v3.21.1
RIGHT-OF-USE ASSETS AND LEASE OBLIGATIONS
12 Months Ended
Dec. 31, 2020
RIGHT-OF-USE ASSETS AND LEASE OBLIGATIONS  
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