Annual report pursuant to Section 13 and 15(d)

6. Leases (Tables)

v3.22.1
6. Leases (Tables)
12 Months Ended
Dec. 31, 2021
Leases [Abstract]  
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