Quarterly report pursuant to Section 13 or 15(d)

6. Leases (Tables)

v3.21.2
6. Leases (Tables)
 9 Months Ended
Sep. 30, 2021
Leases [Abstract]  
Right of use assets are included in the consolidated balance sheet are as follows:

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 %
Leases - Finance lease liability
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  
Leases - Operating lease liability
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