Annual and transition report of foreign private issuers pursuant to Section 13 or 15(d)

Lease liabilities

v3.20.1
Lease liabilities
12 Months Ended
Dec. 31, 2019
Lease liabilities.  
Lease liabilities

8.Lease liabilities

Lease obligations relate to the Company’s rent of office space and warehouse spaces. The term of the lease related to office space expires on November 1, 2020 and the term of leases related to warehouse spaces expire on August 1, 2020, August 1, 2021 and August 1, 2022 with the Company holding an option to renew two of the warehouse leases for a further five years.

The Company incurred $36,665 lease expenses for the year ended December 31, 2019 for short-term lease and low-value lease which are not included in the measurement of lease liabilities.

As at December 31, 2019, the contractual undiscounted cash flows related to leases were as follows:

 

 

 

 

 

 

 

 

 

 

 

 

    

 

 

 

 

 

Present value of

 

    

Future minimum

    

 

 

    

minimum lease

 

 

lease payments

 

Interest

 

payments

Less than one year

 

$

702,498

 

$

97,612

 

$

604,886

Between one and five years

 

 

734,642

 

 

127,441

 

 

607,201

More than five years

 

 

275,801

 

 

24,212

 

 

251,589

 

 

$

1,712,941

 

$

249,265

 

 

1,463,676

Current portion of lease liabilities

 

 

 

 

 

 

 

 

604,886

Non-current portion of lease liabilities

 

 

 

 

 

 

 

$

858,790