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