Leases

We lease our production facilities and administrative offices as well as certain equipment used in our operations including leases on transportation equipment used in the delivery of our products. The lease terms range from monthly to five years. We occupy a 51,000 square foot facility and a 17,500 square foot facility in Wixom, Michigan under a lease expiring in August 2021. We also occupy two other manufacturing facilities, a 51,000 square foot facility in Grapevine, Texas under a lease expiring in December 2020, and a 57,000 square foot facility in Greer, South Carolina under a lease expiring February 2023. In addition, we occupy a 1,408 square foot office space in Greer, South Carolina under a lease expiring April 2021. In addition, we executed a lease for 4,100 square feet of office space in Hackensack, New Jersey with a lease term beginning on April 1, 2019 and expiring on July 1, 2024.

At March 31, 2020, the Company had operating lease liabilities of $2.9 million and right-of-use assets of $2.8 million, which are included in the consolidated balance sheet.

The following summarizes quantitative information about the Company’s operating leases:



	Three Months Ended March 31, 2020			Three Months Ended March 31, 2019
Operating leases
Operating lease cost	$	442,828		$	534,967
Variable lease cost	189,283			89,844
Operating lease expense	632,111			624,811
Short-term lease rent expense	4,157			4,192
Total rent expense	$	636,268		$	629,003

Other information
Operating cash flows from operating leases	$	444,693		$	523,965
Right of use assets exchanged for operating lease liabilities	$	—		$	3,484,234
Weighted-average remaining lease term – operating leases	2.6 years			1.6 years
Weighted-average discount rate – operating leases	6.8		%	6.8		%

Future minimum rental payments under operating lease agreements are as follows:



Year ending December 31, 2020 (remaining)	$	1,190,129
Year ending December 31, 2021	1,054,873
Year ending December 31, 2022	591,925
Year ending December 31, 2023	234,327
Year ending December 31, 2024	97,423
Total	$	3,168,677
Less present value discount	(257,580		)
Operating lease liabilities	$	2,911,097