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Note 13 - Leases

3 Months Ended

Mar. 31, 2022

13.

LEASES

The Company’s leases office space in New Jersey, Hong Kong, Minnesota, Spain, and New Hampshire with lease termination dates in 2023, 2022, 2022, and 2022, respectively. The leases include non-lease components with variable payments. The following tables present the components of lease expense and supplemental balance sheet information related to the operating leases, were:

	3 Months ended March 31, 2022		3 Months ended March 31, 2021

Lease cost
Operating lease cost	$	55,219	$	63,973
Total lease cost	$	55,219	$	63,973

Balance sheet information	March 31, 2022			December 31, 2021
Operating right-of-use assets	$	202,513		$	254,100

Operating lease liabilities, current portion	$	156,730		$	177,188
Operating lease liabilities, non-current portion		54,710			86,974
Total operating lease liabilities	$	211,440		$	264,162

Weighted average remaining lease term (in years) – operating leases		1.27			1.45
Weighted average discount rate – operating leases		5.50	%		5.50	%

Supplemental cash flow information related to leases were as follows:

Cash paid for amounts included in the measurement of operating lease liabilities for the three months ended March 31, 2022 and 2021:

65,108

63,812

Maturities of operating lease liabilities were as follows as of March 31, 2022:

2022 (9 months remaining)	$	131,240
2023		89,226
Total future lease payments	$	221,466
Less: imputed interest		(9,026	)
Total	$	211,440