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Operating Lease Obligations | 12 Months Ended
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Dec. 31, 2022
Operating Lease Obligations |
Operating Lease Obligations | 19. Operating Lease Obligations 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 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, 2022, the Company signed a lease agreement for approximately 20,296 square feet to be used as its primary corporate office and R&D facility pursuant to a five-year lease, dated June 1, 2022, for a variable rate averaging $22,101 per month over the lifetime of the lease. The Company also pays approximately $4,418 in additional fees per month, which varies year to year. 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 and lease liability as of December 31, 2022 and 2021 is as follows: Schedule Right-of-use Asset
|  | December 31, 2022 |  |  | December 31, 2021 |
Right-of-use asset |  | $ | 1,238,055 |  |  | $ | 515,819 |
Current lease liability |  | $ | 387,329 |  |  | $ | 212,929 |
Long-term lease liability |  | $ | 884,146 |  |  | $ | 316,988 |
Worksport Ltd. Notes to the Consolidated Financial Statements December 31, 2022 and 2021 19. Operating Lease Obligations (continued) The following is a summary of the Company’s total lease costs: Schedule of Lease Costs
|  | December 31, 2022 |  |  | December 31, 2021 |
Operating lease cost |  | $ | 409,179 |  |  | $ | 166,027 |
The following is a summary of cash paid in 2022 and 2021 for amounts included in the measurement of lease liabilities: Schedule of Measurement of Lease Liabilities
|  | December 31, 2022 |  |  | December 31, 2021 |
Operating cash flow |  | $ | 400,130 |  |  | $ | 166,027 |
Maturities of lease liability are as follows: Future minimum lease payments as of December 31, 2022: Schedule of Future Minimum Lease Payments
2023 |  | $ | 493,026 |
2024 |  |  | 361,298 |
2025 |  |  | 269,645 |
2026 and thereafter |  |  | 394,926 |
Total future minimum lease payments |  |  | 1,518,895 |
Less: amount representing interest |  |  | (247,420 | )
Present value of future payments |  |  | 1,271,475 |
Current portion |  |  | 387,329 |
Long term portion |  | $ | 884,146 |

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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 + Details
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