LEASE

3 Months Ended

Mar. 31, 2023

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 March 31, 2023, the remaining lease term was 7.2 years and the discount rate was 6%.

Operating lease cost included in selling, general and administrative expenses was $184,280 and $183,241 for the three months ended March 31, 2023 and 2022, respectively. Cash paid for the operating lease was $142,992 for both the three months ended March 31, 2023 and 2022.

The following is the lease maturity analysis of our operating lease as of March 31, 2023:

Year ending December 31,

2023 (excluding the three months ended March 31, 2023)	$	428,976
2024		571,968
2025		612,006
2026		640,604
2027		640,604
Thereafter		1,548,127
Total lease payments		4,442,285
Less: Imputed interest		(857,434	)
Present value of future lease payments		3,584,851
Less: current portion of lease liability		(366,856	)
Long-term portion of lease liability	$	3,217,995