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Leases
3 Months Ended
Mar. 31, 2024
Leases [Abstract]  
Leases [Text Block]

13. Leases

Operating leases

Substantially all our operating lease right-of-use assets and operating lease liability represents leases for office space and property to conduct our business.

The operating lease expense for the three-month period ended March 31, 2024 included in general and administrative expenses is $65,000. The cash outflows from operating leases for the three-month period ended March 31, 2024 was $67,000.

The weighted average remaining lease term and the weighted average discount rate for operating leases at March 31, 2024 were 1.9 years and 10%, respectively.

The following table reconciles the undiscounted cash flows for the operating leases as at March 31, 2024 to the operating lease liabilities recorded on the balance sheet:

    Operating Leases  
       
2024   200,000  
2025   267,000  
2026   44,000  
Total undiscounted lease payments   511,000  
Less: Interest   99,000  
Present value of lease liabilities $ 412,000  
 
Current portion of operating lease liability $ 242,000  
Operating lease liability $ 170,000  

Finance leases

Substantially all our finance lease right-of-use assets and finance lease liability represents leases for laboratory equipment to conduct our business.

The cash outflows from finance leases for the three-month period ended March 31, 2024 was $22,000 (2023: $9,000).

The weighted average remaining lease term and the weighted average discount rate for finance leases at March 31, 2024 were 1.2 years and 3.75%, respectively.

The following table reconciles the undiscounted cash flows for the finance leases as at March 31, 2024 to the finance lease liabilities recorded on the balance sheet:

    Finance Leases  
       
2024 $ 68,000  
2025   36,000  
Total undiscounted lease payments   104,000  
Less: Interest   2,000  
Present value of lease liabilities $ 102,000  
 
Current portion of finance lease liability $ 82,000  
Finance lease liability $ 20,000