The Company leases office space and equipment under agreements classified as operating leases that expire on various dates through 2021. The Company’s two most significant active leases as of March 31, 2019 are for office and manufacturing space in Tucson, Arizona, which expire in 2021. These leases do not include any contingent rental payments, impose any financial restrictions, or contain any residual value guarantees. Certain of the Company’s leases include renewal options and escalation clauses; renewal options have not been included in the calculation of the lease liabilities and right-of-use assets as the Company is not reasonably certain to exercise the options. Annual rent increases are included in the calculation of the operating lease right-of-use assets. Variable expenses generally represent the Company’s share of the landlord’s operating expenses and are recorded when incurred. Incremental borrowing rates used to discount future lease payments in calculating lease liabilities were estimated by reference to the rate on the Company’s MidCap Term Loan. The Company does not have any operating lease arrangements where it acts as a lessor.

	March 31,
	2019
Operating leases
Operating lease cost	$	96,181
Variable lease cost		21,451
Operating lease expense		117,632
Short-term lease rent expense		1,497
Total rent expense	$	119,129

The table below summarizes other information related to the Company’s operating leases:

	March 31,
	2019
Operating cash flows from operating leases	$	136,272
Right-of-use assets exchanged for operating lease liabilities	$	1,033,107
Weighted-average remaining lease term – operating leases	1.9
Weighted-average discount rate – operating leases		9.6	%

As of March 31, 2019, remaining maturities of our operating leases, excluding short-term leases, are as follows:

2019	$	409,868
2020		544,349
2021		54,541
Total		1,008,758
Less present value discount		(88,616	)
Operating lease liabilities, net	$	920,142

The Company entered into two additional operating leases for office space that commence on April 1, 2019 and August 15, 2019. Lease liabilities and the associated right-of-use assets for these leases are approximately $900,000 for one and $123,000 for the other and are not included in the Company’s lease liabilities or right-of-use assets at March 31, 2019.

Prior to the Company’s adoption of ASC 842, rent expense was $148,097 for the three months ended March 31, 2018, recorded on a straight-line basis. Lease commitments as presented under ASC 840 as of December 31, 2018 were as follows:

2019	$	525,745
2020		528,225
2021		53,907
2022		10,768
2023		10,768
2024 and beyond		43,073
		1,172,486

Financing Leases

The Company has a number of computer equipment leases that are classified as financing leases. Incremental borrowing rates used to discount future lease payments in calculating lease liabilities were estimated by reference to information received from the Company’s bankers regarding estimated current borrowing rates for non-collateralized loans. The Company does not have any material financing leases where it acts as a lessor. The components of lease cost for financing leases were as follows:

	March 31,
	2019
Financing leases
Amortization of right-of-use assets	$	14,696
Interest on lease liability		2,146
Total financing lease cost	$	16,842

The table below summarizes other information related to the Company’s financing leases:

	March 31,
	2019
Weighted-average remaining lease term – financing leases		2.3
Weighted-average discount rate – financing leases		9.77	%

As of March 31, 2019, remaining maturities of our financing leases are as follows:

2019	$	36,206
2020		33,992
2021		12,275
2022		4,636
2023		2,316
Total		89,425
Less present value discount		(10,761	)
Financing lease liabilities, net	$	78,664

At March 31, 2019, the Company had financing lease liabilities net of discount of $78,664, of which $39,604 was included in other current liabilities and $39,060 was included in other non-current liabilities, and financing right-of-use assets of $77,627, which were included in property and equipment, net, in the accompanying condensed consolidated balance sheet.