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 three months ended March 31, 2021:

The Company recognized operating lease expenses of $97,660. Cash payments made during the three months ended March 31, 2021 totaled $102,348 and were presented within cash outflows from operating activities. The remaining lease term as of March 31, 2021 is approximately 4.6 years for the Dundee facility (see Note 10 for a subsequent event related to this lease) and approximately 1.3 years for the Berkeley Heights facility. The discount rate used by the Company in determining the lease liability was 12% for both leases.

Remaining payments for these two facilities are as follows:


2021	$	253
2022		243
2023		—
2024		—
2025		—
Thereafter		—
	$	496