5. Leases

During 2017, the Company entered into an operating lease for 27,974 square feet of office space for its corporate headquarters located in Chandler, Arizona, that expires in January 2022. The Company has the option to renew the lease through August 2024; however, the Company does not consider it reasonably certain it will exercise the renewal option.

The Company leases office and lab space for its design facility located in Austin, Texas, under an operating lease that expires in January 2022. The Company has the option to renew the lease for an additional five years; however, the Company does not consider it reasonably certain it will exercise the renewal option.

The Company has another operating lease for its Arizona manufacturing facility, which includes office and fabrication space. This lease is cancellable upon 24 months’ notice by either of the parties and expires in January 2021.

The undiscounted future non-cancellable lease payments under the Company’s leases were as follows (in thousands):


As of March 31, 2019	Operating Leases		Finance Lease		Total
2019 (remaining nine months)	$	1,272	$	8	$	1,280
2020		1,728		10		1,738
2021		851		—		851
2022		47		—		47
2023		—		—		—
Thereafter		—		—		—
Total undiscounted lease payments		3,898		18		3,916
Less: Present value adjustment		(256)		(1)		(257)
Total lease liability		3,642		17		3,659
Less: Current portion of lease liability		(1,532)		(10)		(1,542)
Total lease liability, net of current portion	$	2,110	$	7	$	2,117

As determined under ASC 840, the future minimum rental commitments under the Company’s operating leases at December 31, 2018 were as follows (in thousands):


Year Ending December 31,	Amount
2019	$	1,645
2020		1,701
2021		846
2022		47
2023		—
Thereafter		—
Total minimum lease payments	$	4,239

Other information related to the Company's lease liabilities was as follows:


As of March 31, 2019	Operating leases		Finance lease
Weighted-average remaining lease term (years)	2.36		1.67
Weighted-average discount rate	6.00	%	3.50	%

Lease costs for the Company’s operating leases were $396,000 and $327,000, respectively, for the three months ended March 31, 2019 and 2018. Variable lease payments for operating leases were immaterial for the three months ended March 31, 2019 and 2018. Lease costs for the Company’s finance lease were immaterial for the three months ended March 31, 2019 and 2018.