The Company currently leases an office used to conduct business. The exercise of lease renewal options is at the Company’s discretion and the renewal to extend the lease terms are not included in the Company’s Right-Of-Use assets and lease liabilities as they are not reasonably certain of exercise. The Company regularly evaluates the renewal options and when they are reasonably certain of exercise, the Company includes the renewal period in its lease term. As the Company’s lease does not provide an implicit rate, the Company uses its incremental borrowing rate based on the information available at the lease commencement date in determining the present value of the lease payments.

As of June 30, 2022, the Company maintained an unamortized Right-Of-Use asset with a corresponding operating lease liability of approximately $0.2 million based on the present value of the minimum rental payments in accordance with ASC Topic 842, Leases. The weighted average discount rate used for leases as of June 30, 2022 is 9.1%. The weighted average lease term as of June 30, 2022 is 1.00 years. The operating lease expense for the six months ended June 30, 2022 was $126 thousand. Maturities and balance sheet presentation of the Company’s lease liabilities for all operating leases as of June 30, 2022 is as follows:


2022 remaining total lease payments	$	254,815
Less: effect of discounting		(12,179	)
Present value of lease liabilities	$	242,636

Current operating lease liabilities	$	242,636
Non-current operating lease liabilities	$	—
Total	$	242,636

The Company’s gross future minimum payments under all non-cancelable operating leases as of June 30, 2022, are:


	Total		2022		2023		2024		2025
Operating lease obligations	$	254,815	$	126,239	$	128,576	$	—	$	—