Quarterly report pursuant to Section 13 or 15(d)

Operating Lease Assets

Operating Lease Assets
9 Months Ended
Sep. 30, 2020
Notes to Financial Statements  
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, 2020:


Leases   Classification  

Balance at

September 30,


Operating lease assets   Operating lease assets   $ 98,027  
Operating lease assets   Noncurrent operating lease assets   $ 18,083  
Total lease assets       $ 116,110  
Operating lease liabilities   Operating lease liabilities   $ 126,318  
Operating lease liabilities   Noncurrent operating lease liabilities   $ 23,075  
Total lease liabilities       $ 149,393  


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  
2020   $ 79,954  
2021     60,592  
2022     13,484  
2023     -  
2024     -  
Thereafter     -  
Total future lease payments     154,030  
Less: imputed interest     (4,637 )
Total   $ 149,393  


Weighted Average Remaining Lease Term (years)        
Operating leases     1  
Weighted Average Discount Rate        
Operating leases     6.75 %