9. Leases

The Company leases certain equipment and buildings under operating lease arrangements. Most leases are for a fixed term and for a fixed amount. The Company is not a party to any leases that have step rent provisions, escalation clauses, capital improvement funding or payment increases based on any index or rate.

Future minimum payments under non-cancelable operating leases with initial or remaining terms in excess of one year during each of the next five years follow:

2020	$	4,721,598
2021		2,935,895
2022		1,743,488
2023		955,255
2024		647,597
	$	11,003,833

Rent expense for all operating leases was $3,106,630 in 2019 and $2,552,887 in 2018.

The weighted average lease term for all operating leases is five years. The weighted average discount rate for all operating leases is 5%.