Quarterly report pursuant to Section 13 or 15(d)

LEASES

v3.19.1
LEASES
3 Months Ended
Mar. 31, 2019
Leases [Abstract]  
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: 

         
    Three Months Ended
March 31, 2019
 
         
Operating lease cost   $ 35,829  
         
Finance lease cost:        
Amortization of right-of-use assets   $ 1,060  
Interest on lease liabilities     72  
Total finance lease cost   $ 1,132  

  

Supplemental cash flow information related to leases was as follows: 

         
    Three Months Ended
March 31, 2019
 
         
Cash paid for amounts included in the measurement of lease liabilities:        
Finance cash flows from finance leases   $ 1,028  
Finance lease cost:        
Amortization of right-of-use assets   $ 1,060  
Interest on lease liabilities     72  
Total finance lease cost   $ 1,132  

 

Supplemental balance sheet information related to leases was as follows: 

         
    Three Months Ended
March 31, 2019
 
Operating Leases        
Operating lease right-of-use assets   $ 472,224  
         
Operating lease current liabilities     131,845  
Operating lease long term liabilities     340,379  
Total operating lease liabilities   $ 472,224  
         
Finance Leases        
Property and equipment, at cost   $ 6,363  
Accumulated depreciation     1,060  
Property and equipment, net   $ 5,303  
         
Finance lease current liabilities     4,241  
Finance lease long term liabilities     1,094  
Total finance lease liabilities   $ 5,335  

       
    Three Months Ended
March 31, 2019
 
Weighted Average Remaining Lease Term      
Operating leases   3 Years  
Finance leases   1 Year  
       
Weighted Average Discount Rate      
Operating leases   4.75%  
Finance leases   4.75%  

  

Maturities of lease liabilities are as follows: 

               
Year Ending December 31,     Operating Leases     Finance Leases  
2019   $ 113,764   $ 3,300  
2020     151,685     2,206  
2021     149,476      
2022     97,256      
Total lease payments     512,181     5,506  
Less imputed interest     (39,957 )   (171 )
Total   $ 472,224   $ 5,335