Quarterly report pursuant to Section 13 or 15(d)

Leases

v3.19.2
Leases
6 Months Ended
Jun. 30, 2019
Leases  
Leases

5.     Leases

 

The Company leases one commercial manufacturing facility through an operating lease agreement for this facility located in Langhorne, Pennsylvania, through 2026. Tenant improvements are also included in leasehold improvements on the balance sheet.

Future minimum lease payments, excluding expense reimbursements, under noncancelable operating leases at June 30, 2019 are as follows (in thousands)

 

 

 

 

 

2019

    

$

104

2020

 

 

207

2021

 

 

207

2022

 

 

207

2023

 

 

207

Thereafter

 

 

433

Total future minimum lease payments

 

$

1,365

Lease: imputed interest

 

 

(389)

Total

 

$

976

 

As of June 30, 2019, $976,016 represents the commercial manufacturing facility located in Langhorne, Pennsylvania.

Total operating lease expenses for the six months ended June 30, 2019 was $103,703 and is recorded in cost of goods sold and other operating expenses on the condensed statements of operations. Total rent expense for the six months ended June 30, 2018 was $115,207 and is recorded in other operating expenses on the condensed statements of operations.

As of June 30, 2019, the Company had no leases that were classified as a financing lease. As of June 30, 2019, the Company did not have additional operating and financing leases that have not yet commenced.

Supplemental cash flows information related to leases was as follows:

 

 

 

 

 

 

 

    

Six Months

 

 

 

Ended June 30,

 

 

 

2019

 

Cash paid for amounts included in the measurement of lease liabilities:

 

 

 

 

Operating cash flows from operating leases

 

$

103,703

 

 

 

 

 

 

Right-of-use assets obtained in exchange for lease obligations:

 

 

 

 

Operating lease

 

 

976,016

 

 

 

 

 

 

Weighted Average Remaining Lease Term

 

 

 

 

Operating leases

 

 

6.6

years

 

 

 

 

 

Weighted Average Discount Rate

 

 

 

 

Operating leases

 

 

11.00

%