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Note 8 - Leases | 12 Months Ended
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Dec. 31, 2019
Notes to Financial Statements |
Lessee, Leases [Text Block] |
8. |  | Leases
The Company enters into premise leases and equipment leases as a lessee.
| (a) | Premise leases
The Company leases office space where the remaining lease term ranges from less than one year to fifteen years. Leases generally include an initial contract term but some leases include an option to renew the lease for additional period at the end of this initial term. These renewal periods range in length up to a period equivalent to the initial term of the lease. All of the Company’s premise leases are classified as operating leases.
| (b) | Equipment leases
The Company leases certain equipment in its operations, including furniture and equipment, computer equipment and vehicles. Equipment leases may consist of operating leases or finance leases based upon the assessment of the facts at the commencement date of the lease. The remaining lease terms for equipment leases range from one year to five years. Certain leases may have the option to extend the leases for a short period or to purchase the asset at the end of the lease term. The components of lease expense were as follows:
|  | 2019 |
Operating lease cost |  | $ | 77,394 |
Finance lease cost |  |  |  |
Amortization of right-of-use assets |  |  | 920 |
Interest on lease liabilities |  |  | 19 |
Variable lease cost |  |  | 26,030 |
Short term lease cost |  |  | 4,712 |
Total lease expense |  | $ | 109,075 |
Sublease revenues |  |  | (3,124 | )
Total lease cost, net of sublease revenues |  | $ | 105,951 |
Supplemental information related to leases was as follows:
|  | 2019 |
Right-of-use assets obtained in exchange for lease obligations: |  |  |  |
Operating leases recognized on transition to ASC 842 |  | $ | 274,696 |
Operating leases commencing in 2019 |  |  | 36,945 |
Finance leases |  |  | 400 |
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |
Operating cash flows from operating leases |  | $ | (79,764 | )
Operating cash flows from finance leases |  |  | (19 | )
Financing cash flows from finance leases |  |  | (874 | )
Supplemental balance sheet information related to leases was as follows:
|  | As at December 31, 2019 |
Operating leases |  |  |  |
Operating lease right-of-use assets |  | $ | 263,639 |
Operating lease liabilities - current |  | $ | (69,866 | )
Operating lease liabilities - non-current |  |  | (229,224 | )
Total operating lease liabilities |  | $ | (299,090 | )
Finance leases |  |  |  |
Fixed assets, gross |  | $ | 3,164 |
Accumulated depreciation |  |  | (2,320 | )
Fixed assets, net |  | $ | 844 |
Long-term debt - current |  | $ | (550 | )
Long-term debt - non-current |  |  | (303 | )
Total finance lease liabilities |  | $ | (853 | )
Maturities of lease liabilities were as follows:
|  | One year |  |  | Two years |  |  | Three years |  |  | Four years |  |  | Five years |  |  | Thereafter |  |  | Total |
Operating leases |  | $ | 78,135 |  |  | $ | 65,448 |  |  | $ | 53,403 |  |  | $ | 42,234 |  |  | $ | 32,652 |  |  | $ | 56,669 |  |  | $ | 328,541 |
Present value of operating lease liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 299,090 |
Difference between undiscounted cash flows and discounted cash flows |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 29,451 |
Finance leases |  | $ | 552 |  |  | $ | 232 |  |  | $ | 79 |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | 863 |
Present value of finance lease liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 853 |
Difference between undiscounted cash flows and discounted cash flows |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 10 |
|  | December 31 |
|  | 2019 |
Weighted average remaining lease term |  |  |  |
Operating leases (years) |  |  | 5.5 |
Finance leases (years) |  |  | 1.8 |
Weighted average discount rate |  |  |  |
Operating leases |  |  | 3.3 | %
Finance leases |  |  | 1.5 | %
As of December 31, 2019, the Company has additional operating leases, primarily for premises, that have not yet commenced of $82,112. These operating leases will commence within the next three years and have lease terms ranging from one to fifteen years. As previously disclosed in the audited consolidated financial statements for the year ended December 31, 2018 and in accordance with ASC 840, Leases , the minimum operating lease payments due in each of the next five years and thereafter are presented in the following table.
| 2019 |  | $ | 86,376 |  |
| 2020 |  |  | 76,169 |  |
| 2021 |  |  | 62,171 |  |
| 2022 |  |  | 51,011 |  |
| 2023 |  |  | 38,103 |  |
| Thereafter |  |  | 97,631 |  |
|  |  | $ | 411,461 |  |

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