Weighted average of the remaining lease terms and weighted average discount rates are as follows: 

 SCHEDULE OF REMAINING LEASE TERMS

NOTE 7 – DUE TO/FROM RELATED PARTIES

On April 1, 2020, the Company entered into a promissory note (the “$12 million Line of Credit”) with the Company’s majority stockholder, Motorsport Network, LLC (“Motorsport Network”), that provides the Company with a line of credit of up to $10,000,000 (and after the amendment described below, up to $12,000,000) at an interest rate of 10% per annum, the availability of which is dependent on Motorsport Network’s available liquidity. The principal amount under the $12 million Line of Credit was primarily funded through one or more advances from Motorsport Network, including advances in August and October 2020 for purposes of acquiring an additional ownership interest in 704Games. The $12 million Line of Credit does not have a stated maturity date and is payable upon demand at any time at the sole and absolute discretion of Motorsport Network, which has agreed, pursuant to a Side Letter Agreement related to the $12 million Line of Credit, dated September 4, 2020, not to demand or otherwise accelerate any amount due under the $12 million Line of Credit that would otherwise constrain the Company’s liquidity position, including the Company’s ability to continue as a going concern. The Company may prepay the $12 million Line of Credit in whole or in part at any time or from time to time without penalty or charge. In the event the Company or any of its subsidiaries consummates certain corporate events, including any capital reorganization, consolidation, joint venture, spin off, merger or any other business combination or restructuring of any nature, or if certain events of default occur, the entire principal amount and all accrued and unpaid interest will be accelerated and become payable. On November 23, 2020, the Company and Motorsport Network entered into an amendment to the $12 million Line of Credit, effective in 2020, pursuant to which the availability under the $12 million Line of Credit was increased from $10,000,000 to $12,000,000, with no changes to the other terms. The Company recorded related party interest expense of $0 and $105,845 during the three months ended March 31, 2022 and 2021, respectively.

During the three months ended March 31, 2021, the Company drew down an additional $1,906,248 under the $12 million Line of Credit and repaid approximately $11,800,000 of the $12 million Line of Credit to Motorsport Network, such that the balance due to Motorsport Network under the $12 million Line of Credit was $959,784 as of March 31, 2021. As of both March 31, 2022 and December 31,2021, the Company owed $0 of principal and accrued interest on the $12 million Line of Credit.

In addition to the $12 million Line of Credit, the Company had regular related party receivables and payables outstanding as of March 31, 2022. Specifically, the Company owed $117,153 to its related parties as a related party payable and was due $39,233 from its related parties as a related party receivable. $71,864 has been paid to related parties during the three months ended March 31, 2022, in settlement of related party payables.