Lease Liability

6 Months Ended

Jun. 30, 2019

Leases [Abstract]

Lease Liability

9. Lease Liability

The Company has operating leases predominantly for operating facilities. As of June 30, 2019, the remaining lease terms on our operating leases range from less than one year to approximately five years. Renewal options to extend our leases have not been exercised due to uncertainty. Termination options are not reasonably certain of exercise by the Company. There is no transfer of title or option to purchase the leased assets upon expiration. There are no residual value guarantees or material restrictive covenants. There are no significant finance leases as of June 30, 2019.

Future minimum lease payments as of June 30, 2019 are as follows:

2019	$	198,070
2020		393,588
2021		304,574
2022		284,766
2023		290,499
Thereafter		24,208
Total lease payments		1,495,705
Less: Imputed Interest		(157,600	)
Present value of remaining lease payments	$	1,338,105
Current	$	332,883
Noncurrent	$	1,005,222
Weighted-average remaining lease term (years)		4.2
Weighted-average discount rate		5.4	%

The Company has an additional operating lease for equipment of $118,219 which has not commenced as of June 30, 2019, and as such, has not been recognized on the Company’s consolidated balance sheets. This operating lease is expected to commence between 2019 and 2020 with a 4-year lease term.