For the three and nine months ended September 30, 2021, the Company recognized lease expense of $52,351 and $139,597, respectively, and $149,731 and $422,765 for the three and nine months ended September 30, 2020, respectively. This expense does not include non-lease components associated with the lease agreements as the Company elected not to include such charges as part of the lease expense.

On September 27, 2021, the Company entered into the Termination and Settlement Agreement ("Agreement") with the lessor associated with its former headquarters located in Basking Ridge, NJ. The Agreement provided for the immediate termination of the Basking Ridge lease in its entirety. In consideration for the lease termination, the Company agreed to pay the lessor a total of $500,000 in cash and issue to the lessor 200,000 shares of its common stock. As of September 30, 2021, the Company paid a total of $398,523 in cash to the lessor and accrued approximately $320,000 for the Company's remaining obligation under the Agreement. On October 4, 2021, the 200,000 shares of stock were issued to the lessor. On October 5, 2021, the Company paid to the lessor the remaining cash payment of $101,477.

The tables below provide the details of the right of use assets and lease liabilities as of September 30, 2021 and December 31, 2020:

	September 30, 2021			December 31, 2020
Operating leases:
Operating lease right of use assets	$	539,728		$	517,257
Operating lease liabilities:
Current portion of operating lease liabilities		58,482			534,547
Noncurrent operating lease liabilities		715,530			885,333
Total operating lease liabilities	$	774,012		$	1,419,880
Weighted average remaining lease term (in years)		7.3			5.7
Weighted average discount rate		13.8	%		13.8	%

Future minimum lease payments under non-cancellable operating leases as of September 30, 2021:

Remainder of 2021	$	39,414
2022		160,486
2023		163,962
2024		167,524
2025 and thereafter		704,900
Total future minimum lease payments		1,236,286
Less: Amounts representing interest		(462,274	)
Total	$	774,012