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. In December 2022, the Company exercised its option to extend the lease through December 31, 2023. 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.

As of March 31, 2023, the Company maintained an unamortized Right-Of-Use asset with a corresponding operating lease liability of approximately $0.2 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 March 31, 2023 is 9.1%. The weighted average remaining lease term as of March 31, 2023 was 0.75 years. The operating lease expense for the three months ended March 31, 2023 was $65.5 thousand. Maturities and balance sheet presentation of the Company’s lease liabilities for all operating leases as of March 31, 2023 is as follows:


2023 remaining total lease payments	$	197,540
Less: effect of discounting		(7,338	)
Present value of lease liabilities	$	190,202

Current operating lease liabilities	$	190,202
Total	$	190,202

The Company’s gross future minimum payments under all non-cancelable operating leases as of March 31, 2023, are:


	Total		2023		2024		2025		2026
Operating lease obligations	$	197,540	$	197,540	$	—	$	—	$	—