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

17. LEASE LIABILITIES

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17. LEASE LIABILITIES
12 Months Ended
Dec. 31, 2020
Notes  
17. LEASE LIABILITIES

17.LEASE LIABILITIES 

The Company's leases are comprised of leases premises and offices.  The Company's liabilities as of December 31, 2020 were as follows:

 

 

 

Contractual undiscounted cashflows

 

 

Less than one year

$

223,979

Two years and beyond

 

191,664

Total undiscounted lease obligations

$

415,643

 

 

 

Current portion

$

205,982

Non-current portion

 

186,487

Total Discounted lease obligations

$

392,469

 

The Company has a lease for manufacturing and distribution facility in San Diego, which expires on October 15, 2022.  The lease was accounted for under IFRS 16, using an incremental borrowing rate of 6.00%. The Company recognized a right-of-use asset of $392,188 and a corresponding lease liability of $392,469.

Total lease payments are as follows:

 

 

       Next 12 months

$

223,979

       2 years

 

191,664

 

 

 

       Total undiscounted lease obligations

$

415,643

The Company has a lease for office space in Concord, which expires on October 1, 2022.  The Company's future monthly rental payments for this office space are approximately $72,450.