Quarterly report pursuant to Section 13 or 15(d)

5. Operating Lease Assets

5. Operating Lease Assets
9 Months Ended
Sep. 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 September 30, 2019:


Leases Classification     Balance at
September 30,
     Operating lease assets Operating lease assets     $ 360,709   
Total lease assets       $ 360,709   
     Operating lease liabilities Operating lease liabilities     $ 252,672   
     Operating lease liabilities Noncurrent operating lease liabilities     $ 112,012   
Total lease liabilities       $ 364,684   


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   $ 66,686   
2020     270,982   
2021     35,748   
2022     11,927   
2023     -   
Thereafter     -   
   Total future lease payments     385,343   
   Less: imputed interest     (20,659)  
Total   $ 364,684   


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