The Company has entered operating leases to facilitate the expansion of its manufacturing, research and development, and general and administrative activities. For purposes of calculating operating lease liabilities, lease terms may be deemed to include options to extend or terminate the lease when those events are reasonably certain to occur. The interest rate implicit in lease contracts is typically not readily determinable and as such the Company uses the appropriate incremental borrowing rate based on information available at the lease commencement date in determining the present value of the lease payments. The Company used the incremental borrowing rate on January 1, 2019 for operating leases that commenced prior to that date. Current lease agreements do not contain any residual value guarantees or material restrictive covenants. As of June 30, 2019, the Company did not have any finance leases and had one operating lease that had not yet commenced, related to the expansion of office space in New York City for UDC Ventures LLC.

As stated in Note 2, effective January 1, 2019, the Company adopted ASC Topic 842 using the modified retrospective transition method. As such, the Company did not restate financial statement or lease disclosure data for periods prior to January 1, 2019, which was prepared in accordance with ASC Topic 840 – Leases.

The following table presents the Company’s operating lease cost and supplemental cash flow information related to the Company’s operating leases (in thousands):

	Three Months Ended		Six Months Ended
	June 30, 2019		June 30, 2019
Operating lease cost	$	430	$	860
Non-cash activity:
Right-of-use assets obtained in exchange for lease obligations	$	—	$	8,273

As of June 30, 2019, current operating leases had remaining terms between 1 and 9 years with options to extend the lease terms and the Company had operating lease right-of-use assets of $7.6 million, current operating lease liabilities of $1.3 million and long-term operating lease liabilities of $6.3 million.

The following table presents weighted average assumptions used to compute the Company’s right-of-use assets and lease liabilities:

	June 30, 2019
Weighted average remaining lease term (in years)		8.2
Weighted average discount rate		5.5	%

Undiscounted future minimum lease payments as of June 30, 2019, by year and in the aggregate, having non-cancelable lease terms in excess of one year were as follows (in thousands):

	Maturities of Operating Lease Liabilities
2019 ⁽¹⁾	$	826
2020		1,513
2021		833
2022		833
2023		833
Thereafter		4,687
Total lease payments		9,525
Less imputed interest		(1,891	)
Present value of lease payments	$	7,634

Future minimum lease payments as of December 31, 2018, by year and in the aggregate, having non-cancelable lease terms in excess of one year were expected to be as follows (in thousands):

	Total Minimum Lease Payments
2019	$	1,652
2020		1,512
2021		833
2022		833
2023		833
Thereafter		4,721
Total lease payments	$	10,384