|12 Months Ended|
Dec. 31, 2020
The Company’s portfolio of leases contains both finance and operating leases that relate to real estate agreements, vehicles and office equipment agreements.
Real estate agreements
The Company has several property lease agreements in Italy and Austria which have terms in excess of a twelve month period, these property leases are for our administrative operations in these countries. The Company does not and does not intend to take ownership of the property at the end of the lease term.
The Company leases several vehicles for business use purposes, the terms of these leases range from twenty four to thirty six months. The Company does not and does not intend to take ownership of the vehicles at the end of the lease term.
Office equipment agreements
The Company has entered into several finance leases for office equipment, the term of these leases range from thirty six to sixty months. The Company takes ownership of the office equipment at the end of the lease term.
Right of use assets
Right of use assets are included in the consolidated balance sheet are as follows:
Lease costs consists of the following:
Other lease information:
Maturity of Leases
Finance lease liability
The amount of future minimum lease payments under finance leases as of December 31, 2020 is as follows:
Operating lease liability
The amount of future minimum lease payments under operating leases as of December 31, 2020 is as follows:
The entire disclosure for lessee entity's leasing arrangements including, but not limited to, all of the following: (a.) The basis on which contingent rental payments are determined, (b.) The existence and terms of renewal or purchase options and escalation clauses, (c.) Restrictions imposed by lease agreements, such as those concerning dividends, additional debt, and further leasing.
Reference 1: http://fasb.org/us-gaap/role/ref/otherTransitionRef