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Note 12 - Leases

12 Months Ended

Dec. 31, 2020

12. Leases

We lease datacenters, corporate offices and fiber-optic cables under operating leases. The Company does not have any leases classified as finance leases.

Our leases have remaining lease terms of 1 year to 20 years, some of which may include options to extend the leases for up to 5 years, and some of which may include options to terminate the leases within 1 year.

The components of lease expense were as follows (Dollar amounts in thousands of U.S. dollars):

	*Year Ended*		*Year Ended*
	*December 31, 2020*		*December 31, 2019*
Operating Lease Cost (leases with a total term greater than 12 months)	$	2,195	$	3,057
Short-term Lease Cost (leases with a total term of 12 months or less)		501		1,040
Variable Lease Cost		589		657
Total Lease Cost	$	3,286	$	4,754

Lease Cost is presented in general and administrative expenses and network expenses within our consolidated statements of operations and comprehensive income.

Information related to leases was as follows (Dollar amounts in thousands of U.S. dollars):

	*Year Ended*		*Year Ended*
Supplemental cashflow information:	*December 31, 2020*		*December 31, 2019*
Operating Lease - Operating Cash Flows (Fixed Payments)	$	2,332	$	3,130
Operating Lease - Operating Cash Flows (Liability Reduction)	$	1,952	$	2,665
New ROU Assets - Operating Leases	$	2,798	$	5,392

Supplemental balance sheet information related to leases:	*December 31, 2020*			*December 31, 2019*
Weighted Average Discount Rate		3.60	%		5.20	%
Weighted Average Remaining Lease Term	8.35 yrs			8.62 yrs

Maturity of lease liability as of December 31, 2020 (Dollar amounts in thousands of U.S. dollars):

	*December 31, 2020*
2021	$	2,084
2022		2,057
2023		1,979
2024		1,439
2025		900
Thereafter		4,071
Total future lease payments		12,530
Less interest		1,590
Total	$	10,940

Operating lease payments include payments under the non-cancellable term and approximately $0.3 million related to options to extend lease terms that are reasonably certain of being exercised.

As of December 31, 2020, we have entered into lease agreements for total payments of $0.5 million that have not yet commenced, and therefore are not included in the lease liability.