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LEASES | 12 Months Ended
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Dec. 31, 2022
Leases |
LEASES |
| 10. | LEASES
The Company leases manufacturing and office space under an agreement classified as an operating lease. On November 10, 2021, the Company executed the second amendment to the lease agreement for its manufacturing and office space, which extends the lease agreement’s expiration date to April 30, 2026. The lease agreement does not include any renewal options. The agreement provides for an initial monthly base amount plus annual escalations through the term of the lease. In addition to the monthly base amounts in the lease agreement, the Company is required to pay real estate taxes and operating expenses during the lease terms. The Company also leases office equipment in agreements classified as operating leases. For the years ended December 31, 2022 and 2021, the Company’s operating lease expense was $2,101,596 and $1,873,455, respectively. Future minimum lease payments under non-cancellable operating leases as of December 31, 2022 were as follows:
Year ending December 31, |  |  |  |
2023 |  |  | $ | 2,140,254 |
2024 |  |  |  | 2,222,280 |
2025 |  |  |  | 2,276,850 |
2026 |  |  |  | 843,772 |
2027 |  |  |  | 116,724 |
Total undiscounted operating lease payments |  |  |  | 7,599,880 |
Less imputed interest |  |  |  | (704,834 | )
Present value of operating lease payments |  |  | $ | 6,895,046 |
The following table sets forth the ROU assets and operating lease liabilities as of December 31, 2022 and 2021:
|  | 2022 |  |  | 2021 |
Assets |  |  |  |  |  |
ROU assets, net |  | $ | 6,526,627 |  |  | $ | 7,796,768 |
Liabilities |  |  |  |  |  |  |  |
Current operating lease liabilities |  | $ | 1,817,811 |  |  | $ | 1,580,453 |
Long-term operating lease liabilities |  |  | 5,077,235 |  |  |  | 6,445,728 |
Total lease liabilities |  | $ | 6,895,046 |  |  | $ | 8,026,181 |
The amortization expense of these assets under operating leases was $1,738,989 and $1,717,365 for the years ended December 31, 2022 and 2021, respectively. The Company’s weighted average remaining lease term for its operating leases is 3.4 years as of December 31, 2022. The Company’s weighted average discount rate for its operating leases is 5.3% as of December 31, 2022.

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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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