Operating Lease Liability (Tables)

3 Months Ended

Jun. 30, 2020

Lessee, Operating Lease, Liability, Maturity [Table Text Block]

The Company's leases generally do not provide an implicit rate, and therefore the Company uses its incremental borrowing rate as the discount rate when measuring operating lease liabilities. The incremental borrowing rate represents an estimate of the interest rate the Company would incur at lease commencement to borrow an amount equal to the lease payments on a collateralized basis over the term of a lease. The Company used incremental borrowing rates as of April 1, 2019 for operating leases that commenced prior to that date. The Company estimated its incremental borrowing rate based on its credit quality, line of credit agreement and by comparing interest rates available in the market for similar borrowings. The Company used a discount rate of 6.25% at June 30, 2020.

Remaining payments 2021	$	170,910
2022		93,381
Total undiscounted future minimum lease payments		264,291
Less: Difference between undiscounted lease payments and discounted lease liabilities		(10,001	)
Present value of net minimum lease payments		254,290
Less current portion		(217,643	)
Operating lease liabilities – long-term	$	36,647