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Leases
 12 Months Ended
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, 2019808,025 
Depreciation expense(362,592)
Foreign exchange impact(14,720)
As at December 31, 2019430,713 
Additions297,373 
Depreciation expense(357,230)
Foreign exchange impact1,612 
As at December 31, 2020372,468 

Lease liabilities
Office Spaces
As at January 1, 2019882,437 
Payment of lease liabilities(447,497)
Interest expense on lease liabilities94,817 
Foreign exchange impact(23,482)
As at December 31, 2019506,275 
Additions297,373 
Payment of lease liabilities(460,724)
Interest expense on lease liabilities68,526 
Foreign exchange impact(9,391)
As at December 31, 2020402,059 

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 year286,509 
One to five years172,003 
More than five years— 
Total undiscounted lease liability 458,512