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Leases

3 Months Ended

Mar. 31, 2023

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.