LEASE

9 Months Ended

Sep. 30, 2022

Leases [Abstract]

LEASE

4.     LEASE

The Company entered into an operating lease for office space which became effective in June 2020. The lease term is 10 years from the effective date and allows for two optional extensions of five years each. The two optional extensions are not recognized as part of the right-of-use asset or lease liability since it is not reasonably certain that the Company will extend this lease. As of September 30, 2022, the remaining lease term was 7.7 years and the discount rate was 6%.

Operating lease cost included in selling, general and administrative expenses was $184,214 and $551,764 for the three and nine months ended September 30, 2022, respectively. Operating lease cost included in selling, general and administrative expenses was $189,950 and $614,150 for the three and nine months ended September 30, 2021, respectively.

The following is the lease maturity analysis of our operating lease as of September 30, 2022:

Year ending December 31,

2022 (excluding the nine months ended September 30, 2022)	$	142,992
2023		571,968
2024		571,968
2025		612,006
2026		640,604
Thereafter		2,188,731
Total lease payments		4,728,269
Less: Imputed interest		(968,061	)
Present value of future lease payments		3,760,208
Less: current portion of lease liability		(356,041	)
Long-term portion of lease liability	$	3,404,167