At March 31, 2020, the Company is a party to one property lease in Cincinnati, Ohio under an arrangement which provides the right to use the underlying asset and require lease payments for the lease term. During the fourth quarter of 2019, the Company terminated its leases in Lexington, Massachusetts and Dexter, Michigan; no penalties were incurred related to these terminations. The Cincinnati, Ohio lease agreement obligates the Company to pay real estate taxes, insurance and certain maintenance costs (hereinafter referred to as non-lease components). The Company’s lease arrangement contains a renewal provision of 5 years, exercisable at the Company's option. The Company’s lease agreement does not contain any material residual value guarantees or material restrictive covenants.

The Company determines if an arrangement is an operating lease at inception. Leases with an initial term of 12 months or less are not recorded on the condensed consolidated balance sheet. All other leases are recorded on the balance sheet with a corresponding operating lease asset, net, representing the right to use the underlying asset for the lease term and the operating lease liabilities representing the obligation to make lease payments arising from the lease.

Operating lease assets and operating lease liabilities are recognized at commencement date based on the present value of lease payments over the lease term and include options to extend or terminate the lease when they are reasonably certain to be exercised. The present value of lease payments is determined primarily using the incremental borrowing rate based on the information available at lease commencement date. Lease agreements with lease and non-lease components are generally accounted for as a single lease component. The Company’s operating lease expense is recognized on a straight-line basis over the lease term and are recorded in general and administrative expenses on the condensed consolidated statements of operations and comprehensive loss.

The following table presents the lease cost and information related to the right-of-use assets and operating lease liabilities:

	Three Months Ended March 31,			Three Months Ended March 31,
	2020			2019
Lease cost
Average rent expense	$	28,357		$	62,005
Other information
Cash paid for amounts included in the measurement of operating lease liabilities	$	29,145		$	62,153

The weighted average remaining lease term and discount rate at March 31, 2020 and 2019
Weighted-average remaining lease term - operating leases		1.33			2.53
Weighted-average discount rate - operating leases		13.28	%		13.22	%

As of March 31, 2020, future payments related to operating leases activities are presented in the table below:

	2020		2021		2022 and Thereafter		Total Lease Payments
Operating leases	$	88,635	$	69,685	$	—	$	158,320
Less interest								(12,415	)
Present value of lease liabilities							$	145,905