Annual and transition report of foreign private issuers pursuant to Section 13 or 15(d)

Leases

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Leases
12 Months Ended
Dec. 31, 2021
Presentation of leases for lessee [abstract]  
Leases Leases
Our portfolio of leases consists of office spaces with lease terms generally between 3 to 6 years. We currently do not have leases with residual value guarantees, or leases not yet commenced to which we are committed. We have variable lease payments related to office space lease operating costs that are not material. 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.

During 2021, we recorded a lease modification and an addition related to the office lease extension for one of our subsidiaries and a new office space lease for our Canadian head office, respectively. The weighted-average rate applied was 15%.
The following table summarizes our right-of-use assets outstanding at December 31:
2021 2020
As at beginning of year $ 372,468  $ 430,713 
Additions 208,976  297,373 
Lease modification 323,782  — 
Depreciation expense (321,822) (357,230)
Foreign exchange impact 847  1,612 
As at end of year $ 584,251  $ 372,468 

The following table summarizes our lease liabilities outstanding at December 31:
2021 2020
As at beginning of year $ 402,059  $ 506,275 
Additions 203,868  297,373 
Lease modification 323,782  — 
Payment of lease liabilities (365,510) (460,724)
Interest expense on lease liabilities 91,727  68,526 
Foreign exchange impact (1,173) (9,391)
As at end of year $ 654,753  $ 402,059 

Our total undiscounted lease liability as at December 31, 2021 is as follows:
December 31, 2021
Less than one year $ 372,707 
One to five years 434,936 
More than five years — 
Total undiscounted lease liability $ 807,643