The Company rents office and laboratory space in the United States. The Company also leases office equipment under a non-cancellable equipment lease through December 2022. Rent expense during the years ended December 31, 2019 and 2018 under all of the Company’s operating leases was $346,603 and $632,658, respectively, which includes short-term leases and variable lease costs not included in the lease obligation.

Short-term leases are leases having a term of twelve months or less. The Company recognizes short-term leases on a straight-line basis and does not record a related lease asset or liability for such leases.

The office space lease provides for increases in future minimum annual rental payments as defined in the lease agreements. The Company has determined the lease renewal option is not reasonably certain.

The office space lease provided the Company tenant improvement incentives and allowances. The Company recorded $164,090 and $115,782 of amortization of lease incentive obligation as a reduction of rent expense for the years ended December 31, 2019 and 2018, respectively.

The cash paid for operating lease liabilities for the year ended December 31, 2019 was $380,805.

Supplemental other information related to the operating leases balance sheet information is as follows:

	December 31, 2019
Operating lease obligations	$	1,744,128
Right of use asset	$	698,321
Weighted-average remaining lease term		5.33
Weighted-average discount rate		8.0	%

Year ending December 31,
2020	$	387,079
2021		393,542
2022		400,198
2023		407,054
2024		414,117
2025 and thereafter		138,831
Total lease payments		2,140,821
Less imputed interest		(396,693	)
Total	$	1,744,128