7. Leases

The Company currently has two leases. The first relates to its facility in Dundee, Scotland and the second to its facility in Berkeley Heights, New Jersey.

As of and for the six months ended June 30, 2020:

The Company recognized operating lease expenses of $179,9750. Cash payments made during the six months ended June 30, 2020 totaled $188,325 and were presented as cash outflows from operating activities. The remaining lease term as of June 30, 2020 is approximately 5.3 years for the Dundee facility and approximately 2 years for the Berkeley Heights facility. The discount rate used by the Company in determining the lease liability was 12%.

Remaining lease payments under the leases are:


2020	$	185
2021		380
2022		353
2023		314
2024		313
Thereafter		251
	$	1,796