. Leases

The Company leases its Corvallis, Oregon, facilities and office space under an operating lease which was signed on

November 3, 2017

and commenced on

January 1, 2018.

The initial term of this lease was to expire on

December 31, 2019

after which the Company has

two

successive renewal options;

one

for

two

years and the other for

three

years. In the

second

quarter of

2019,

the Company exercised the

first

renewal option, which extended the lease expiration date to

December 31, 2021.

May 26, 2017

the Company and M&F entered into a

ten

-year office lease agreement (the “New HQ Lease”), pursuant to which the Company agreed to lease

3,200

square feet in New York, New York. The Company is utilizing premises leased under the New HQ Lease as its corporate headquarters. The Company has

leases that qualify as finance leases.

Operating lease costs totaled

$0.1

million

and

$0.1

million for the

three

months ended

March 31, 2020

and

2019

, respectively. Cash paid for amounts included in the measurement of lease liabilities from operating cash flows was

$0.1

million

and

$0.1

million for the

three

months ended

March 31, 2020

and

2019

, respectively. As of

March 31, 2020

, the weighted-average remaining lease term of the Company’s operating leases was

6.10

years

while the weighted-average discount rate was

4.53%

Future undiscounted cash flows under operating leases as of

March 31, 2020

are expected to be as follows:

2020	$	396,034
2021		600,362
2022		368,467
2023		402,078
2024		404,258
Thereafter		982,880
Total undiscounted cash flows under leases		3,154,079
Less: Imputed interest		(449,481	)
Present value of lease liabilities	$	2,704,598

As of

March 31, 2020

, approximately

$2.3

million

of the lease liability is included in Other liabilities on the condensed consolidated balance sheet with the current portion included in accrued expenses.