Right of use assets included in the consolidated balance sheet are as follows: |
Right of use assets included in the consolidated balance sheet are
as follows:
|
|
December 31,
2021
|
|
December 31,
2020
|
Non-current assets |
|
|
|
|
|
|
|
|
Right of use assets - operating leases, net of amortization |
|
$ |
589,288 |
|
|
$ |
687,568 |
|
Right of use assets - finance leases, net of depreciation – included in property and equipment |
|
$ |
15,520 |
|
|
$ |
27,119 |
|
Lease costs consists of the following:
|
|
|
|
|
|
|
|
|
|
|
Year ended December 31, |
|
|
2021 |
|
2020 |
Finance lease cost: |
|
$ |
10,906 |
|
|
$ |
14,040 |
|
Amortization of right-of-use assets |
|
|
10,102 |
|
|
|
12,870 |
|
Interest expense on lease liabilities |
|
|
804 |
|
|
|
1,170 |
|
|
|
|
|
|
|
|
|
|
Operating lease cost |
|
|
244,639 |
|
|
|
265,081 |
|
|
|
|
|
|
|
|
|
|
Total lease cost |
|
$ |
255,545 |
|
|
$ |
279,121 |
|
Other lease information:
|
|
Year ended December 31, |
|
|
2021 |
|
2020 |
Cash paid for amounts included in the measurement of lease liabilities |
|
|
|
|
Operating cash flows from finance leases |
|
$ |
(804 |
) |
|
$ |
(1,170 |
) |
Operating cash flows from operating leases |
|
|
(244,639 |
) |
|
|
(265,081 |
) |
Financing cash flows from finance leases |
|
|
(10,172 |
) |
|
|
(12,666 |
) |
|
|
|
|
|
|
|
|
|
Right-of-use assets obtained in exchange for new finance leases |
|
|
- |
|
|
|
470 |
|
Right-of-use assets disposed of under operating leases prior to lease maturity |
|
|
(224,793 |
) |
|
|
(21,588 |
) |
Right-of -use assets obtained in exchange for new operating leases |
|
$ |
406,276 |
|
|
$ |
84,918 |
|
Weighted average remaining lease term – finance leases |
|
|
1.93 years |
|
|
|
2.74 years |
|
Weighted average remaining lease term – operating leases |
|
|
2.60 years |
|
|
|
2.83 years |
|
Weighted average discount rate – finance leases |
|
|
3.73 |
% |
|
|
3.65 |
% |
Weighted average discount rate – operating leases |
|
|
2.73 |
% |
|
|
3.59 |
% |
|
Leases - Finance lease liability |
Finance lease liability |
|
Amount |
2022 |
|
$ |
8,802 |
|
2023 |
|
|
7,053 |
|
2024 |
|
|
818 |
|
Total undiscounted minimum future lease payments |
|
|
16,673 |
|
Imputed interest |
|
|
(611 |
) |
Total finance lease liability |
|
$ |
16,063 |
|
Disclosed as: |
|
|
|
|
Current portion |
|
$ |
8,347 |
|
Non-Current portion |
|
|
7,716 |
|
|
|
$ |
16,063 |
|
|
Leases - Operating lease liability |
Operating lease liability |
|
Amount |
2022 |
|
$ |
257,455 |
|
2023 |
|
|
190,132 |
|
2024 |
|
|
80,541 |
|
2025 |
|
|
46,416 |
|
2026 |
|
|
31,741 |
|
Total undiscounted minimum future lease payments |
|
|
606,285 |
|
Imputed interest |
|
|
(21,654 |
) |
Total operating lease liability |
|
$ |
584,631 |
|
Disclosed as: |
|
|
|
|
Current portion |
|
$ |
244,467 |
|
Non-Current portion |
|
|
340,164 |
|
|
|
$ |
584,631 |
|
|