Registration statement for securities of certain foreign private issuers

Lease Assets

v3.20.1
Lease Assets
 3 Months Ended 12 Months Ended
Mar. 31, 2020
Dec. 31, 2019
Presentation of leases for lessee [abstract]    
Lease Assets
3.
LEASE ASSETS

                   
For the three months ended March 31, 2020
  
Cost
    
Accumulated
Amortization
    
Net Book
Value
  
Balance at December 31, 2019
  
$
34,172
    
$
(3,778
)
  
$
30,394
  
Additions during the period
    
-
      
-
      
-
  
Amortization in the period
    
-
      
(5,685
)
    
(5,685
)
Balance at March 31, 2020
  
$
34,172
    
$
(9,463
)
  
$
24,709
  

The Company entered into an 18-month lease for its corporate head office in Toronto, Ontario in November 2019. The Company recognized a right-of-use asset offset by a prepayment and a lease liability in the statement of financial position, initially measured at the present value of future lease payments (net of non-lease general expenses which are expensed as incurred).
 
For the period ended March 31, 2020, the Company has recognized $5,685 of amortization and $4,464 in interest expense relating to this lease and has repaid $3,946 of the lease liability.
 
On September 4, 2019, the Company entered into a lease agreement with a third party to lease certain office space in Chapel Hill, North Carolina. The term of the lease is 62 full months and the average monthly base rent is $8,320. The lease commencement date is April 1, 2020, the date the space is ready-for-use. As of April 1, 2020, the Company will recognize a right-of-use asset and a lease liability of $442,684 relating to this lease.
3
.
LEASE ASSETS
 
For the year ended December 31, 2019
   
Cost
     
Accumulated
Amortization
    
Net Book
Value
  
Balance at December 31, 2018
    $ —      $ —     $ —  
Additions during the year
      34,172        —       34,172  
Amortization in the year
      —        (3,778 )      (3,778 ) 
    
 
 
     
 
 
    
 
 
  
Balance at December 31, 2019
    $ 34,172      $ (3,778 )    $ 30,394  
    
 
 
     
 
 
    
 
 
  
The Company entered into an
18-month
lease for its corporate head office
in Toronto, Ontario in November 2019. The Company recognized a 
right-of-use
 asset offset by a prepayment and a lease liability in the statement of financial position, initially measured at the present value of future lease payments (net of 
non-lease
 general expenses which are expensed as incurred).
For the period ended December 31, 2019, the Company has recognized $3,778 of amortization and $3,340 in interest expense relating to this lease
 a
nd has repaid $5,100
of the lease liability
.
On September 4, 2019, the Company entered into a lease agreement with a third party to lease certain office space in Chapel Hill,
North Carolina
. The term of the lease is 62 full months and the average monthly base rent is $8,320. The lease will commence on or about March 
3
1, 2020, once the space is
ready-for-use.
Upon commencement, the Company shall recognize a
right-of-use
asset and a lease liability relating to this lease.