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Leases (Tables)

9 Months Ended

Sep. 30, 2021

Leases

Schedule of outstanding principal balances on finance lease facility

​

​	​	​	​	​
​		As at
​		September 30, 2021		December 31, 2020
Japanese Leases No.1 and 2	​	22,886,900		26,531,100
Japanese Lease No.3	​	11,338,000		13,119,000
CMBFL Leases No.1 to 4	​	66,992,860		72,459,942
Ocean Yield ASA	​	51,683,760	​	55,729,620
Japanese Lease No.4	​	20,456,241		21,949,099
China Huarong Leases	​	38,530,125		41,992,081
CMBFL / Shandong	​	67,060,600	​	—
Finance lease obligations	​	278,948,486		231,780,842
Amounts representing interest and deferred finance fees	​	(47,408,400)		(34,076,458)
Finance lease obligations, net of interest and deferred finance fees	​	231,540,086		197,704,384
Current portion of finance lease obligations	​	21,436,253		19,084,775
Current portion of deferred finance fees	​	(711,305)		(630,553)
Non-current portion of finance lease obligations	​	213,207,992		181,250,674
Non-current portion of deferred finance fees	​	(2,392,854)		(2,000,512)
Total finance lease obligations, net of deferred finance fees	​	231,540,086		197,704,384

Schedule of future minimum lease payments required under the finance lease facilities

Maturity analysis of the Company’s finance lease facilities for each year are as follows:

​	​	​
​	​	As at
​	​	September 30, 2021
2021 (1)		8,065,589
2022		32,164,805
2023		43,722,900
2024		29,888,892
2025		81,557,056
2026 - 2030		83,549,244
Finance lease obligations		278,948,486
Amounts representing interest and deferred finance fees		(47,408,400)
Finance lease obligations, net of interest and deferred finance fees		231,540,086

(1) Three-month period ending December 31, 2021

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- References

No definition available.

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- Definition

Tabular disclosure of undiscounted cash flows of finance lease liability. Includes, but is not limited to, reconciliation of undiscounted cash flows to finance lease liability recognized in statement of financial position.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 842
-SubTopic 20
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=121609121&loc=SL77918701-209980

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- Definition

Tabular disclosure of the components of the investment in leveraged leases.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 840
-SubTopic 30
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=121568338&loc=d3e45424-112738

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 842
-SubTopic 50
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=121579104&loc=SL77920254-209983

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