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NOTE 8 – LEASES EYME leases office space in Tel Aviv, Israel. The lease agreement commenced on May 1, 2019 and was originally set to expire on June 15, 2021. The lease calls for monthly rent payments of $10,250. EYME exercised an extension option and the lease term was extended for a period of three years, through June 15, 2024, with a 3% increase in base rent. On August 2021, EYME leased additional office space for a lease period of September 1, 2021 to October 31, 2026 with a provision for the extension of the current lease to the same term of the additional lease. The lease calls for additional monthly rent payment of $3,903. NOTE 8 – LEASES (CONTINUED)
On August 1, 2019, EYME entered into a sublease shareholder’s entity Emporus Technologies Ltd with an initial expiration date of May 14, 2021. The sublease calls for monthly rent payments of $2,857 and has been extended for an additional three years, through June 15, 2024.
Continental Benefits leases facilities and equipment under noncancelable operating leases through July 2025. On January 15, 2021, Continental Benefits entered into a sublease with an expiration date of November 30, 2023. The sublease calls for monthly rent payments of approximately $14,000 plus tax. Operating lease expense for the years ended December 31, 2021 and 2020 was $666,830 and $114,012, respectively. Sublease income for the years ended December 31, 2021 and 2020 was approximately $172,476 and $25,846, respectively. The Company’s future lease payments, which are presented as current maturities of operating leases and noncurrent operating lease liabilities on the Company’s accompanying consolidated balance sheet as of December 31, 2021, including the optional extension, are as follows:
The weighted average remaining lease term, including the optional extension, was 2.58 years as of December 31, 2021. The weighted average operating lease discount rate was 6% as of December 31, 2021. The following is a summary as of December 31, 2021, of the expected sublease income:
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