NOTE 10—LEASES

Operating leases — During the years ended December 31, 2021 and 2020, the Company leased its office space under operating leases with unrelated entities.

The Company leased 21,293 square feet of office space for its headquarters in Torrance, California, at a base rental of $81,717 per month, which lease will expire on September 30, 2026, and leased an additional 1,850 square feet office space in New York, New York, at a base rent of $8,908, which lease will expire on January 31, 2023.

The Company leased 1,322 square feet of office space in Tokyo, Japan, which the lease expired on September 30, 2022 and 1,163 square feet of office space in Dubai, United Arab Emirates, which lease will expire on June 19, 2023.

The rent expense for the each of the years ended December 31, 2021 and 2020 amounted to approximately $1.2 million.

Future minimum lease payments were as follows as of December 31, 2021 (in thousands):

As of December 31, 2021, and 2020, the Company had an operating lease right-of-use asset of $3.5 million $4.1 million, respectively and lease liability of $4.0 million and $4.6 million, respectively. The weighted average remaining term of the Company’s leases as of December 31, 2021 was 4.6 years and the weighted-average discount rate was 11.8%.