Leases Leases (Notes)

6 Months Ended

Jun. 30, 2019

Operating Leases

In June 2018, the Company extended the lease on its Woburn, Massachusetts manufacturing facilities (the “Woburn Lease”) through September 2025. The Woburn Lease has a monthly base rent of $13,918 and a 5-year extension option. In September 2014, the Company entered into a 7-year operating lease agreement with one 5-year extension option for its corporate office and product development activities in Waltham, Massachusetts (the “Waltham Lease”). The term of the Waltham Lease commenced on February 20, 2015 and includes fixed payment obligations that escalate over the initial lease term. Average monthly base rent under the Waltham lease is $41,074.

Future minimum lease payments under non-cancellable operating leases as of June 30, 2019 are as follows:



2019	$	315,609
2020	641,193
2021	653,164
2022	247,347
2023	165,785
2024	165,785
2025	117,431
Total minimum lease payments	$	2,306,314

Weighted-average discount rate, 14.6%	$	606,640
Lease obligation, current portion	582,940
Lease obligation, net of current portion	1,116,734
	$	2,306,314

Total recorded rent expense was $332,049 and $307,420, for the six months ended June 30, 2019 and 2018, respectively. The Company records rent expense on its facility leases on a straight-line basis over the lease term.