NOTE 16 – LEASES 

The Company has various operating lease agreements, which are primarily for office space. These agreements frequently include one or more renewal options and require the Company to pay for utilities, taxes, insurance and maintenance expense. No lease agreement imposes a restriction on the Company’s ability to engage in financing transactions or enter into further lease agreements. At December 31, 2021, the Company has right-of-use assets of $0.9 million and a total lease liability for operating leases of $1.0 million of which $0.5 million is included in long-term lease liabilities and $0.5 million is included in current lease liabilities.

At December 31, 2021, future minimum lease payments for operating leases with non-cancelable terms of more than one year were as follows (in thousands):

During the year ended December 31, 2021, the Company entered into lease amendments, resulting in the Company recognizing an operating lease liability of approximately $467,000 based on the present value of the future minimum rental payments. The Company also recognized corresponding ROU assets of approximately $467,000.

During the year ended December 31, 2020, the Company entered into new operating leases and lease amendments, resulting in the Company recognizing an additional operating lease liability of approximately $1.4 million based on the present value of the minimum rental payments. The Company also recognized a corresponding increase to ROU assets of approximately $1.4 million.

Operating lease expense was $0.6 and $0.5 million for the years ended December 31, 2021 and 2020, respectively.

Other information related to leases was as follows: