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Leases - The Company as Lessee | 12 Months Ended
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Dec. 31, 2021
Time charterin contracts [Abstract] |
Leases - The Company as Lessee | 20. Leases – The Company as Lessee Time charter-in contracts For the years ended December 31, 2019 and 2020, the Company chartered in vessels to supplement its own fleet and employed them both on time charters and voyage charters. The time charter-in contracts ranged in lease terms from 1 year to 5 years. No charter-in contracts were entered into during the year ended December 31, 2021. The Company had one time charter-in contract with a monthly charter hire of $130,000 relating to the vessel Gas Cathar, which was greater than 12 months at January 1, 2019 i.e. the date of adoption of ASC 842. This contract expired in March 2020. Lease payments relating to this charter amounted to $1,560,000 and $318,606 for the years ended December 31, 2019 and 2020 and are included in Charter hire expenses in the consolidated statements of operations. The Company had entered into two time charter-in contracts in 2018 for the vessels Astrid and Kazak which were for a period of twelve months and which expired in 2019. Lease payments relating to the time charters of these vessels, amounted to $4,708,988 for the year ended December 31, 2019 and are included in Charter hire expenses in the consolidated statements of operations. Office lease In January 2019, the Company renewed its contract to lease office space from a related party for a period until December 2020 at an amount of EUR 6,500 ($7,345) per month. In January 2021, the Company entered into a new agreement to lease office space from a related party for a period of two years at an amount of EUR 7,000 ($8,279) per month. The Company determined these office leases to be operating leases and recorded the related right-of-use-assets within operating lease right-of-use-assets and the lease liabilities within operating lease liabilities in the accompanying consolidated balance sheets and the lease expense within General and administrative expenses in the accompanying consolidated statement of operations (Note 3). Lease Disclosures Under ASC 842 Operating lease right-of-use assets and lease liabilities as of December 31, 2020 and 2021 as follows:
Description |  | Location in balance sheet |  | December 31, 2020 |  |  | December 31, 2021 |
Non current assets: |  |  |  |  |  |  |  |  |  |
Office leases |  | Operating lease right-of-use assets |  | $ | — |  |  | $ | 104,168 |
|  |  |  | $ | — |  |  | $ | 104,168 |
Liabilities: |  |  |  |  |  |  |  |  |  |
Office leases |  | Current portion of operating lease liabilities |  | $ | — |  |  | $ | 104,168 |
Lease liabilities - current portion |  |  |  | $ | — |  |  | $ | 104,168 |
The Operating lease right-of-use asset and Operating lease liabilities represent the present value of lease payments for the remaining term of the lease. The table below presents the components of the Company’s lease expenses and sub-lease income on a gross basis earned from chartered-in contracts greater than 12 months:
Description |  | Location in statement of operations |  | 2019 |  |  | 2020 |  |  | 2021 |
Lease expense for chartered-in contracts 12 months or less |  | Charter hire expenses |  | $ | 4,708,988 |  |  |  | — |  |  |  | — |
Lease expense for chartered-in contracts greater than 12 months |  | Charter hire expenses |  |  | 1,560,000 |  |  |  | 318,606 |  |  |  | — |
|  | Total charter hire expenses |  |  | 6,268,988 |  |  |  | 318,606 |  |  |  | — |
Lease expense for office leases |  | General and administrative expenses |  |  | 87,192 |  |  |  | 90,121 |  |  |  | 97,726 |
Sub lease income from chartered-in contracts greater than 12 months * |  | Revenues |  |  | 3,091,390 |  |  |  | 860,227 |  |  |  | — |
* | The sub-lease income represents only time charter revenue earned on the chartered-in contracts greater than 12 months. There is additional revenue of $482,879 earned from voyage charters on the same chartered-in contract which is recorded in Revenues in our consolidated statement of operations for the year ended December 31, 2019 (2020 & 2021: nil). Additionally, there is revenue earned from time charters from chartered-in contracts 12 months or less which is included in Revenues in our consolidated statements of operations for the year ended December 31, 2019. No such contracts existed for the years ended December 31, 2020 and 2021.
The cash paid for operating leases with terms greater than 12 months for the years ended December 31, 2019, 2020 and 2021 amounted to $1,647,192, $408,727 and $97,726, respectively. The weighted average remaining lease term on our operating leases with terms greater than 12 months was 12 months. The weighted average discount rate was 5.6% as of December 31, 2020 and 2021 and reflects our incremental borrowing rate. The table below provides the total amount of lease payments on an undiscounted basis on our office lease greater than 12 months as of December 31, 2021:
Year |  | Office leases |  |  | Total Operating leases |
Discount rate upon adoption |  |  | 5.6 | % |  |  | 5.6 | %
2022 (undiscounted lease payments) |  | $ | 107,520 |  |  | $ | 107,520 |
|  |  | 107,520 |  |  |  | 107,520 |
Present value of lease liability |  |  | 104,168 |  |  |  | 104,168 |
Lease liabilities - short term |  |  | 104,168 |  |  |  | 104,168 |
Total lease liabilities |  |  | 104,168 |  |  |  | 104,168 |
Discount based on incremental borrowing rate (Difference between undiscounted lease payments and present value of lease liability) |  | $ | 3,352 |  |  | $ | 3,352 |

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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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