6. Leases

3 Months Ended

Mar. 31, 2019

Leases [Abstract]

Leases

6. LEASES

The Company has entered into operating leases primarily for real estate. These leases have terms which range from three years to five years, and often include one or more options to renew or in the case of equipment rental, to purchase the equipment. These operating leases are listed as separate line items on the Company's March 31, 2019 Consolidated Balance Sheet and represent the Company’s right to use the underlying asset for the lease term. The Company’s obligation to make lease payments are also listed as separate line items on the Company's March 31, 2019 Consolidated Balance Sheet.  

Operating lease right-of-use assets and liabilities commencing after January 1, 2019 are recognized at commencement date based on the present value of lease payments over the lease term. Based on the present value of the lease payments for the remaining lease term of the Company's existing leases, the Company recognized right-of-use assets and lease liabilities for operating leases of approximately $1,068,213 in assets and $1,045,031 in liabilities as of March 31, 2019. In the three months ended March 31, 2019, the Company recognized approximately $93,242 in total lease costs

Because the rate implicit in each lease is not readily determinable, the Company uses its incremental borrowing rate to determine the present value of the lease payments.

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

	Three Months Ended March 31, 2019
Cash paid for operating lease liabilities	$	87,459
Weighted-average remaining lease term
Weighted-average discount rate		10%
Minimum future lease payments ended March 31, 2019	$	1,347,149
2020		352,888
2021		367,636
2022		335,659
2023		28,589