9. LEASES

In June 2020, we amended our office lease agreement and the term has been extended through July 2022. During the extended term, our rental payments will be approximately $4,200 per month. We had previously amended the office lease to extend through July 2020. Our facility lease is our only existing lease as of September 30, 2020 and is classified as operating lease. The discount rate used in the calculation of our lease liability is approximately 20%, which is based on our estimate of the rate of interest that we would have to pay to borrow on a collateralized basis over a similar term and amount equal to the lease payments in a similar economic environment as the lease does not provide an implicit rate.

The following table summarizes the Company’s recognition of its operating lease:


	September 30, 2020
Assets
Operating lease right-of-use asset	$	77,165
Total lease assets	$	77,165

Liabilities
Current
Current portion of operating lease liability	$	38,816
Non-current
Operating lease liability		38,777
Total lease liabilities	$	77,593

Rent expense, consisting of minimum operating lease payments and variable lease payments for pass through items such as common area maintenance and real estate taxes for the nine months ended September 30, 2020 and 2019 is recorded as general and administrative expense and consisted of the following:


	2020		2019

Operating lease cost	$	36,783	$	36,046
Variable lease costs		—		3,496
Total lease costs	$	36,783	$	39,542

A maturity analysis of our operating lease minimum lease payments follows:


2020	$	12,726
2021		50,904
2022		29,694
Total		93,324

Discount factor		(15,731)
Total lease liabilty	$	77,593