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

Lease Assets

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