Commitments

12 Months Ended

Dec. 31, 2019

Commitments and Contingencies Disclosure [Abstract]

Operating Leases

The Company has commitments under operating leases for certain facilities used in its operations. The Company’s leases have initial lease terms ranging from one to five years. Certain lease agreements contain provisions for future rent increases.

The components of lease expense were as follows:


	Year Ended December 31, 2019
Operating lease cost	$	250,361
Variable lease cost	79,700
Total lease cost	$	330,061

Supplemental balance sheet information related to leases was as follows:


	December 31, 2019
Right-of-use assets, net	$	344,574

Current lease obligations	172,310
Non-current lease obligations	163,198
Total lease liabilities	$	335,508

Supplemental information related to leases was as follows:


	Year Ended December 31, 2019
Weighted-average remaining lease terms—operating leases (years)	2.0
Weighted-average discount rate—operating leases	7.6	%

Future minimum operating minimum lease payments for all leases, exclusive of taxes and other carrying charges, are approximately as follows:


For the Years Ending December 31,	Amount
2020	$	191,890
2021	160,909
2022	11,354
Total	$	364,153
Less: present value adjustment	(28,645)
Present value of minimum lease payments	$	335,508

The Company does not have any leases that have not yet commenced which are significant.

Financing Leases

In June 2018, the Company leased specialized research equipment under a lease classified as a financing lease. The leased equipment is included in property and equipment, net and is amortized on a straight-line basis over five years. Financing lease liabilities are included in other liabilities on the Company's consolidated balance sheets. The interest rate related to the lease obligation is 7.6% and the maturity date is July 2021.

Future minimum lease payments for all financing leases, exclusive of taxes and other carrying charges, are approximately as follows:


For the Years Ending December 31,	Amount
2020	$	23,856
2021	9,941
Total	$	33,797
Less: present value adjustment	(1,851)
Present value of minimum lease payments	$	31,946