Quarterly report pursuant to Section 13 or 15(d)

5. Operating Lease Assets

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5. Operating Lease Assets
 3 Months Ended
Mar. 31, 2020
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 March 31, 2020:

 

Leases Classification     Balance at
March 31,
2020
Assets          
Current          
     Operating lease assets Operating lease assets     $ 178,015   
Noncurrent          
     Operating lease assets Noncurrent operating lease assets     $ 33,069   
Total lease assets       $ 211,084   
           
Liabilities          
Current          
     Operating lease liabilities      Operating lease liabilities     $ 205,042   
Noncurrent          
     Operating lease liabilities Noncurrent operating lease liabilities     $ 37,244   
Total lease liabilities       $ 242,286   

 

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   $ 204,729   
2021     35,748   
2022     11,916   
2023     -   
2024     -   
Thereafter     -   
   Total future lease payments     252,393   
   Less: imputed interest     (10,107)  
Total   $ 242,286   

 

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