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Leases (Tables)
3 Months Ended
Mar. 31, 2020
Lessee Disclosure [Abstract]  
Summary of Lease Related Assets and Liabilities Recorded on Balance Sheet

The table below presents the lease related assets and liabilities recorded on the balance sheet. Right-of-use assets and related liabilities related to finance leases at March 31, 2020 are de minimis and mature in less than 12 months.

 

 

March 31,

 

 

December 31,

 

 

2020

 

 

2019

 

Operating Leases:

 

(Unaudited)

 

 

 

 

 

 

Right-of-use operating lease asset:

 

 

 

 

 

 

 

   Property and equipment, net and other assets

$

1,454,914

 

 

$

1,595,044

 

 

 

 

 

 

 

 

 

Lease Liabilities:

 

 

 

 

 

 

 

   Accounts payable and accrued liabilities

$

631,760

 

 

$

627,896

 

   Other long-term liabilities

 

977,186

 

 

 

1,136,583

 

       Total operating lease liabilities

$

1,608,946

 

 

$

1,764,479

 

Future Minimum Lease Payments Required Under Office Lease

The future minimum lease payments required under our office lease as of March 31, 2020 were as follows:    

 

 

Amount

 

2020

 

$

498,150

 

2021

 

 

664,200

 

2022

 

 

498,150

 

   Total lease payments

 

 

1,660,500

 

Less:  Interest

 

 

51,554

 

    Present value of lease liabilities

 

$

1,608,946