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Leases | 12 Months Ended
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Dec. 31, 2022
Leases [Abstract] |
LEASES | 11. LEASES The Company’s noncancelable operating leases consist of leases for office spaces and computer processing center. The Company is the lessee under the terms of the operating leases. For the year ended December 31, 2022, the operating lease cost was $1.06 million. The Company’s operating leases have remaining lease terms of approximately one year or less. As of December 31, 2022, the weighted average remaining lease term and weighted average discount rate were 4.25 years and 4.75%, respectively. Maturities of lease liabilities were as follows:
|  | Operating |
As of December 31, 2022 |  | Lease |
From January 1, 2023 to December 31, 2023 |  | $ | 377,611 |
From January 1, 2024 to December 31, 2024 |  |  | 319,741 |
From January 1, 2025 to December 31, 2025 |  |  | 204,000 |
From January 1, 2026 to December 31, 2026 |  |  | 204,000 |
From January 1, 2027 to March 31, 2027 |  |  | 51,000 |
Total |  | $ | 1,156,352 |
Less: amounts representing interest |  | $ | 100,446 |
Present Value of future minimum lease payments |  |  | 1,055,906 |
Less: Current obligations |  |  | 294,944 |
Long term obligations |  | $ | 760,962 |
The Company leases office space and equipment under various short-term operating leases. As permitted by ASC 842, the Company has elected the practical expedient for short-term leases, whereby lease assets and lease liabilities are not recognized on the balance sheet. Short term leases cost was $0.39 million for the year ended December 31, 2022.

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