6. Leases |
6. Leases
Right
of use assets are included in the consolidated balance sheet are as follows:
|
|
September 30, 2021
|
|
December 31, 2020
|
Non-current assets |
|
|
|
|
|
|
|
|
Right of use assets - operating leases, net of amortization |
|
$ |
581,944 |
|
|
$ |
687,568 |
|
Right of use assets - finance leases, net of depreciation – included in property, plant and equipment |
|
$ |
17,867 |
|
|
$ |
27,119 |
|
Lease costs consists of the following:
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended September 30, |
|
|
2021 |
|
2020 |
Finance lease cost: |
|
|
|
|
|
|
|
|
Amortization of financial lease assets |
|
$ |
8,071 |
|
|
$ |
9,509 |
|
Interest expense on lease liabilities |
|
|
642 |
|
|
|
903 |
|
|
|
|
|
|
|
|
|
|
Operating lease cost |
|
|
201,308 |
|
|
|
186,308 |
|
|
|
|
|
|
|
|
|
|
Total lease cost |
|
$ |
210,021 |
|
|
$ |
196,720 |
|
Other lease information:
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended September 30, |
|
|
2021 |
|
2020 |
Cash paid for amounts included in the measurement of lease liabilities |
|
|
|
|
Operating cash flows from finance leases |
|
$ |
(642 |
) |
|
$ |
(903 |
) |
Operating cash flows from operating leases |
|
|
(201,308 |
) |
|
|
(186,308 |
) |
Financing cash flows from finance leases |
|
|
(8,108 |
) |
|
|
(9,319 |
) |
|
|
|
|
|
|
|
|
|
Weighted average remaining lease term – finance leases |
|
|
2.43 years |
|
|
|
2.90 years |
|
Weighted average remaining lease term – operating leases |
|
|
1.95 years |
|
|
|
3.07 years |
|
|
|
|
|
|
|
|
|
|
Weighted average discount rate – finance leases |
|
|
3.73 |
% |
|
|
3.60 |
% |
Weighted average discount rate – operating leases |
|
|
3.23 |
% |
|
|
3.42 |
% |
Maturity
of Leases
Finance
lease liability
The amount of future minimum lease
payments under finance leases are as follows:
Finance lease liability |
|
Amount |
|
|
|
Remainder of 2021 |
|
$ |
2,272 |
|
2022 |
|
|
8,957 |
|
2023 |
|
|
7,177 |
|
2024 |
|
|
833 |
|
Total undiscounted minimum future lease payments |
|
|
19,239 |
|
Imputed interest |
|
|
(786 |
) |
Total finance lease liability |
|
$ |
18,453 |
|
|
|
|
|
|
Disclosed as: |
|
|
|
|
Current portion |
|
$ |
2,107 |
|
Non-Current portion |
|
|
16,346 |
|
|
|
$ |
18,453 |
|
Operating
lease liability
The amount of
future minimum lease payments under operating leases are as follows:
Operating lease liability |
|
Amount |
|
|
|
Remainder of 2021 |
|
$ |
76,162 |
|
2022 |
|
|
269,988 |
|
2023 |
|
|
209,319 |
|
2024 |
|
|
29,637 |
|
Total undiscounted minimum future lease payments |
|
|
585,106 |
|
Imputed interest |
|
|
(21,317 |
) |
Total operating lease liability |
|
$ |
563,789 |
|
|
|
|
|
|
Disclosed as: |
|
|
|
|
Current portion |
|
$ |
71,574 |
|
Non-Current portion |
|
|
492,215 |
|
|
|
$ |
563,789 |
|
|