RIGHT-OF-USE ASSETS AND LEASE OBLIGATIONS |
9. RIGHT-OF-USE ASSETS AND LEASE OBLIGATIONS
|
|
|
|
|
|
|
|
|
|
|
|
Property leases
|
|
Equipment leases
|
|
Total
|
Right-of-use assets
|
|
|
|
|
|
|
|
|
|
As of January 1, 2019
|
|
$
|
741,930
|
|
$
|
–
|
|
$
|
741,930
|
New assets
|
|
|
1,471,927
|
|
|
–
|
|
|
1,471,927
|
Acquired through combinations and acquisitions [Note 4]
|
|
|
11,310,784
|
|
|
–
|
|
|
11,310,784
|
Depreciation
|
|
|
(1,209,224)
|
|
|
–
|
|
|
(1,209,224)
|
As of December 31, 2019
|
|
$
|
12,315,417
|
|
$
|
–
|
|
$
|
12,315,417
|
New assets
|
|
|
1,137,717
|
|
|
891,436
|
|
|
2,029,153
|
Acquired through combinations and acquisitions [Note 4]
|
|
|
11,131,990
|
|
|
–
|
|
|
11,131,990
|
Revalued assets
|
|
|
179,727
|
|
|
–
|
|
|
179,727
|
Depreciation
|
|
|
(1,890,533)
|
|
|
(34,675)
|
|
|
(1,925,208)
|
Terminated assets
|
|
|
(1,127,014)
|
|
|
–
|
|
|
(1,127,014)
|
As of December 31, 2020
|
|
$
|
21,747,304
|
|
$
|
856,761
|
|
$
|
22,604,065
|
|
|
|
|
|
|
|
|
|
|
Lease obligations
|
|
|
|
|
|
|
|
|
|
As of January 1, 2019
|
|
$
|
741,930
|
|
$
|
–
|
|
$
|
741,930
|
New leases
|
|
|
1,471,927
|
|
|
–
|
|
|
1,471,927
|
Acquired through combinations and acquisitions [Note 4]
|
|
|
12,671,166
|
|
|
–
|
|
|
12,671,166
|
Repayment
|
|
|
(763,878)
|
|
|
–
|
|
|
(763,878)
|
As of December 31, 2019
|
|
$
|
14,121,145
|
|
$
|
–
|
|
$
|
14,121,145
|
New leases
|
|
|
1,137,717
|
|
|
891,436
|
|
|
2,029,153
|
Acquired through combinations and acquisitions [Note 1 and 4]
|
|
|
11,170,076
|
|
|
–
|
|
|
11,170,076
|
Revalued leases
|
|
|
179,727
|
|
|
–
|
|
|
179,727
|
Repayment
|
|
|
(1,231,454)
|
|
|
(325,991)
|
|
|
(1,557,445)
|
Terminated leases
|
|
|
(1,212,293)
|
|
|
–
|
|
|
(1,212,293)
|
As of December 31, 2020
|
|
$
|
24,164,918
|
|
$
|
565,445
|
|
$
|
24,730,363
|
Depreciation relating to right-of-use assets for the years ended December 31, 2020 and 2019:
|
|
|
|
|
|
|
|
|
Year Ended
|
|
|
December 31, 2020
|
|
December 31, 2019
|
Cost of goods sold
|
|
$
|
390,730
|
|
$
|
179,725
|
Expenses
|
|
|
1,534,479
|
|
|
1,029,500
|
Total depreciation relating to right-of-use assets
|
|
|
1,925,209
|
|
|
1,209,225
|
Interest expense relating to lease obligations for the years ended December 31, 2020 and 2019:
|
|
|
|
|
|
|
|
|
Year Ended
|
|
|
December 31, 2020
|
|
December 31, 2019
|
Cost of goods sold
|
|
$
|
525,800
|
|
$
|
258,697
|
Other income
|
|
|
912,677
|
|
|
577,433
|
Total interest expense relating to lease obligations
|
|
$
|
1,438,477
|
|
$
|
836,130
|
As of December 31, 2020 and 2019, the current and long-term lease obligations were $866,304 and $23,864,059, and $1,087,835 and $13,033,310, respectively. Also refer to Note 3.23 (Adoption of IFRS 16 – “Leases”).
The following table presents the contractual undiscounted cash flows for lease obligations as of December 31, 2020:
|
|
|
|
2021
|
|
|
4,307,052
|
2022
|
|
|
4,216,361
|
2023
|
|
|
4,298,489
|
2024
|
|
|
4,282,818
|
2025
|
|
|
3,796,200
|
2026 and beyond
|
|
|
41,707,890
|
Total undiscounted lease obligations
|
|
$
|
62,608,810
|
Impact of discounting
|
|
|
(37,878,447)
|
Total lease obligations
|
|
$
|
24,730,363
|
|