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Leases

9 Months Ended

Sep. 30, 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 nine months ended September 30, 2022, the operating lease cost was $0.36 million.

The Company’s operating lease has remaining lease term of approximately one month. As of September 30, 2022, the weighted average remaining lease term and weighted average discount rate were 1.92 years and 4.75%, respectively.

Maturities of lease liabilities were as follows:

	Operating
As of September 30,	Lease
From October 1, 2022 to September 30, 2023	$	170,305
From October 1, 2023 to September 30, 2024		156,114
Total	$	326,419
Less: amounts representing interest	$	15,630
Present Value of future minimum lease payments		310,789
Less: Current obligations		151,692
Long term obligations	$	159,097