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. In August 2021, the Company entered into a lease amendment extending the lease by 18 months through June 30, 2023. which had an immaterial impact to the balance sheet as of December 31, 2021. For the years ended December 31, 2021 and 2020, right of use assets obtained in exchange for lease obligations were $0.3 million and nil, respectively.

As of December 31, 2021, the Company maintained an unamortized Right-Of-Use asset with a corresponding operating lease liability of approximately $0.4 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 December 31, 2021 is 9.1%. The weighted average lease term as of December 31, 2021 is 1.5 years. The operating lease expense for the year ended December 31, 2021 was $0.2 million. Maturities and balance sheet presentation of our lease liabilities for all operating leases as of December 31, 2021 is as follows:


Remaining total lease payments	$	381,053
Less: effect of discounting		(26,214	)
Present value of lease liabilities	$	354,839

Current operating lease liabilities	$	229,607
Non-current operating lease liabilities		125,232
Total	$	354,839

The Company’s gross future minimum payments under all non-cancelable operating leases as of December 31, 2021 are:


	Total		2022		2023		2024		2025
Operating lease obligations	$	381,053	$	252,477	$	128,576	$	—	$	—