Commitments Operating Leases The Company has commitments under operating leases for certain facilities used in its operations. The Companys leases have initial lease terms ranging from one to five years. Certain lease agreements contain provisions for future rent increases. The components of lease expense were as follows: Three months ended March 31, 2020 2019 Operating lease cost $ 47,696 $ 73,273 Variable lease cost 21,169 15,848 Total lease cost $ 68,865 $ 89,121 Supplemental balance sheet information related to leases was as follows: March 31, 2020 December 31, 2019 Right-of-use assets, net $ 302,990 $ 344,574 Current lease obligations $ 176,616 $ 172,310 Non-current lease obligations 117,142 163,198 Total lease liabilities $ 293,758 $ 335,508 Supplemental information related to leases was as follows: Three months ended March 31, 2020 2019 Weighted-average remaining lease termsoperating leases (years) 1.8 2.3 Weighted-average discount rateoperating leases 7.6 % 7.6 % Future minimum operating minimum lease payments for all leases, exclusive of taxes and other carrying charges, are approximately as follows: For the Years Ending December 31, Amount Remainder of 2020 $ 144,169 2021 160,909 2022 11,354 Total $ 316,432 Less: present value adjustment (22,674) Present value of minimum lease payments $ 293,758 Financing Leases In June 2018, the Company leased specialized research equipment under a lease classified as a financing lease. The leased equipment is included in property and equipment, net and is amortized on a straight-line basis over five years. Financing lease liabilities are included in other liabilities on the Company's condensed consolidated balance sheets. The interest rate related to the lease obligation is 7.6% and the maturity date is July 2021. Future minimum lease payments for all financing leases, exclusive of taxes and other carrying charges, are approximately as follows: For the Years Ending December 31, Amount Remainder of 2020 $ 23,856 2021 3,977 Total $ 27,833 Less: present value adjustment (1,278) Present value of minimum lease payments $ 26,555 The Company does not have any leases that have not yet commenced which are significant.