The Company leases its headquarters location under an operating lease expiring in December 2019. In connection with its adoption of ASC Topic 842, the Company recognized a right of use asset and corresponding operating lease liability of $0.3 million related to this lease as of January 1, 2019. The Company elected to use the package of practical expedients in implementing ASC Topic 842 under which the Company did not reassess the operating or finance lease classification of its previously existing leases. Further, the Company did not reassess whether expired or existing contracts include leases. The discount rate used in determining the operating lease liability was 15.2%.

Future scheduled maturities of operating lease liabilities to occur in 2019 as of September 30, 2019 and December 31, 2018 were $0.1 million and $0.4 million, respectively. There are no material future scheduled maturities of operating lease liabilities in the year 2020 or thereafter. Note that such amounts do not include payments for the lease that has not commenced discussed below.

In August 2019, the Company entered into a lease agreement for new office space for its headquarters location. This lease is expected to commence in the fourth quarter of 2019 after the completion of certain tenant improvements being made by the lessor. The related lease liability and right-of-use asset will be recognized by the Company in its Condensed Consolidated Financial Statements upon commencement. The future undiscounted lease payments to be made in connection with this lease are as follows (in thousands):

2019	$	—
2020		242
2021		248
2022		254
2023		261
Thereafter		267
Total	$	1,272

Operating lease cost recognized for the three and nine months ended September 30, 2019 and 2018 was $0.1 million for each of the three-month periods and $0.3 million for each of the nine-month periods.