Note 10 – Operating Leases

We lease our office space under an operating lease agreement. This lease does not have significant rent escalation, concessions, leasehold improvement incentives, or other build-out clauses. Further, the lease does not contain contingent rent provisions. We also lease office equipment under an operating lease. Our office space lease includes both lease (e.g., fixed payments including rent, taxes, and insurance costs) and non-lease components (e.g., common-area or other maintenance costs), which are accounted for as a single lease component as we have elected the practical expedient to group lease and non-lease components for all leases. Our leases do not provide an implicit rate and, as such, we have used our incremental borrowing rate of 8% in determining the present value of the lease payments based on the information available at the lease commencement date.

Lease costs included in our condensed consolidated statements of operations totaled $24,198 and $24,029 for the three months ended September 30, 2021 and 2020, respectively, and $70,029 and $72,230 for the nine months ended September 30, 2021 and 2020. The weighted average remaining lease terms and discount rate for our operating leases were as follows at September 30, 2021:

 Schedule of Weighted Average Remaining Lease Terms and Discount Rate for Operating Leases

Maturities of our lease liabilities for all operating leases were as follows as of September 30, 2021:

Schedule of Maturities of Lease Liabilities for all Operating Leases