LEASES

12 Months Ended

Dec. 31, 2021

Leases

LEASES

23. LEASES

The Company has operating leases for office space. The Company’s leases have remaining lease terms of 12 months to 9.5 years, some of which may include options to extend the leases perpetually, and some of which may include options to terminate the leases within 1 year.

The following table provides a summary of leases by balance sheet category as of December 31, 2021 and 2020:

	December 31, 2021		December 31, 2020
Operating right-of-use assets	$	5,243,000	$	4,318,000
Operating lease liability - current		1,123,000		524,000
Operating lease liability - non-current		4,213,000		3,855,000

The components of lease expenses for the years ended December 31, 2021 and 2020, were as follows:

	Year Ended December 31,
	2021		2020
Operating lease cost	$	1,406,000	$	951,000
Short-term lease cost		-		-
Variable lease cost		-		107,000

The following tables provides a summary of other information related to leases for the years ended December 31, 2021 and 2020:

	December 31, 2021			December 31, 2020
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	1,008,000		$	1,024,000
Right-of-use assets obtained in exchange for new operating lease liabilities	$	1,875,000		$	-
Weighted-average remaining lease term - operating leases		6.1 years			7.3 years
Weighted-average discount rate - operating leases		8.0	%		10.0	%

Maturity of lease liabilities under the Company’s non-cancellable operating leases as of December 31, 2021, are as follows:

Payments due by period
2022	$	1,684,000
2023		1,404,000
2024		1,298,000
2025		914,000
2026		712,000
Thereafter		1,817,000
Total lease payments		7,829,000
Less interest		(2,493,000	)
Present value of lease liabilities	$	5,336,000