Leases Leases (Notes)

3 Months Ended

Mar. 31, 2021

The Company's lease on its Woburn, Massachusetts corporate office and manufacturing facilities (the “Woburn Lease”) extends through September 2025 with a monthly base rent of $13,846 and a 5-year extension option. The Company's lease on its former corporate office in Waltham, Massachusetts (the "Waltham Lease") extends through February 2022 with an average monthly base rent of $41,074 and a 5-year extension option. A letter of credit in the amount of $226,731, secured by the Company's cash balances, was issued by a bank in favor on the Waltham Lease landlord. While the Company continues to actively seek a sublet for the Waltham Lease under difficult market conditions, the Company recorded an impairment charge for idle facility costs of $126,748 in the quarter ended March 31, 2021 to reduce the remaining value of its right-to-use asset in the Waltham facility to zero and $60,000 in accrued expense to provide for estimated costs of returning the property to the lessor.

Future minimum lease payments under non-cancellable operating leases as of March 31, 2021 are as follows:




2021	$	491,369
2022	247,347
2023	165,785
2024	165,785
2025	117,431
Total minimum lease payments	$	1,187,717

Weighted-average discount rate, 14.7%	$	249,634
Lease obligation, current portion	566,256
Lease obligation, net of current portion	371,827
	$	1,187,717

Total recorded rent expense was $166,904, for the quarters ended March 31, 2021 and 2020. 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 2.9 years as of March 31, 2021.