NOTE 12 – LEASES

Leases that are economically similar to the purchase of an asset are classified as finance leases. The leased, or right-of-use assets in finance lease arrangements are reported in net property, plant and equipment on our condensed consolidated balance sheet. Right-of-use assets and liabilities on our condensed consolidated balance sheet at December 31, 2020 were:


Finance lease:	December 31, 2020
Property, plant and equipment	$	54,376
Accumulated depreciation		43,501
Net property, plant and equipment	$	10,875
Current portion of long-term debt	$	12,569
Long-term debt	$	1,093
Total finance lease liabilities	$	13,662

In December 2019, we signed a one-year operating lease for office space which expired in December 2020 and was amortized on a straight line basis. Since the expiration of the term of the lease, we have continued to lease this office space on a month-to-month basis. Other supplemental information regarding our leases are contained in the following tables:


Components of lease expense for the period ended:	December 31, 2020
Operating lease amortization	$	2,878
Finance lease amortization	$	8,156
Finance lease interest	$	1,102


Weighted average lease term and discount rate at:	December 31, 2020
Finance lease term (years)	1.25
Finance lease rate	8	%


Supplemental cash flow information related to leases for the period ended:	December 31, 2020
Cash used in operating activities	$	2,878
Cash used in financing activities	$	8,798