NOTE 15 – 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 March 31, 2022, the Company has right-of-use assets of $0.8 million and a total lease liability for operating leases of $0.8 million of which $0.4 million is included in long-term lease liabilities and $0.4 million is included in current lease liabilities.

At March 31, 2022, future minimum lease payments for operating leases with non-cancelable terms of more than one year were as follows (in thousands):

No new and amendments to operating leases were entered into by the Company during either of the quarters ended March 31, 2022 and 2021.

Operating lease expense was $0.2 million for both the quarters ended March 31, 2022 and 2021.

Other information related to leases is as follows: