Operating Leases We lease our headquarters office and laboratory space in South San Francisco, California under the terms of a lease that expires on July 31, 2022 and that provides an option to renew for an additional five years at then-current market rates. Consistent with the guidance in Accounting Standards Codification Topic 842, Leases ( ASC 842 ), beginning April 1, 2019, we recorded this lease in our Condensed Consolidated Balance Sheet as an operating lease. For the purpose of determining the right-of-use asset and associated lease liability, we determined that the renewal of this lease is reasonably probable. The lease of our South San Francisco facilities does not include any restrictions or covenants requiring special treatment under ASC 842. The following table summarizes the presentation of the operating lease in our Condensed Consolidated Balance Sheet at September 30, 2020 and March 31, 2020: As of September 30, 2020 As of March 31, 2020 Assets Right of use asset  operating lease $ 3,403,000 $ 3,579,600 Liabilities Current operating lease obligation $ 338,500 $ 313,400 Non-current operating lease obligation 3,540,900 3,715,600 Total operating lease liability $ 3,879,400 $ 4,029,000 The following table summarizes the effect of operating lease costs in the Companys condensed consolidated statements of operations for the three and six months ended September 30, 2020 and 2019: For the Three Months Ended September 30, For the Six Months Ended September 30, 2020 2019 2020 2019 Operating lease cost $ 207,300 $ 203,100 $ 420,100 $ 411,900 The minimum (base rental) lease payments related to our South San Francisco operating lease are expected to be as follows: Fiscal Years Ending March 31, 2021 (remaining six months) $ 326,600 2022 668,400 2023 726,000 2024 766,000 2025 789,000 Thereafter 1,931,400 Total lease expense 5,207,400 Less imputed interest (1,328,000 ) Present value of operating lease liabilities $ 3,879,400 The remaining lease term, including the assumed five-year extension at the expiration of the current lease period, and the discount rate assumption for our South San Francisco operating lease is as follows: As of September 30, 2020 Assumed remaining lease term in years 6.83 Assumed discount rate 8.54% The interest rate implicit in lease contracts is typically not readily determinable and, as such, we used our estimated incremental borrowing rate based on information available at the adoption of ASC 842, which represents an internally developed rate that would be incurred to borrow, on a collateralized basis, over a similar term, an amount equal to the lease payments in a similar economic environment. Supplemental disclosure of cash flow information related to our operating lease included in cash flows used by operating activities in the condensed consolidated statements of cash flows is as follows: For the Six Months Ended For the Six Months Ended September 30, 2020 September 30, 2019 Cash paid for amounts included in the measurement of lease liabilities $ 393,100 $ 374,200 During the six months ended September 30, 2020, we recorded no new right of use assets arising from new lease liabilities. We also lease a small office in the San Francisco Bay Area under a month-to-month arrangement at insignificant cost and have made an accounting policy election not to apply the ASC 842 operating lease recognition requirements to such short-term lease. We recognize the lease payments for this lease in general and administrative expense over the lease term. We recorded rent expense of $3,500 for each of the three month periods ended September 30, 2020 and 2019, respectively, and $7,100 and $6,900 for the six months ended September 30, 2020 and 2019, respectively, attributable to this lease.