|3 Months Ended|
Mar. 31, 2019
Note 13 – LEASES
The Company has operating leases for its executive office and office equipment. The remaining terms on these leases range from 4 to 5 years. The Company entered into an operating lease in August 2012, which was amended in March 2019, for its executive office located at 45 Horsehill Road, Suite 106, Hanover Township, Morris County, New Jersey, which consists of approximately 5,225 square feet of space. The lease agreement expires in December 2022 and contains an additional three year option to extend the lease and annual escalating payments. We used a discount rate of 12% to calculate the right of use asset and operating lease liability recorded on our condensed consolidated balance sheet. The Company uses this facility as its corporate headquarters, and as its research and manufacturing facility.
The Company’s office equipment operating lease is for a copier and the agreement expires in November 2023. The components of lease expense of $16 for the three months ended March 31, 2019 were recorded in the condensed consolidated statement of operations.
The following table provides a breakdown of lease balances within the condensed consolidated balance sheet as of March 31, 2019:
Other information related to leases are as follows:
Future minimum lease payments for operating leases with initial or remaining noncancellable lease terms in excess of one year as of March 31, 2019 are as follows:
There were no material operating leases that the Company had entered into and that were yet to commence as of March 31, 2019.
The entire disclosure for lessee entity's leasing arrangements including, but not limited to, all of the following: (a.) The basis on which contingent rental payments are determined, (b.) The existence and terms of renewal or purchase options and escalation clauses, (c.) Restrictions imposed by lease agreements, such as those concerning dividends, additional debt, and further leasing.
Reference 1: http://www.xbrl.org/2003/role/disclosureRef