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Leases

12 Months Ended

Dec. 31, 2021

11. LEASES

The Company’s noncancelable operating leases consist of leases for office spaces. The Company is the lessee under the terms of the operating leases. For the year ended December 31, 2021, the operating lease cost was $0.11 million.

The Company’s operating leases have remaining lease terms of approximately one year or less. As of December 31, 2021, the weighted average remaining lease term and weighted average discount rate were 0.58 years and 6%, respectively.

Maturities of lease liabilities were as follows:

	Operating
As of December 31, 2021	Lease
From January 1, 2022 to July 31, 2022	$	115,438
Total	$	115,438
Less: amounts representing interest	$	2,275
Present Value of future minimum lease payments		113,163
Less: Current obligations		113,163
Long term obligations	$	-