Quarterly report pursuant to Section 13 or 15(d)

6. Leases

v3.22.1
6. Leases
3 Months Ended
Mar. 31, 2022
Leases [Abstract]  
6. Leases

6. Leases

 

Right of use assets included in the condensed consolidated balance sheet are as follows:

 

   

March 31,

2022

 

December 31,

2021

Non-current assets                
Right of use assets - operating leases, net of amortization   $ 1,251,796     $ 598,288  
Right of use assets - finance leases, net of depreciation – included in property and equipment   $ 13,149     $ 15,520  

 

 

Lease costs consists of the following:  

                             
    Three Months Ended March 31,
    2022   2021
Finance lease cost:                
Amortization of financial lease assets   $ 2,011     $ 3,400  
Interest expense on lease liabilities     141       241  
                 
Operating lease cost     89,015       65,946  
                 
Total lease cost   $ 91,167     $ 69,587  

 

Other lease information: 

 

                 
    Three Months ended 31 March,
    2022   2021
Cash paid for amounts included in the measurement of lease liabilities        
Operating cash flows from finance leases   $ (141 )   $ (241 )
Operating cash flows from operating leases     (89,015 )     (65,946 )
Financing cash flows from finance leases     (2,062 )     (3,414 )
                 
Weighted average remaining lease term – finance leases     1.70 years       2.62 years  
Weighted average remaining lease term – operating leases     4.24 years       2.60 years  
                 
Weighted average discount rate – finance leases     3.73 %     3.70 %
Weighted average discount rate – operating leases     2.61 %     3.58 %

 

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 2022   $ 6,407  
2023     6,879  
2024     798  
Total undiscounted minimum future lease payments     14,084  
Imputed interest     (455 )
Total finance lease liability   $ 13,629  
         
Disclosed as:        
Current portion   $ 8,091  
Non-Current portion     5,538  
    $ 13,629  

 

Operating lease liability

 

The amount of future minimum lease payments under operating leases are as follows:

 

Operating lease liability   Amount
     
Remainder of 2022   $ 274,766  
2023     299,845  
2024     227,145  
2025     207,177  
2026 and thereafter     341,105  
Total undiscounted minimum future lease payments     1,350,038  
Imputed interest     (94,412 )
Total operating lease liability   $ 1,255,626  
         
Disclosed as:        
Current portion   $ 297,554  
Non-Current portion     958,072  
    $ 1,255,626