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Leases

3 Months Ended

Mar. 31, 2021

4. LEASES

The Company’s noncancelable operating leases consist of leases for office space. The Company is the lessee under the terms of the operating leases. For the three months ended March 31, 2021, the operating lease cost was $0.24 million.

The Company’s operating leases have remaining lease terms that range from approximately one year to two years. As of March 31, 2021, the weighted average remaining lease term and weighted average discount rate were 1.33 years and 6%, respectively.

Maturities of lease liabilities were as follows:

	Operating
As of March 31,	Lease
From April 1, 2021 to March 31, 2022	$	192,002
From April 1, 2022 to March 31, 2023		64,001
Total	$	256,003
Less: amounts representing interest	$	10,561
Present Value of future minimum lease payments		245,442
Less: Current obligations		182,233
Long term obligations	$	63,209