Annual report pursuant to Section 13 and 15(d)

LEASES

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LEASES
12 Months Ended
Dec. 31, 2022
Leases  
LEASES

16. LEASES

 

The Company has entered into an operating lease for office space. At December 31, 2022, the remaining lease term is seven years and the discount rate is 7.0%. The Company has no finance leases.

 

The components of lease expenses were as follows:

 

    December 31, 2022  
Operating lease cost   $ 295,601  
Short-term lease cost     23,361  
Total lease expenses   $ 318,962  

 

The minimum future payments under the lease for our continuing operations in each of the years ending December 31 is as follows:

 

       
2023   $ 271,110  
2024     280,409  
2025     296,350  
2026     296,350  
2027     296,350  
Subsequent years     518,613  
Total minimum lease payments     1,959,182  
Less: imputed interest     (438,012 )
Total lease liability     1,521,170  
Current portion of lease liability     (271,110 )
Non-current portion of lease liability   $ 1,250,060