Note 6 - Lessee Leases
|12 Months Ended|
Dec. 31, 2020
|Note 6 - Lessee Leases||
Note 6 Lessee Leases
Our operating leases are comprised of office space and office equipment leases. Fleet and vehicle leases entered into prior to January 1, 2019, under ASC 840 guidelines, have 4 year terms and are classified as operating leases. Fleet leases entered into beginning January 1, 2019, under ASC 842 guidelines, are expected to be extended to 5 year terms and are classified as finance leases.
Gross right of use assets recorded under finance leases related to WCI vehicle fleet leases were $406,242 and $206,332 as of December 31, 2020 and 2019, respectively. Accumulated amortization associated with finance leases was $110,164 and $36,640 as of December 31, 2020 and 2019, respectively.
Lease costs recognized in our consolidated income statements is summarized as follows:
Right of use asset amortization under operating agreements was $194,957 and $214,030 for the years ended December 31, 2020 and 2019.
Other information about lease amounts recognized in our consolidated financial statements is summarized as follows:
Finance lease liabilities were as follows:
Operating lease liabilities were as follows:
Lease maturities are disclosed in Note 15.
The entire disclosure for lessor entity's leasing arrangements for operating, capital and leveraged leases.
Reference 1: http://fasb.org/us-gaap/role/ref/otherTransitionRef