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: Year Ended December 31, 2019 Operating lease cost $ 250,361 Variable lease cost 79,700 Total lease cost $ 330,061 Supplemental balance sheet information related to leases was as follows: December 31, 2019 Right-of-use assets, net $ 344,574 Current lease obligations 172,310 Non-current lease obligations 163,198 Total lease liabilities $ 335,508 Supplemental information related to leases was as follows: Year Ended December 31, 2019 Weighted-average remaining lease termsoperating leases (years) 2.0 Weighted-average discount rateoperating leases 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 2020 $ 191,890 2021 160,909 2022 11,354 Total $ 364,153 Less: present value adjustment (28,645) Present value of minimum lease payments $ 335,508 The Company does not have any leases that have not yet commenced which are significant. 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 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 2020 $ 23,856 2021 9,941 Total $ 33,797 Less: present value adjustment (1,851) Present value of minimum lease payments $ 31,946