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OPERATING LEASES - LESSEE
3 Months Ended
Sep. 30, 2022
Operating Leases - Lessee  
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:

 

   September 30, 2022 
     
Remaining nine months ending June 30, 2023  $60,491 
2024   87,465 
2025   89,003 
2026   90,588 
2027   92,220 
Thereafter   31,113 
Total operating lease payments   450,880 
Present value adjustment   (69,907)
Total operating lease liabilities  $380,973 

 

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:

 

   September 30, 2022 
     
Weighted-average remaining lease term, years   5.1 
Weighted-average discount rate, %   7.0%