LEASES

6 Months Ended

Jun. 30, 2020

Leases [Abstract]

LEASES

The Company adopted ASU 2016-02, Leases (Topic 842) on January 1, 2019 using the modified retrospective approach. The Company has elected not to apply ASC Topic 842 to arrangements with lease terms of 12 months or less.

Amortization of ROU operating lease assets was $30,172 and $59,800 for the three and six months ended June 30, 2020 and was $16,432 and $22,211 for the three and six months ended June 30, 2019, respectively.

Operating lease expense for capitalized operating leases included in operating activities was $34,322 and $68,644 for the three and six months ended June 30, 2020 and was $19,305 and $25,956 for the three and six months ended June 30, 2019, respectively. Operating lease obligations recorded on the balance sheet at June 30, 2020 are:

Operating lease liability- short term	$	113,954
Operating lease liability - long term		101,826
Total Operating Lease Liability	$	215,780

Future lease payments included in the measurement of lease liabilities on the balance sheet at June 30, 2020 for future periods are as follows:

Remainder of 2020 (six months)	$	72,362
2021		101,406
2022		57,328
Total future minimum lease payments		231,096
Less imputed interest		(15,316	)
Total	$	215,780

The weighted average remaining lease term is 1.9 years and the weighted average discount rate is 7.0%.

The Company does not have any finance leases.