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Note 8 - Leases
 12 Months Ended
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