LEASES

12 Months Ended

Dec. 31, 2022

Leases

LEASES

23. LEASES

The Company has operating leases for office space. The Company’s leases have remaining lease terms of 12 months to 9.5 years, some of which may include options to extend the leases perpetually, and some of which may include options to terminate the leases within 1 year.

The following table provides a summary of leases by balance sheet category as of December 31, 2022 and 2021:

	December 31, 2022		December 31, 2021
Operating right-of-use assets	$	8,419,000	$	5,243,000
Operating lease liability - current		2,975,000		1,123,000
Operating lease liability - non-current		5,836,000		4,213,000

The components of lease expenses for the years ended December 31, 2022 and 2021, were as follows:

	Year Ended December 31,
	2022		2021
Operating lease cost	$	2,716,000	$	1,406,000
Short-term lease cost		-		-
Variable lease cost		-		-

The following tables provides a summary of other information related to leases for the years ended December 31, 2022 and 2021:

	December 31, 2022			December 31, 2021
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	2,554,000		$	1,008,000
Right-of-use assets obtained in exchange for new operating lease liabilities	$	3,791,000		$	1,875,000
Weighted-average remaining lease term - operating leases		4.1 years			6.1 years
Weighted-average discount rate - operating leases		7.0	%		8.0	%

Maturity of lease liabilities under the Company’s non-cancellable operating leases as of December 31, 2022, were as follows:

Payments due by period
2023	$	3,556,000
2024		2,394,000
2025		1,896,000
2026		1,027,000
2027		376,000
Thereafter		1,144,000
Total lease payments		10,393,000
Less interest		(1,582,000	)
Present value of lease liabilities	$	8,811,000