Quarterly report pursuant to Section 13 or 15(d)

Leases

v3.21.1
Leases
3 Months Ended
Mar. 31, 2021
Leases [Abstract]  
Leases

5. Leases

 

Right of use assets are included in the consolidated balance sheet are as follows:

   
   

March 31,

2021

 

December 31,

2020

Non-current assets                
Right of use assets - operating leases, net of amortization   $ 599,252     $ 687,568  
Right of use assets - finance leases, net of depreciation – included in plant and equipment   $ 22,716     $ 27,119  

 

 

 

Lease costs consists of the following:

 

    Three Months Ended March 31,
    2021   2020
Finance lease cost:                
Amortization of right-of-use assets   $ 3,400     $ 3,110  
Interest expense on lease liabilities     241       320  
                 
Operating lease cost     65,946       61,046  
                 
Total lease cost   $ 69,587     $ 64,476  

 

Other lease information:

    Three Months Ended March 31,
    2021   2020
Cash paid for amounts included in the measurement of lease liabilities        
Operating cash flows from finance leases   $ (241 )   $ (320 )
Operating cash flows from operating leases     (65,946 )     (61,046 )
Financing cash flows from finance leases     (3,414 )     (3,344 )
                 
Weighted average remaining lease term – finance leases     2.62 years       3.53 years  
Weighted average remaining lease term – operating leases     2.60 years       3.26 years  
                 
Weighted average discount rate – finance leases     3.70 %     3.54 %
Weighted average discount rate – operating leases     3.58 %     3.43 %

 

Maturity of Leases

 

Finance lease liability

 

The amount of future minimum lease payments under finance leases are as follows:

    Amount
     
Remainder of 2021   $ 7,327  
2022     9,079  
2023     7,274  
2024     844  
Total undiscounted minimum future lease payments     24,524  
Imputed interest     (1,192 )
Total finance lease liability   $ 23,332  
         
Disclosed as:        
Current portion   $ 6,764  
Non-Current portion     16,568  
    $ 23,332  

 

 

Operating lease liability

 

The amount of future minimum lease payments under operating leases are as follows:

 

    Amount
     
Remainder of 2021   $ 185,978  
2022     212,842  
2023     171,620  
2024     30,040  
Total undiscounted minimum future lease payments     600,480  
Imputed interest     (27,719 )
Total operating lease liability   $ 572,761  
         
Disclosed as:        
Current portion   $ 172,734  
Non-Current portion     400,027  
    $ 572,761