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LEASE LIABILITIES | 12 Months Ended
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Dec. 31, 2020
LEASE LIABILITIES |
LEASE LIABILITIES | ​ NOTE 11 LEASE LIABILITIES The Company’s lease obligations include equipment, vehicles and office space. Leased assets are included in plant and equipment (Note 9). The terms and conditions contained in the Company’s leases do not contain variable components. ​ Lease liabilities as at December 31, 2020 and 2019 are as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Total discounted lease liabilities
​ | ​ | December 31, 2020 | ​ | December 31, 2019
Finance leases | ​ | $ | 4,735 | ​ | $ | 6,229
Operating lease | ​ | ​ | 761 | ​ | ​ | 904
Lease liabilities | ​ | $ | 5,496 | ​ | $ | 7,133
Current portion | ​ | ​ | (2,440) | ​ | ​ | (2,115)
Long-term portion | ​ | $ | 3,056 | ​ | $ | 5,018
​ On January 1, 2019, the Company adopted ASC 842, “Leases,” under a modified retrospective transition method and recorded a nominal cumulative-effect adjustment to the opening accumulated deficit balance. ​ Lease liabilities at December 31, 2020 are recorded using a weighted average discount rate of 6.83% and 8.73%, respectively, for finance and operating leases and have average remaining lease terms of two years and four years, respectively. ​ During the year ended December 31, 2020, the Company recorded $1.3 million (December 31, 2019 – $1.8 million) in interest and other finance costs related to leases. A breakdown of the lease related costs for the year ended December 31, 2020 and 2019 are as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, 2020 | ​ | December 31, 2019
Finance leases: | ​ | ​ | ​ | ​ | ​ | ​
Amortization of ROU assets | ​ | $ | 878 | ​ | $ | 1,123
Interest expense | ​ | ​ | 392 | ​ | ​ | 517
Total | ​ | $ | 1,270 | ​ | $ | 1,640
​ | ​ | ​ | ​ | ​ | ​ | ​
Operating lease: | ​ | ​ | ​ | ​ | ​ | ​
Rent expense | ​ | $ | 194 | ​ | $ | 193
​ Future minimum undiscounted lease payments as at December 31, 2020 are as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Payments due by period
​ |  | 2021 |  | 2022 |  | 2023 |  | 2024 |  | 2025 |  | Total
Operating lease obligation | ​ | $ | 228 | ​ | $ | 230 | ​ | $ | 234 | ​ | $ | 156 | ​ | $ | — | ​ | $ | 848
Finance lease obligations | ​ |  | 2,467 | ​ |  | 2,186 | ​ |  | 274 | ​ |  | 24 | ​ |  | — | ​ |  | 4,951
Total future minimum lease payments | ​ | $ | 2,695 | ​ | $ | 2,416 | ​ | $ | 508 | ​ | $ | 180 | ​ | $ | — | ​ | $ | 5,799
Less: Imputed interest | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | (303)
Total | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 5,496
​

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- Definition The entire disclosure of information about leases. + References No definition available. + Details
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- References No definition available. + Details
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