| LEASES |
NOTE 7 LEASES
We have finance and operating leases for our corporate office and certain office and computer equipment. Our leases have remaining lease terms of 1 to 3 years, some of which include options to extend the leases annually and some with options to terminate the leases within 1 year.
The components of lease expense were as follows:
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Three Months Ended
September 30, 2019
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Nine Months Ended
September 30, 2019
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Operating lease cost
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$
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37,922
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$
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111,672
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Finance lease cost:
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Amortization of right-of-use assets
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$
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1,061
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$
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3,182
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Interest on lease liabilities
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|
47
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|
178
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Total finance lease cost
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$
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1,108
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$
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3,360
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Supplemental cash flow information related to leases was as follows:
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Three Months Ended
September 30, 2019
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Nine Months Ended
September 30, 2019
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Cash paid for amounts included in the measurement of lease liabilities:
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Finance cash flows from finance leases
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$
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1,053
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$
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3,122
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Finance lease cost:
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|
|
|
|
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Amortization of right-of-use assets
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$
|
1,061
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$
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3,182
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|
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Interest on lease liabilities
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|
47
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|
|
178
|
|
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Total finance lease cost
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$
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1,108
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$
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3,360
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Supplemental balance sheet information related to leases was as follows:
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Nine Months Ended
September 30, 2019
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Operating Leases
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|
|
|
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Operating lease right-of-use assets
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$
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406,954
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Operating lease current liabilities
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|
135,275
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Operating lease long term liabilities
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271,679
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Total operating lease liabilities
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$
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406,954
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|
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Finance Leases
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|
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Property and equipment, at cost
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$
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6,363
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Accumulated depreciation
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3,182
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Property and equipment, net
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$
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3,181
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Finance lease current liabilities
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3,242
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Finance lease long term liabilities
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|
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—
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Total finance lease liabilities
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$
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3,242
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Nine Months Ended
September 30, 2019
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Weighted Average Remaining Lease Term
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Operating leases
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3 Years
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Finance leases
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1 Year
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Weighted Average Discount Rate
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Operating leases
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4.75%
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Finance leases
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4.75%
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Maturities of lease liabilities
are as follows:
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Year Ending December 31,
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Operating Leases
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Finance Leases
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2019
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$
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37,922
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$
|
1,100
|
|
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2020
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|
|
151,685
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|
|
2,206
|
|
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2021
|
|
|
149,476
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|
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—
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2022
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|
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97,256
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|
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—
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Total lease payments
|
|
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436,339
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|
|
3,306
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Less imputed interest
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(29,385
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)
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(64
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)
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Total
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$
|
406,954
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|
$
|
3,242
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