Right of use assets

12 Months Ended

Dec. 31, 2023

Right of use assets

Right Of Use Assets

7. Right of use assets

	December 31, 2023
	Cost		Accumulated		Right of
	Base		Amortization		Use
Aircraft	$	1,847,617	$	1,728,958	$	118,659
Office Building		1,725,414		1,186,673		538,741
Printer		9,716		1,986		7,730
		3,582,747		2,917,617		665,130
	December 31, 2022
	Cost		Accumulated		Right of
	Base		Amortization		Use
Aircraft	$	1,847,617	$	1,407,743	$	439,874
Office Building		1,725,414		915,773		809,641
Printer		9,716		139		9,577
		3,582,747		2,323,655		1,259,092

Subsequent Event

On March 22, 2024 the Company extended its Aircraft lease for three years, until March 28, 2027. The Aircraft Lease will be converted to a capital lease and the Company will own the aircraft at the end of the lease. Terms of the extension include a principle of US$1,210,000, an interest rate of 12%, and monthly payments of US$40,189. The Company has an early purchase option to acquire the aircraft on any of the following date, March 28, 2025, September 28, 2025, March 28, 2026 or September 28, 2026. The purchase price would be the amortized value of the lease liability, plus a four month interest penalty.