Quarterly report pursuant to Section 13 or 15(d)

5. Operating Lease Assets

5. Operating Lease Assets
3 Months Ended
Mar. 31, 2019
Response Rate Increase  
5. Operating Lease Assets

5.  Operating Lease Assets


Adoption of Accounting Standards Codification (“ASC”) Topic 842, “Leases." We adopted Topic 842 on January 1, 2019, using the modified retrospective method and the optional transition method to record the adoption impact through a cumulative adjustment to equity. Results for reporting periods beginning after January 1, 2019, are presented under Topic 842, while prior periods are not adjusted and continue to be reported under the accounting standards in effect for those periods.


The following are additional details related to leases recorded on our Balance Sheet as of March 31, 2019:


Leases   Classification  

As of

March 31, 2019

  Operating lease assets   Operating lease assets   $ 480,370
Total lease assets       $ 480,370
  Operating lease liabilities   Other current liabilities   $ 240,231
  Operating lease liabilities   Noncurrent operating lease liabilities   241,461
Total lease liabilities       $ 481,692


The maturity analysis below summarizes the remaining future undiscounted cash flows for our operating leases, a reconciliation to operating lease liabilities reported on the Condensed Consolidated Balance Sheet, our weighted-average remaining lease term and weighted average discount rate:


  As of
  March 31, 2019
2019 $ 198,327     
2020 270,982     
2021 35,748     
2022 11,916     
2023 -     
Thereafter -     
   Total future lease payments 516,973     
   Less: imputed interest (35,281)    
Total $ 481,692     
Weighted Average Remaining Lease Term (years)  
   Operating leases 2     
Weighted Average Discount Rate  
   Operating leases 6.2    %