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Lease Liabilities

3 Months Ended

Mar. 31, 2022

Lease Liabilities

Lease Liabilities

13. Lease Liabilities

During the year ended December 31, 2021 the Company entered into a second lease agreement for warehouse space to commence on June 1, 2021 and end on May 31, 2024 with monthly lease payments of $19,910. During the year ended December 31, 2019, the Company signed a lease agreement for warehouse space to commence on August 1, 2019 and end on July 31, 2022 with monthly lease payments of $2,221. During the three months ended March 31, 2022 the Company entered into a new lease agreement commencing on June 1, 2022 and ending on May 31, 2027

The Company has accounted for its leases upon adoption of ASC 842 whereby it recognizes a lease liability and a right-of-use asset at the date of initial application, beginning January 1, 2019. The lease liability is measured at the present value of the remaining lease payments, discounted using the Company’s incremental borrowing rate of 10%. The Company has measured the right-of-use asset at an amount equal to the lease liability.

The Company’s right-of-use asset for the three months ended March 31, 2022 and year ended December 31, 2021 as follows:

Schedule Right-of-use Asset 

		March 31, 2022				December 31, 2021
Right-of-use asset		$	457,619			$	515,819
Current lease liability		$	211,577			$	212,929
Long-term lease liability		$	264,248			$	316,988

The components of lease expense are as follows:

Schedule of Components of Lease Expense

		March 31, 2022				March 31, 2021
Amortization of right-of-use		$	58,199			$	5,749
Interest on lease liability		$	12,302			$	915
Total lease cost		$	70,501			$	6,664

Worksport Ltd.

Notes to the Condensed Consolidated Financial Statements

(Unaudited)

13. Lease Liabilities (continued)

Maturities of lease liability are as follows:

Future minimum lease payments as of March 31, 2022,

Schedule of Future Minimum Lease Payments

2022			188,075
2023			238,918
2024			99,549
Total future minimum lease payments			526,542
Less: amount representing interest			(50,717	)
Present value of future payments			475,825
Current portion			211,577
Long term portion		$	264,248

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- References

No definition available.

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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 https://asc.fasb.org/subtopic&trid=77888251

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