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Leases

6 Months Ended

Jun. 30, 2019

Leases [Abstract]

7.	Leases

The Company has a single lease related to its facility in Dundee, Scotland.

As of and for the six months ended June 30, 2019

The Company recognized operating lease expense of $156,329. Cash payments made during the three months ended June 30, 2019 totaled $245,222 and were presented as cash outflows from operating activities. The remaining lease term is approximately 6.3 years as of June 30, 2019. The discount rate used by the Company in determining the lease liability was 12%.

Remaining lease payments under the lease are:

2019		$	160,032
2020			320,065
2021			320,065
2022			320,065
2023			320,065
Thereafter			560,113
		$	2,000,405

As of and for the twelve months ended December 31, 2018

Prior to January 1, 2019, the Company accounted for its Dundee facility lease under ASC 840, Leases. Rent expense, which includes lease payments related to the Company’s research and development facilities and corporate headquarters and other rent related expenses, was $0.5 and $0.4 million for each of the years ended December 31, 2017 and 2018, respectively.

The following is a summary of the Company’s future contractual obligations and commitments relating to its facilities leases as at December 31, 2018 (in thousands):

		Operating Lease Obligation
2019		$	321
2020			321
2021			321
2022			321
2023			321
thereafter			581
Total future minimum lease obligations		$	2,186