The Company has operating leases for its corporate headquarters and office equipment, including copiers. The Company leases approximately 32,000 square foot facility in Malvern, Pennsylvania for its corporate headquarters, which includes office and warehouse space. In the first quarter of 2019, the Company signed a lease modification for its Malvern facility that extended the lease through February 2028 and included approximately 10,000 square foot of additional premises. The Company has an option to extend the lease on its combined 42,000 square foot facility for an additional five-year term; however, the Company has determined it is not reasonably certain to exercise the option at this time due to on-going personnel expansion efforts. The Company also maintains operating leases on office equipment, including copiers, which end in March 2023. The Company does not currently have any finance leases or executed leases that have not yet commenced.

Operating lease rent expense was $0.5 million for each of the years ended December 31, 2019, 2018, and 2017, respectively. As of December 31, 2019, the weighted-average remaining lease term of operating leases was 8.0 years and the weighted-average discount rate was 6.5%.

The following table presents the supplemental cash flow information as a lessee related to leases (in thousands) as of December 31, 2019:

	Year ended December 31, 2019
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	465
Right-of-use assets obtained in exchange for lease obligations:
Operating leases	$	4,164

The following table sets forth by year the required future payments of operating lease liabilities (in thousands) as of December 31, 2019:

	Year ending December 31,
2020	$	586
2021		615
2022		639
2023		636
2024		646
Thereafter		2,147
Total lease payments		5,269
Less imputed interest		(2,091	)
Present value of operating lease liabilities	$	3,178

The following table sets forth by year the minimum expected lease payments under non-cancelable operating leases (in thousands) as of December 31, 2018:

	Year ending December 31,
2019		547
2020		560
2021		88
Total lease payments	$	1,195

Lessor sales-type leases:

Certain costumers have purchased NeuroStar Advanced Therapy Systems on a rent-to-own basis. The lease term is three years with a customer option to purchase the NeuroStar Advanced Therapy System at the end of the lease or automatic transfer of ownership of the NeuroStar Advanced Therapy System at the end of the lease.

The following table sets forth the profit recognized on sales-type leases (in thousands):

	Year ended December 31,
	2019
Profit recognized at commencement, net	$	1,179
Interest Income		-
Total sales-type lease income	$	1,179

The following table sets forth a maturity analysis of the undiscounted lease receivables related to sales-type leases (in thousands) as of December 31, 2019:

	Year ending December 31,
2020		1,129
2021		854
2022		624
2023		3
Total sales-type lease receivables	$	2,610

As of December 31, 2019, the carrying amount of the lease receivables is $2.6 million. The Company does not have any unguaranteed residual assets.

Lessor operating leases:

NeuroStar Advanced Therapy Systems sold on a rent-to-own basis prior to January 1, 2019 are accounted for as operating leases. For the years ended December 31, 2019, 2018, and 2017, the Company recognized operating lease income of $0.7 million, $0.9 million and $1.1 million, respectively.

The following table sets forth a maturity analysis of its undiscounted lease receivables related to operating leases as of December 31, 2019:

	Year ending December 31,
2020	$	470
2021		150
Total lease receivables	$	620

The Company maintained Rental Equipment, net of $0.5 million and $0.9 million, as of December 31, 2019 and 2018, respectively, which are included in “Property and equipment, net” on the balance sheet. Rental equipment depreciation expense was $0.2 million and $0.4 million for the years ended December 31, 2019 and 2018, respectively.