14. Leases

The Company leases office, warehouse and manufacturing space under a single operating lease, which lease originally expired during 2019. On June 7, 2019, the lease was amended to extend the rental period through 2024 and reduce the amount of space leased from 54,428 square feet to 29,534 square feet. The new rent is effective January 1, 2020. The amended lease has two five-year extension options. As of December 31, 2020, the operating lease right-of-use asset totaled approximately $1.9 million and the operating lease liability totaled approximately $1.9 million. Amortization of right of use asset expense during the year ended December 31, 2020, totaled approximately $0.4 million. As of December 31, 2020, the weighted-average discount rate for the Company’s operating lease totaled 6.5 %.

Leases with an initial term of 12 months or less are not recorded on the balance sheet. Lease expense is recognized on a straight-line basis over the term of the lease. The Company accounts for lease components separately from the non-lease components. The depreciable life of the assets and leasehold improvements are limited by the expected lease term.

Operating lease future minimum payments together with the present values as of December 31, 2020, are summarized as follows: