The Company entered into a lease agreement on February 1, 2021 for 8,898 square feet, for its office facilities in Chandler, AZ through January 2027. Monthly rental payments, excluding common area maintenance charges, are $25,953 to $28,733. The first twelve months of the lease includes a 50% abatement period and a deposit for $110,000 was required. The lessor contributed $110,000 towards the purchase of office furniture as part of the lease agreement. As of June 30, 2021, we have an operating lease asset balance of $1,296,574 and an operating lease liability balance of $1,467,086 recorded in accordance with ASC 842.

The following are additional details related to leases recorded on our balance sheet as of June 30, 2021:




Leases	Classification	Balance at ‎June 30, ‎2021
Assets
Noncurrent
Operating lease assets	Noncurrent operating lease assets	$	1,296,574
Total lease assets		$	1,296,574

Liabilities
Current
Operating lease liabilities	Operating lease liabilities	$	161,867
Noncurrent
Operating lease liabilities	Noncurrent operating lease liabilities	$	1,305,219
Total lease liabilities		$	1,467,086

The maturity analysis below summarizes the remaining future undiscounted cash flows for our operating leases, a reconciliation to operating lease liabilities reported on the Condensed Consolidated Balance Sheet, our weighted-average remaining lease term and weighted average discount rate:




Year ending December 31,	Amount
2021	$	98,083
2022		318,055
2023		324,220
2024		330,894
2025		337,568
Thereafter		372,976
Total future lease payments		1,781,796
Less: imputed interest		(314,710)
Total	$	1,467,086



Weighted Average Remaining Lease Term (years)
Operating leases		5.2

Weighted Average Discount Rate
Operating leases		6.75%