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Leases | 12 Months Ended
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Dec. 31, 2020
Presentation of leases for lessee [abstract] |
Leases | Leases Our portfolio of leases consists of office spaces with lease terms generally between 3 to 5 years. We currently do not have leases with variable lease payments, residual value guarantees, or leases not yet commenced to which we are committed. Lease liabilities have been measured by discounting future lease payments using our incremental borrowing rate as rates implicit in the leases were not readily determinable. The weighted-average rate applied was 15%. During 2020, we entered into an office space lease for one of our subsidiaries. We recognized a $297,373 right-of-use asset and a lease liability of the same amount. The lease provided for one extension option that we were not reasonably certain to exercise at lease commencement date. Right-of-use assets
| Office Spaces
As at January 1, 2019 | 808,025 |
Depreciation expense | (362,592) |
Foreign exchange impact | (14,720) |
As at December 31, 2019 | 430,713 |
Additions | 297,373 |
Depreciation expense | (357,230) |
Foreign exchange impact | 1,612 |
As at December 31, 2020 | 372,468 |
Lease liabilities
| Office Spaces
As at January 1, 2019 | 882,437 |
Payment of lease liabilities | (447,497) |
Interest expense on lease liabilities | 94,817 |
Foreign exchange impact | (23,482) |
As at December 31, 2019 | 506,275 |
Additions | 297,373 |
Payment of lease liabilities | (460,724) |
Interest expense on lease liabilities | 68,526 |
Foreign exchange impact | (9,391) |
As at December 31, 2020 | 402,059 |
Our total undiscounted lease liability as at December 31, 2020 is as follows:
Maturity analysis - contractual undiscounted cash flows
December 31, 2020
Less than one year | 286,509 |
One to five years | 172,003 |
More than five years | — |
Total undiscounted lease liability | 458,512 |

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- Definition The entire disclosure for leases. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Name IFRS -Number 16 -IssueDate 2020-01-01 -Section Presentation -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&num=16&code=ifrs-tx-2020-en-r&doctype=Standard&dita_xref=IFRS16_g47-50_TI -URIDate 2020-01-01 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Name IFRS -Number 16 -IssueDate 2020-01-01 -Section Disclosure -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&num=16&code=ifrs-tx-2020-en-r&doctype=Standard&dita_xref=IFRS16_g51-60_TI -URIDate 2020-01-01 + Details
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