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Leases

3 Months Ended

Mar. 31, 2022

11. LEASES

The Company’s non-cancellable 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, 2022, the operating lease cost was $0.07 million.

The Company’s operating leases have remaining lease terms of approximately four months. As of March 31, 2022, the weighted average remaining lease term and weighted average discount rate were 0.33 years and 6%, respectively.

Maturities of lease liabilities were as follows:

	Operating
As of March 31,	Lease
From April 1, 2022 to July 31, 2022	$	66,250
Total	$	66,250
Less: amounts representing interest	$	820
Present Value of future minimum lease payments		65,430
Less: Current obligations		65,430
Long term obligations	$	-