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LEASES
 3 Months Ended
Mar. 31, 2021
Leases [Abstract]  
LEASES

17. LEASES

 

We have operating leases for office space. Our leases have remaining lease terms of 2 month to 11 years, some of which may include options to extend the leases perpetually, and some of which may include options to terminate the leases within 1 year.

 

The following table provides a summary of leases by balance sheet category as of March 31, 2021:

 

    March 31, 2021  
Operating right-of-use assets   $ 4,816,798  
Operating lease liability - current     855,933  
Operating lease liability - non-current     4,020,877  

 

The components of lease expenses for the three months ended March 31, 2021, were as follows:

 

    Three Months Ended  
    March 31, 2021  
Operating lease cost   $ 345,755  
Short-term lease cost     —  
Variable lease cost     —  

 

The following tables provides a summary of other information related to leases for the three months ended March 31, 2021:

 

    March 31, 2021  
Cash paid for amounts included in the measurement of lease liabilities:        
Operating cash flows from operating leases   $ 346,864  
Right-of-use assets obtained in exchange for new operating lease liabilities   $ —  
Weighted-average remaining lease term - operating leases      6.4 years  
Weighted-average discount rate - operating leases     9.0 %

 

The Company determined that using a discount rate of 9% is reasonable, as this is consistent with the mortgage rates for commercial properties for the time period commensurate with the terms of the leases.

 

Maturity of lease liabilities under our non-cancellable operating leases as of March 31, 2021, are as follows:

 

Payments due by period      
2021 (remainder)   $ 1,033,945  
2022     1,292,334  
2023     992,390  
2024     914,693  
2025     697,692  
Thereafter     1,793,975  
Total lease payments     6,725,029  
Less interest     (1,848,219 )
Present value of lease liabilities   $ 4,876,810