|12 Months Ended|
Dec. 31, 2020
|Presentation of leases for lessee [abstract]|
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.
Our total undiscounted lease liability as at December 31, 2020 is as follows:
The entire disclosure for leases.
Reference 1: http://www.xbrl.org/2003/role/disclosureRef