Operating lease cost	$	74,079

Supplemental cash flow information related to leases was as follows:  

	March 31, 2020
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows	$	84,061
Right-of-use assets obtained in exchange for lease obligations:
Operating leases	$	5,305

Supplemental balance sheet information related to leases was as follows:  

	March 31, 2020
Operating lease right-of-use assets	$	730,284
Other current liabilities	$	306,677
Operating lease liabilities, net of current portion		568,421
Total operating lease liabilities	$	875,098

Weighted average remaining lease term	2.7 years
Weighted average discount rate	4.81	%

Remaining payments of lease liabilities as of March 31, 2020 were as follows:  

2020 (remaining nine months)	$	255,544
2021		349,788
2022		329,662
Total lease payments		934,994
Less imputed interest		(59,896	)
Total	$	875,098