9. Leases

The Company has entered into various operating leases for its worldwide office facilities. During the twelve months ended January 31, 2022, the Company extended its existing Shanghai office lease for an additional three years beginning December 1, 2021 to November 30, 2024 and extended its existing Hong Kong office lease for an additional five years beginning December 1, 2021 to November 30, 2026. The Company also leased an additional space for its Shanghai office for a period of 40 months starting from August 1, 2021 through November 30, 2024. The Company recorded an aggregate increase of approximately $4.4 million to the operating lease right-of-use assets and corresponding operating lease liabilities in the consolidated balance sheets as a result of these lease extensions and additional leased space.

In August 2019, VisLab, a wholly-owned subsidiary, was granted a land lease for 35 years with an obligation to construct a building on the land in line with architectural requirements from the lessor in Parma, Italy (“Parma lease”). The Company will be responsible for the costs of construction and will occupy the building after completion of construction for the remainder of the lease term. At the end of the lease, the land together with the building and all of the improvements will revert to the lessor. The Parma lease will be recorded in the balance sheet upon completion of the building construction, which is expected to be in fiscal year 2024. Any payments made prior to completion of construction will be recorded as prepayments of the lease in other non-current assets in the consolidated balance sheets. The prepayments were immaterial as of January 31, 2022. The total estimated future undiscounted cash payments are approximately $2.2 million, of which $1.8 million will be paid in the construction phase and the remaining balance of $0.4 million will be paid over the remainder of the lease term.

For the fiscal years ended January 31, 2022, 2021 and 2020, the operating lease expense was approximately $3.5 million, $3.0 million and $3.0 million, respectively.  The Company's short-term leases and finance leases were immaterial as of January 31, 2022.

Supplemental cash flow information related to leases is as follows:

As of January 31, 2022, the weighted average remaining lease term is 3.60 years, and the weighted average discount rate is 3.55 percent. Future minimum lease payments for the lease liabilities, excluding the Parma lease described above, are as follows: