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Leases

6 Months Ended

Jun. 30, 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 six months ended June 30, 2023, the operating lease cost was $0.88 million.

The Company’s operating leases have remaining lease terms of approximately 45 months. As of June 30, 2023, the weighted average remaining lease term and weighted average discount rate were 3.75 years and 4.75%, respectively.

Maturities of lease liabilities were as follows:

	Operating
As of June 30,	Lease
From July 1, 2023 to July 31, 2024	$	371,336
From July 1, 2024 to July 31, 2025		231,889
From July 1, 2025 to July 31, 2026		204,000
From July 1, 2026 to July 31, 2027		153,000
Total	$	960,225
Less: amounts representing interest	$	75,972
Present Value of future minimum lease payments		884,253
Less: Current obligations		297,571
Long term obligations	$	586,682

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 $0.14 million for six months ended June 30, 2023.