XML 33 R17.htm IDEA: XBRL DOCUMENT

Leases

12 Months Ended

Dec. 31, 2022

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.