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OPERATING LEASE RIGHT-OF-USE ASSETS | 3 Months Ended
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Mar. 31, 2023
OPERATING LEASE RIGHT-OF-USE ASSETS |
OPERATING LEASE RIGHT-OF-USE ASSETS | NOTE 17 – OPERATING LEASE RIGHT-OF-USE ASSETS The Company’s right-of-use assets represent arrangements related primarily to office facilities used in the ordinary business operations of the Company and its subsidiaries. In April, 2018, a commercial bank issued an irrevocable standby letter of credit on behalf of the Company to the landlord for $1,075,000 to lease office space. The standby letter of credit was valid for a one-year term and was amended in January 2021 to extend to January 31, 2026. As of March 31, 2023 and December 31, 2022, the Company’s net operating lease right-of-use assets amounted to $3,321,332 and $3,606,398, respectively. The Company had variable lease payments of approximately $24,510 and $18,333 during the three months ended March 31, 2023 and 2022, respectively; which consisted primarily of common area maintenance charges and administrative fees. Operating lease costs for the three months ended March 31, 2023 and 2022 are as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2023 |  | 2022
Operating lease costs | ​ | $ | 397,562 | ​ | $ | 391,860
Short term lease costs | ​ |  | — | ​ |  | —
Total operating lease costs | ​ | $ | 397,562 | ​ | $ | 391,860
​ Supplemental information related to operating leases is as follows for lease liabilities as of March 31, 2023 and December 31, 2022: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2023 |  | 2022 |
Cash paid for amounts included in the measurement of lease liabilities |  | $ | 385,254 | ​ | $ | 378,010 | ​
Weighted average remaining lease term | ​ |  | 2.7 years | ​ |  | 2.9 years | ​
Weighted average discount rate | ​ |  | 5.00 | % |  | 5.00 | %
​ Future undiscounted lease payments for operating leases and a reconciliation of these payments to our operating lease liabilities as of March 31, 2023 are as follows:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Future lease payments |  | Imputed Interest |  | Lease Liabilities
Years ending December 31, | ​ | Amount
Remainder of 2023 | ​ | $ | 1,163,636 | ​ | $ | 126,885 | ​ | $ | 1,036,751
2024 | ​ |  | 1,610,844 | ​ |  | 105,810 | ​ |  | 1,505,034
2025 | ​ |  | 1,453,785 | ​ |  | 28,290 | ​ |  | 1,425,495
Thereafter | ​ |  | — | ​ |  | — | ​ |  | —
Total future lease payments | ​ | $ | 4,228,265 | ​ | $ | 260,985 | ​ | $ | 3,967,280
​

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- Definition The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -URI https://asc.fasb.org/subtopic&trid=77888251 + Details
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