Operating Leases

The Company's lease on its Woburn, Massachusetts facilities (the “Woburn Lease”) extends through September 2025 with a monthly base rent of $13,846 and a 5-year extension option. The Company's lease on its Waltham, Massachusetts facilities, now inactive and offered for sublet, extends through February 2022 with an average monthly base rent of $41,074 and a 5-year extension option. At September 30, 2020, an impairment reserve of $400,000 reduced the right of use asset for Waltham idle facility costs. The impairment reserve was increased during the nine months ended September 30, 2020 by a charge of $280,000 recorded within the Company's Statement of Operations as follows: $98,000 within research and development, $56,000 within sales and marketing, and $126,000 within general and administrative.

Future minimum lease payments under non-cancellable operating leases as of September 30, 2020 are as follows:



2020	160,797
2021	653,164
2022	247,347
2023	165,785
2024	165,785
2025	117,431
Total minimum lease payments	$	1,510,309

Weighted-average discount rate, 14.7%	$	331,627
Lease obligation, current portion	596,779
Lease obligation, net of current portion	581,903
	$	1,510,309

Total recorded rent expense was $166,905 and $166,025, for the quarters ended September 30, 2020 and 2019, respectively. Total recorded rent expense was $500,713 and $498,073, for the nine months ended September 30, 2020 and 2019, respectively. The Company records rent expense on its facility leases on a straight-line basis over the lease term. Weighted average remaining operating lease term was 3.1 years as of September 30, 2020.