We currently lease approximately square feet of office space at Bradenton Avenue, Dublin, Ohio, as our principal offices. The current least term expires in and provides for a monthly base rent of approximately We also leased approximately square feet of office space at Sylvan Avenue, Englewood Cliffs, New Jersey, at a monthly base rent of approximately The lease for the New Jersey office space expired on and we did renew.

 

In addition, we currently lease approximately square feet of office space at Blazer Parkway, Dublin, Ohio, formerly our principal offices. The current lease term expires in at a monthly base rent of approximately during In the Company executed a sublease arrangement for the Blazer space, providing for monthly sublease payments to Navidea of approximately through

 

We also currently lease a vehicle. The lease term expires in at a monthly payment of approximately

 

We adopted ASU - effective The following table summarizes the impact of the adoption of ASU - on our balance sheet.

 

		Operating Lease Right- of-Use Assets				Operating Lease Liabilities				Terminated Lease Liability				Deferred Rent
Pre-adoption balance		$	—			$	—			$	589,173			$	2,587
Change			406,842				998,602				(589,173	)			(2,587	)
Post-adoption balance		$	406,842			$	998,602			$	—			$	—

 

All of our leases are operating leases and are included in right-of-use lease assets, current lease liabilities and noncurrent lease liabilities on our consolidated balance sheets. These assets and liabilities are recognized at the commencement date based on the present value of remaining lease payments over the lease term using the Company’s incremental borrowing rates or implicit rates, when readily determinable. Short-term operating leases which have an initial term of months or less are recorded on the consolidated balance sheets.

 

Lease expense for operating leases is recognized on a straight-line basis over the lease term.  Lease expense is included in selling, general and administrative expenses on our consolidated statements of operations. Total operating lease expense was and for the -month and -month periods ended respectively.  Sublease income was and for the -month and -month periods ended and was recorded in selling, general and administrative expenses.

 

The following table presents information about the amount, timing and uncertainty of cash flows arising from the Company’s operating leases as of

 

Maturity of Lease Liabilities		Operating Lease Payments
2019 (remaining)		$	153,858
2020			319,034
2021			306,781
2022			253,339
Total undiscounted operating lease payments			1,033,012
Less imputed interest			168,313
Present value of operating lease liabilities		$	864,699

 

Balance Sheet Classification
Current lease liabilities		$	250,946
Noncurrent lease liabilities			613,753
Total operating lease liabilities		$	864,699

 

Other Information
Weighted-average remaining lease term for operating leases (in years)			3.2
Weighted-average discount rate for operating leases			12.3	%

 

An initial right-of-use lease asset of was recognized as a non-cash asset addition with the adoption of ASU - Cash paid for amounts included in the present value of operating lease liabilities was during the -month period ended and is included in operating cash flows.