Lease liability

12 Months Ended

Dec. 31, 2021

Lease Liability

Lease liability

9. Lease liability

The Company has an operating lease for office space that expires in 2022. Below is a summary of the Company’s lease liability as of December 31, 2021:

	Office lease
Balance, December 31, 2019	$	274,981
Addition		-
Interest expense		22,156
Lease payments		(123,098	)
Foreign exchange gain		2,568
Balance, December 31, 2020		176,607
Addition		-
Interest expense		12,696
Lease payments		(129,191	)
Foreign exchange loss		2,165
Balance, December 31, 2021		62,277

In addition to the minimum monthly lease payments of C$13,504, the Company is required to make additional monthly payments amounting to C$12,505 for certain variable costs. The schedule below represents the Company’s obligations under the lease agreement in Canadian dollars.

	Less than 1 year		1-2 years		2-3 years		Total
Base rent	$	81,025	$	-	$	-	$	81,025
Additional rent		75,030		-		-		75,030
	$	156,055	$	-	$	-	$	156,055

The monthly rental expenses are offset by rental income obtained through a series of short-term subleases held by the Company.