In August 2019, the Company entered into an operating lease with a 65-month term for 10,043 rentable square feet of office space for offices located in Buffalo Grove, Illinois. The lease contains an option to extend the term for one additional five-year period, which was not considered in the determination of the right-of-use asset or the lease liability as the Company did not consider it reasonably certain that it would exercise such option. The Company's lease provides for fixed monthly payments for the term of the lease, with monthly rent increasing approximately 3% every 12 months following the commencement date. The total rent expense for the three months ended March 31, 2020 was approximately $83,000. There was no rent expense for the three months ended March 31, 2019.

The following table summarizes supplemental balance sheet information related to the operating lease as of March 31, 2020 and December 31, 2019.

	March 31,		December 31,
	2020		2019
Assets:
Operating lease right-of-use assets		939		933
Total right-of-use assets	$	939	$	933

Liabilities:
Operating lease liabilities, current		148		161
Operating lease liabilities, non-current		606		635
Total operating lease liabilities	$	754	$	796

As of March 31, 2020, the future minimum annual lease payments under the operating lease were as follows (in thousands):

2020	$	110
2021		171
2022		176
2023		181
2024		186
Thereafter		80
Total minimum lease payments	$	904

Less: amount representing interest		(150	)
Present value of operating lease liabilities		754
Less: operating lease liabilities, current		(148	)
Operating lease liabilities	$	606

Weighted-average remaining lease term (in years)		5.08
Weighted-average incremental borrowing rate		7.25	%

Operating cash flows for the three months ended March 31, 2020 included $0.3 million in cash payments for operating leases, $0.2 million of which were prepaid lease payments. There were no lease costs for the three months ended March 31, 2019.

In December 2019, the Company entered into a 62-month operating lease for 9,420 rentable square feet of office space in Florham Park, New Jersey. The lease contains an option to extend the term for one additional five-year period, which will not be considered in the determination of the right-of-use asset or the lease liability as the Company is not reasonably certain that it would exercise such option. The Company has future minimum lease payment obligations of approximately $1.7 million related to the leased office space. The lease liability and the corresponding right-of-use asset associated with this lease obligation will be recorded upon the commencement of the lease, or the date in which the underlying asset is made available for use to the Company, which had not occurred as of March 31, 2020.