Quarterly report pursuant to Section 13 or 15(d)

LEASES (Notes)

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LEASES (Notes)
6 Months Ended
Jun. 30, 2020
Leases [Abstract]  
LEASES LEASESWe have leases for office equipment and office space. The leases for office equipment are classified as financing leases and the typical term is 36 months. We have the option to extend most office equipment leases, but we do not intend to do so. Accordingly, no extensions have been recognized in the right-of-use asset or lease liability. The office equipment lease payments are not variable and the lease agreements do not include any non-lease components, residual value guarantees, or
restrictions. There are no interest rates implicit in the office equipment lease agreements, so we have used our incremental borrowing rate to determine the discount rate to be applied to our financing leases. The weighted average discount rate applied to our financing leases is 4.50% and the weighted average remaining lease term is 20.5 months.

The following table shows the components of financing lease cost:

Financing Lease Cost For the Three Months Ended June 30, 2020 For the Six Months Ended June 30, 2020
Amortization of right-of-use assets $ 15,121    $ 33,497   
Interest on lease liabilities 3,375    4,247   
Total financing lease cost $ 18,496    $ 37,744   

The following table reconciles future minimum lease payments to the discounted finance lease liability:

Years ending December 31, Amount
2020 - remaining $ 25,013   
2021 40,921   
2022 12,803   
2023 —   
2024 —   
Thereafter —   
Total future minimum lease payments $ 78,737   
Less: Amount representing interest 3,088   
Present value of future payments $ 75,649   
Current portion $ 45,411   
Long-term portion $ 30,238   

Because our office space leases are short-term, we have elected not to recognize them on our balance sheet under the short-term recognition exemption. During the three and six months ended June 30, 2020, we recognized $19,059 and $38,531, respectively, in short-term lease costs associated with office space leases.