|3 Months Ended|
Mar. 31, 2020
Note 12 – OPERATING LEASES
The Company has operating leases for its executive office (approximately 5,225 square feet of space) and office equipment. The remaining terms on these leases range from 3 to 4 years. The Company does not have any financing leases. The components of lease expense of $15 and $16 for the three months ended March 31, 2020 and March 31, 2019, respectively, were recorded in the condensed consolidated statements of operations.
There were no material operating and financing leases that the Company had entered into that were yet to commence as of March 31, 2020.
Components of the Company's right-of-use assets and liabilities calculations are as follows:
Future minimum lease payments for operating leases in excess of one year as of March 31, 2020 are as follows:
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://fasb.org/us-gaap/role/ref/otherTransitionRef