OPERATING LEASES - LESSEE |
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OPERATING LEASES - LESSEE | 8. OPERATING LEASES - LESSEE
The Company has an operating lease for office space, with a term of 5 years. As of September 30, 2022, the company did not have any additional material operating leases that were entered into, but not yet commenced.
The maturity schedule of future minimum lease payments under operating leases and the reconciliation to the operating lease liabilities reported on the Consolidated Balance Sheets was as follows:
The total operating lease liability amount consists of current and long-term portion of operating lease liabilities of $82,170 and $298,803, respectively.
Operating lease costs were $7,321 and -$0- for the three months ended September 30, 2022, and 2021, respectively.
The following table summarizes the weighted-average remaining lease term and weighted-average discount rate related to the Company’s operating leases as of September 30, 2022:
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