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Commitments | 12 Months Ended
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Dec. 31, 2019
Commitments and Contingencies Disclosure [Abstract] |
Commitments | Commitments Operating Leases The Company has commitments under operating leases for certain facilities used in its operations. The Company’s 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 terms—operating leases (years) | 2.0
Weighted-average discount rate—operating 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 |

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- Definition The entire disclosure for commitments and contingencies. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 450 -URI http://asc.fasb.org/topic&trid=2127136 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 440 -URI http://asc.fasb.org/topic&trid=2144648 + Details
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