|6 Months Ended|
Jun. 30, 2019
The Company recognized non-cash right-of-use assets and lease liabilities of $3.2 million upon adoption of ASU 2016-02 on January 1, 2019. The Company has two operating leases for office and manufacturing space which requires it to pay base rent and certain utilities. Monthly rent expense is recognized on a straight-line basis over the term of the leases, which expire in 2027 and 2021.
At June 30, 2019 the weighted average remaining lease term was eight years. The operating leases are included in the balance sheet at the present value of the lease payments at a 7% discount rate using the rate of interest that the Company would have to pay to borrow on a collateralized basis over a similar term and amount equal to the lease payments in a similar economic environment as the leases do not provide an implicit rate.
For the three and six months ended June 30, 2019, operating lease expense was $0.1 million and $0.3 million, respectively. For the three and six months ended June 30, 2019, cash paid was $0.1 million and $0.2 million, respectively. Rent expense was $0.1 million and $0.2 million for the three and six months ended June 30, 2018, respectively. Operating lease right-of-use assets amortization was $0.1 million and $0.2 million for the three and six months ended June 30, 2019, respectively. Variable costs are de minimis.
The following table presents the lease liabilities within the condensed balance sheet, related to the Company’s operating leases as of June 30, 2019 (in thousands):
The following table presents the future minimum rental payments due as of December 31, 2018 (in thousands):