| 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 |
|
|