Quarterly report pursuant to Section 13 or 15(d)

5. Operating Lease Assets

v3.19.2
5. Operating Lease Assets
 6 Months Ended
Jun. 30, 2019
Response Rate Increase  
5. Operating Lease Assets

5.  Operating Lease Assets

 

Adoption of Accounting Standards Codification (“ASC”) Topic 842, “Leases." The Company 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 June 30, 2019:

 

Leases Classification     Balance at
June 30,
2019
Assets          
     Operating lease assets Operating lease assets     $ 421,032
Total lease assets       $ 421,032
           
Liabilities          
Current          
     Operating lease liabilities Operating lease liabilities     $ 246,243
Noncurrent          
     Operating lease liabilities Noncurrent operating lease liabilities     $ 177,432
Total lease liabilities       $ 423,675

 

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:

 

Year ending December 31,    Amount
2019   $ 132,507 
2020     270,982 
2021     35,748 
2022     11,916 
2023     - 
Thereafter     - 
   Total future lease payments     451,153 
   Less: imputed interest     (27,478)
Total   $ 423,675 

 

Weighted Average Remaining Lease Term (years)  
   Operating leases 2  
   
Weighted Average Discount Rate  
   Operating leases 6.20%