7. Leases

The Company currently has two leases relating to its facilities in Dundee, Scotland and Berkeley Heights, New Jersey.

As of and for the nine months ended September 30, 2020:

The Company recognized operating lease expenses of $271,969. Cash payments made during the nine months ended September 30, 2020 totaled $284,936 and were presented as cash outflows from operating activities. The remaining lease term as of September 30, 2020 is approximately 5.1 years for the Dundee facility and approximately 1.8 years for the Berkeley Heights facility. The discount rate used by the Company in determining the lease liability was 12% for both outstanding leases.

Remaining lease payments under the leases are:


2020	$	98
2021		394
2022		367
2023		328
2024		326
Thereafter		262
	$	1,775