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LEASES | 9 Months Ended
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Sep. 30, 2021
Leases |
LEASES |
7. | LEASES
The Company’s leasing activities include an operating lease of its corporate office space from a related party (see note 12) and other operating and finance leases of vehicles and office space for the Company’s European operations. At the inception of a contract, the Company assesses whether the contract is, or contains, a lease. The Company’s assessment is based on: (1) whether the contract involves the use of a distinct identified asset, (2) whether the Company obtains the right to substantially all the economic benefit from the use of the asset throughout the term, and (3) whether the Company has the right to direct the use of the asset. The Company allocates the consideration in the contract to each lease and non-lease component based on the component’s relative stand-alone price to determine the lease payments. Lease and non-lease components are accounted for separately. Leases are classified as either finance leases or operating leases based on criteria in ASC Topic 842, “Leases”. The Company’s operating leases are generally comprised of real estate and vehicles, and the Company’s finance leases are generally comprised of vehicles. At lease commencement, the Company records a lease liability equal to the present value of the remaining lease payments, discounted using the rate implicit in the lease or, if that rate cannot be readily determined, the Company’s incremental borrowing rate. A corresponding right-of-use asset (“ROU asset”) is recorded, measured based on the initial measurement of the lease liability. ROU assets also include any lease payments made and exclude lease incentives. Lease terms may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. Lease expense for operating leases, consisting of lease payments, is recognized on a straight-line basis over the lease term. Included in lease expense are any variable lease payments incurred in the period that were not included in the initial lease liability. Lease expense for finance leases consists of the amortization of the ROU asset on a straight-line basis over the shorter of the useful life of the asset or the lease term, and interest expense is calculated using the effective interest rate method. The following is a summary of lease cost recognized in the Company’s consolidated statements of operations:
Schedule of components of lease costs |  |  |  |  |  |
|  | Three months ended |  |  | Three months ended |
|  | September 30, 2021 |  |  | September 30, 2020 |
|  | Operating |  |  | Finance |  |  | Operating |  |  | Finance |
|  | Leases |  |  | Leases |  |  | Leases |  |  | Leases |
Lease cost in general and administrative expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Operating lease expense |  | $ | 124,885 |  |  | $ | - |  |  | $ | 104,380 |  |  | $ | - |
Amortization of finance lease ROU assets |  |  | - |  |  |  | 34,129 |  |  |  | - |  |  |  | 49,713 |
Total lease cost in general and administrative expenses |  |  | 124,885 |  |  |  | 34,129 |  |  |  | 104,380 |  |  |  | 49,713 |
Lease cost in other expense: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest on finance lease liabilities |  |  | - |  |  |  | 2,397 |  |  |  | - |  |  |  | 21,530 |
Total lease cost in other expense |  |  | - |  |  |  | 2,397 |  |  |  | - |  |  |  | 21,530 |
Total lease cost |  | $ | 124,885 |  |  | $ | 36,526 |  |  | $ | 104,380 |  |  | $ | 71,243 |
|  | Nine months ended |  |  | Nine months ended |
|  | September 30, 2021 |  |  | September 30, 2020 |
|  | Operating |  |  | Finance |  |  | Operating |  |  | Finance |
|  | Leases |  |  | Leases |  |  | Leases |  |  | Leases |
Lease cost in general and administrative expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Operating lease expense |  | $ | 366,863 |  |  | $ | - |  |  | $ | 297,459 |  |  | $ | - |
Amortization of finance lease ROU assets |  |  | - |  |  |  | 106,122 |  |  |  | - |  |  |  | 289,277 |
Total lease cost in general and administrative expenses |  |  | 366,863 |  |  |  | 106,122 |  |  |  | 297,459 |  |  |  | 289,277 |
Lease cost in other expense: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest on finance lease liabilities |  |  | - |  |  |  | 5,365 |  |  |  | - |  |  |  | 27,585 |
Total lease cost in other expense |  |  | - |  |  |  | 5,365 |  |  |  | - |  |  |  | 27,585 |
Total lease cost |  | $ | 366,863 |  |  | $ | 111,487 |  |  | $ | 297,459 |  |  | $ | 316,862 |
The following is a summary of the impact of the Company’s leases on the consolidated statements of cash flows:
Schedule of cash flow information related to leases |  |  |
|  | Nine months ended |
|  | September 30, |
|  | 2021 |  |  | 2020 |
Leasing activity in cash flows from operating activities: |  |  |  |  |  |  |  |
Payments under operating leases |  |  | (363,600 | ) |  |  | (185,388 | )
Interest payments on finance lease liabilities |  |  | (5,365 | ) |  |  | (27,585 | )
Total leasing activity in cash flows from operating activities |  |  | (368,965 | ) |  |  | (212,973 | )
Leasing activity in cash flows from financing activities: |  |  |  |  |  |  |  |
Principal payments on finance lease liabilities |  |  | (72,386 | ) |  |  | (259,231 | )
Total leasing activity in cash flows from financing activities: |  |  | (72,386 | ) |  |  | (259,231 | )
The weighted-average remaining lease terms and weighted-average discount rates for operating and finance leases at September 30, 2021 and December 31, 2020 were as follows:
Schedule of weighted average remaining lease term and weighted average discount rate |  |  |  |  |  |
|  | September 30, |  |  | December 31, |
|  | 2021 |  |  | 2020 |
Weighted average remaining lease term (years) - operating leases |  |  | 2.4 |  |  |  | 2.6 |
Weighted average remaining lease term (years) - finance leases |  |  | 0.8 |  |  |  | 1.1 |
Weighted average discount rate - operating leases |  |  | 6.37 | % |  |  | 6.52 | %
Weighted average discount rate - finance leases |  |  | 3.09 | % |  |  | 3.95 | %
The future annual minimum lease payments required under the Company’s operating and finance lease liabilities as of September 30, 2021 are as follows:
Schedule of future annual minimum cash payments required under operating lease |  |  |  |  |  |  |  |  |
|  | Operating |  |  | Finance |  |  |  |
Future minimum lease payments |  | Leases |  |  | Leases |  |  | Total |
2021 |  | $ | 107,567 |  |  | $ | 24,826 |  |  | $ | 132,393 |
2022 |  |  | 420,694 |  |  |  | 177,626 |  |  |  | 598,320 |
2023 |  |  | 381,537 |  |  |  | 46,983 |  |  |  | 428,520 |
2024 |  |  | 84,736 |  |  |  | - |  |  |  | 84,736 |
2025 |  |  | 5,387 |  |  |  | - |  |  |  | 5,387 |
Total future minimum lease payments |  |  | 999,921 |  |  |  | 249,435 |  |  |  | 1,249,356 |
Less: Amount representing interest |  |  | (72,772 | ) |  |  | (5,278 | ) |  |  | (78,050 | )
Present value of lease liabilities |  |  | 927,149 |  |  |  | 244,157 |  |  |  | 1,171,306 |
Less: current portion |  |  | (376,602 | ) |  |  | (155,508 | ) |  |  | (532,110 | )
Long-term portion |  | $ | 550,547 |  |  | $ | 88,649 |  |  | $ | 639,196 |

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- Definition The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -URI http://asc.fasb.org/subtopic&trid=77888251 + Details
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