Clearfield leases a square foot facility at Winnetka Avenue North, Brooklyn Park, Minnesota consisting of our corporate offices, manufacturing and warehouse space. The lease term is years and months and commenced on On the Company amended its lease to add square feet to this facility, with the lease term for the additional space coterminous with the original lease. Upon proper notice and payment of a termination fee of approximately the Company has a -time option to terminate the lease effective as of the last day of the year of the term after the Company commenced paying base rent. The renewal and termination options have been included within the lease term because it is reasonably certain that we will exercise either option.

 

We also have an indirect lease arrangement for a square foot manufacturing facility in Tijuana, Mexico. The lease term is years and commenced on This lease does contain a written option to renew.

 

Right-of-use lease assets and lease liabilities are recognized as of the commencement date based on the present value of the remaining lease payments over the lease term which includes renewal periods we are reasonably certain to exercise. Our leases do contain any material residual value guarantees or material restrictive covenants. As of we do have material lease commitments that have commenced.

 

For the months ended operating lease expense included within cost of goods sold and selling, general and administrative expense was and respectively.

 

Maturities of lease liabilities were as follows as of

 

		Operating Leases
2020 (remainder of fiscal year)		$	475,205
2021			479,221
2022			491,404
2023			503,903
2024			516,725
Thereafter			217,552
Total lease payments			2,684,010
Less: Interest			(227,818	)
Present value of lease liabilities		$	2,456,191

 

The weighted average term and weighted average discount rate for our leases as of were years and respectively. For the months ended the operating cash outflows from our leases was

 

Rent expense for our operating leases the months ended as accounted under ASC included within cost of goods sold and selling, general and administrative expense was and respectively.

 

as follows:

 

		As of September 30, 2019
2020		$	643,040
2021			479,213
2022			491,397
2023			503,895
2024			516,720
Thereafter			217,551
Total minimum lease payments		$	2,851,816