NOTE 4. - RIGHT-OF-USE ASSETS, LEASE OBLIGATIONS, AND OTHER LEASES

The Company leases a manufacturing facility and warehouse in North Carolina, and a corporate headquarters in Buffalo, New York.

The following table summarizes the Company’s discount rate and remaining lease terms:

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Future minimum lease payments as of September 30, 2021 are as follows:

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On July 28, 2021, the Company signed a lease agreement for a new research and development (“R&D”) laboratory in Rockville, MD. The new laboratory space has over four thousand square feet and will support the Company’s continued growth and R&D partnerships. The lease has an initial monthly base rent of $12 (escalating 2.5% annually after the first year), a term of 51 months, and an expected commencement date of early fourth quarter of this year. The lease also calls for abatement of 100% of the base rent for the first five months following the lease commencement date. The Company will recognize the respective right-of-use asset and lease liability for the lease upon lease commencement, which is anticipated during the fourth quarter of 2021.

On October 18, 2021, the Company signed a lease extension for its manufacturing facility and warehouse in North Carolina. The lease has a commencement date upon expiration of the current lease term, which is November 1, 2021. The lease has a monthly base rent of $17 and an initial term of twenty-four months—with one twenty-four month renewal option at the Company’s discretion. The Company will recognize the respective right-of-use asset and lease liability during the fourth quarter of 2021.