LEASES

9 Months Ended

Sep. 30, 2021

Leases [Abstract]

LEASES

19. LEASES

The Company has operating leases for office space. The Company’s leases have remaining lease terms of 1.5 years to ten years, some of which may include options to extend the leases perpetually, and some of which may include options to terminate the leases within one year.

The following table provides a summary of leases by balance sheet category as of September 30, 2021:

	September 30, 2021
Operating right-of-use assets	$	5,201,000
Operating lease liability - current		1,014,000
Operating lease liability - non-current		4,265,000

The components of lease expenses for the nine months ended September 30, 2021, were as follows:

	Nine Months Ended
	September 30, 2021
Operating lease cost	$	1,025,000
Short-term lease cost		—
Variable lease cost		—

The following tables provides a summary of other information related to leases for the nine months ended September 30, 2021:

	September 30, 2021
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	1,025,000
Right-of-use assets obtained in exchange for new operating lease liabilities	$	—
Weighted-average remaining lease term - operating leases		6.4 years
Weighted-average discount rate - operating leases		8.0	%

The Company determined that using a weighted average discount rate of 8% is reasonable, as this is consistent with the mortgage rates for commercial properties for the time period commensurate with the terms of the leases.

Maturity of lease liabilities under the Company’s non-cancellable operating leases as of September 30, 2021, were as follows:

Payments due by period
2021 (remainder)	$	380,000
2022		1,428,000
2023		1,130,000
2024		1,018,000
2025		751,000
Thereafter		2,180,000
Total lease payments		6,887,000
Less interest		(1,608,000	)
Present value of lease liabilities	$	5,279,000