| 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 |
|
|