Operating Leases

12 Months Ended

Dec. 31, 2021

The Company currently leases office space of approximately 37,829 square feet at one location.

As of December 31, 2021 and December 31, 2020, the carrying value of this right-of-use asset, which is included in property and equipment, was approximately $1.6 million and $2.1 million, respectively, net of deferred rent on the consolidated balance sheets. As of December 31, 2021 and December 31, 2020, the carrying value of the lease liability was approximately $2.0 million and $2.5 million, respectively, which is included in accounts payable and accrued expenses on the consolidated balance sheets.

The following table summarizes the total lease and the related operating expenses for the years ended December 31, 2021, 2020 and 2019:


For the year ended December 31,
2021		2020		2019
$	932,637	$	947,398	$	971,203

Lease expense and the related operating expenses are recorded in general and administrative expenses on the consolidated statements of income.

The approximate future minimum lease payments under the operating lease are as follows:


		Future Minimum Lease Payments by Year
Total		2022		2023		2024		2025		Thereafter
$	2,028,581	$	624,179	$	624,179	$	624,179	$	156,044	$	—

In addition to the above lease payments, the Company is also responsible for normal operating expenses of the property. These annual operating expenses were approximately $0.4 million in each of 2021, 2020, and 2019