Leases Leases (Notes)

9 Months Ended

Sep. 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. As of September 30, 2019 the Waltham facility had been vacated by the Company and was being marketed to prospective sub-lessees.

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



2019	$	157,804
2020	641,193
2021	653,164
2022	247,347
2023	165,785
2024	165,785
2025	117,431
Total minimum lease payments	$	2,148,509

Weighted-average discount rate, 14.7%	$	544,309
Lease obligation, current portion	585,692
Lease obligation, net of current portion	1,018,508
	$	2,148,509

Total recorded rent expense was $498,073 and $462,917, for the nine months ended September 30, 2019 and 2018, respectively. The Company records rent expense on its facility leases on a straight-line basis over the lease term. Weighted average remaining operating lease term was 3.8 years as of September 30, 2019.