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Leases (Tables)

3 Months Ended

Mar. 31, 2021

Future Minimum Lease Payments Required Under Office Leases

The future minimum lease payments required under our office leases as of March 31, 2021 are as follows:

	Amount
2021	$	521,100
2022		528,750
2023		24,513
Total lease payments		1,074,363
Less: Interest		(28,092	)
Present value of lease liabilities	$	1,046,271

Summary of Lease Related Assets and Liabilities Recorded on Balance Sheet

The table below presents the lease related assets and liabilities recorded on the balance sheet. Right-of-use assets and related liabilities related to finance leases at March 31, 2021 are de minimis.

	March 31,		December 31,
	2021		2020
Operating Leases:	(Unaudited)
Right-of-use operating lease asset:
Property and equipment, net and other assets	$	953,852	$	1,103,761

Lease Liabilities:
Accounts payable and accrued liabilities	$	672,565	$	668,019
Other long-term liabilities		373,706		543,564
Total operating lease liabilities	$	1,046,271	$	1,211,583