M&I Brazil leases offices and facilities in three cities in Brazil that are under operating lease agreements. The leases expire at various dates through January 2022. Our operating leases are included in right-of-use assets, current and long-term liabilities in the accompanying Condensed Consolidated Balance Sheet. The assets and liabilities are recognized at the commencement date based on the present value of remaining lease payments based on Brazil’s General Market Price Index rate. Brazil also has multiple short-term equipment leases which are less than twelve months and have no cancellation penalties, therefore they are not recorded in the balance sheet.

Lease expense for operating leases is recognized on a straight-line basis over the lease term. Lease expense is recognized in the period for which the obligation for those payments is incurred and is included in general and administrative expense in the Condensed Consolidated Statement of Operations.

An initial right-of-use asset of approximately $0.2 million was recognized as a non-cash asset addition with the adoption of the new lease standard. Operating lease costs were less than $50,000 for the three and six months ended June 30, 2019. The weighted-average remaining lease term is 2 years and the weighted-average discount rate is 6.75%.

Maturities of our operating lease liabilities as of June 30, 2019 are as follows (in thousands):

2019	$	36
2020		67
2021		49
2022		4
Total undiscounted operating lease payments		156
Less: imputed interest		(9	)
Present value of operating lease liabilities	$	147