Aptose leases office space and lab space in San Diego, California. The lease for the office space expires on and can be extended for an additional year period. The lease for our lab space expired on and on was renewed until We lease office space in Toronto, Ontario, Canada. The lease for this location expires on with an option to renew for another -year period. The Company has included any extension periods in calculating its right-to-use assets and lease liabilities. The Company also enters into leases for small office equipment.

 

To calculate the lease liability, the lease payments in the table above were discounted over the remaining term of the leases using the Company’s incremental borrowing rate as at for existing leases at the time of adopting the Topic and for new leases after the date adoption, as at the date of the execution date of the new lease. The following table presents the weighted average remaining term of the leases and the weighted average discount rate:

 

Right-of-use assets obtained in exchange for new operating lease liabilities are as follows:

 

Operating lease costs and operating cash flows from our operating leases are as follows:

Comparable figures are presented as the Company adopted the new standard using the alternative transition method, which permits a company to use its effective date as the date of initial application without restating comparative period financial statements.