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Leases | 3 Months Ended
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Mar. 31, 2023
Leases [Abstract] |
LEASES | 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, 2023, the operating lease cost was $0.98 million. The Company’s operating leases have remaining lease terms of approximately 48 months. As of March 31, 2023, the weighted average remaining lease term and weighted average discount rate were 4 years and 4.75%, respectively. Maturities of lease liabilities were as follows:
|  | Operating |
As of March 31, |  | Lease |
From April 1, 2023 to March 31, 2024 |  | $ | 379,958 |
From April 1, 2024 to March 31, 2025 |  |  | 277,317 |
From April 1, 2025 to March 31, 2026 |  |  | 204,000 |
From April 1, 2026 to March 31, 2027 |  |  | 204,000 |
Total |  | $ | 1,065,275 |
Less: amounts representing interest |  | $ | 87,972 |
Present Value of future minimum lease payments |  |  | 977,303 |
Less: Current obligations |  |  | 299,920 |
Long term obligations |  | $ | 677,383 |
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 $0.16 million for three months ended March 31, 2023.

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