NOTE 8 – OPERATING LEASE LIABILITIES

The Company leases office space in eleven different locations with monthly payments ranging from $744 to $10,279 which expire at various dates through April 2025.

The Company's leases generally do not provide an implicit rate, and therefore the Company uses its incremental borrowing rate as the discount rate when measuring operating lease liabilities. The incremental borrowing rate represents an estimate of the interest rate the Company would incur at lease commencement to borrow an amount equal to the lease payments on a collateralized basis over the term of a lease. The Company used incremental borrowing rates as of January 1, 2019 for operating leases that commenced prior to that date.

The Company's weighted average remaining lease term and weighted average discount rate for operating leases as of December 31, 2020 and 2019 are as follows:

December 31, 2020

December 31, 2019

Weighted average remaining lease term

2.93

3.42

Weighted average discount rate

4.77

The following table reconciles the undiscounted future minimum lease payments (displayed by year and in the aggregate) under noncancelable operating leases with terms of more than one year to the total lease liabilities recognized on the consolidated balance sheet as of December 31, 2020:

2021	$	535,097
2022		425,489
2023		356,844
2024		141,457
2025 and thereafter		20,510
Total undiscounted future minimum lease payments		1,479,397
Less: Difference between undiscounted lease payments and discounted lease liabilities		(105,677	)
Total operating lease liabilities	$	1,373,720
Less current portion		(481,250	)
Long-term operating lease liabilities	$	892,470

Total rent expense under operating leases for the year ended December 31, 2020 was $548,336 as compared to $417,467 for the year ended December 31, 2019. Rent expense paid with cash was $552,613 for the year ended December 31, 2020 as compared to $423,469 for the year ended December 31, 2019.