Operating Leases The Company is a party to certain operating leases. The Company has entered into a lease agreement, as amended, for office space for office, research and development, quality control, production and warehouse space which expires on December 31, 2021. Under the terms of the lease, the Company pays monthly rent of $14,651, subject to a 3% adjustment on an annual basis. For leases where the Company is the lessee, ROU assets represent the Companys right to use an underlying asset for the lease term and lease liabilities represent an obligation to make lease payments arising from the lease. ROU assets and lease liabilities are recognized at the lease commencement date (except we used the practical expedients and recorded the outstanding operating lease at January 1, 2019) based on the present value of lease payments over the lease term. As the Companys lease did not provide an implicit interest rate, the Company used the equivalent borrowing rate for a secured financing with the term of that equal to the remaining life of the lease at inception. The lease terms used to calculate the ROU asset and related lease liability did not include options to extend or termination of the lease; there are none and there is no reasonable certainty that the Company would extend the lease at expiration. Lease expense for operating leases is recognized on a straight-line basis over the lease term as an operating expense. The Company has lease agreements which require payments for lease and non-lease components and has elected to account for these as separate lease components. Non-leasing components are not included in the ROU asset. Right of use assets and Lease liability  right of use consist of the following: March 31, 2020 Right of use assets $ 283,456 March 31, 2020 Lease liability - right of use Current portion $ 176,397 Long term portion 139,333 $ 315,730 As of March 31, 2020, the maturities of the Companys lease liability  right of use which have initial or remaining lease terms in excess of one year consist of the following: Year ending December 31, Amount 2020 (remainder) $ 144,377 2021 197,462 Total lease payments 341,839 Less: Present value adjustment (26,109 ) Lease liability - right of use $ 315,730 As of March 31, 2020, the Companys operating lease had a weighted average remaining lease term of 1.75 years and a weighted average discount rate of 7%. Rent expense for the three months ended March 31, 2020 and 2019 was $52,330 and $52,838, respectively. Financing Lease For leases where the Company is the lessee, ROU assets represent the Companys right to use an underlying asset for the lease term and lease liabilities represent an obligation to make lease payments arising from the lease. ROU assets and lease liabilities are recognized at the lease commencement date based on the present value of lease payments over the lease term. The present value of the lease payment exceeds 90% of the sales price of the equipment, therefore this lease will be considered a financing lease is included in Property and equipment, net on our Condensed Consolidated Balance Sheets. Lease expense will be recognized as payment of financing lease, depreciation expense and interest expense. Right of use assets and Lease liability  right of use consist of the following: March 31, 2020 Right of use assets $ 504,352 March 31, 2020 Lease liability - right of use Current portion $ 159,789 Long term portion 332,641 $ 492,430 As of March 31, 2020, the maturities of the Companys lease liability  right of use which have initial or remaining lease terms in excess of one year consist of the following: Year ending December 31, Amount 2020 (remainder) $ 159,490 2021 212,652 2022 177,852 2023 12,903 Total $ 562,897 As of March 31, 2020, the Companys financing leases had a weighted average remaining lease term of 2.65 years based on annualized base payments expiring through 2022 and a weighted average discount rate of 13.2%. As of March 31, 2020, the Company did not have additional operating or financing leases that have yet commenced. Litigation The Company is a defendant in various legal actions, claims and proceedings arising in the ordinary course of business, including claims related to breach of contracts and intellectual property matters resulting from our business activities. As with most actions such as these, an estimation of any possible and/or ultimate liability cannot always be determined. We believe that all pending claims, if adversely decided, would not have a material adverse effect on our business, financial position or results of operations.