OPERATING LEASE RIGHT-OF-USE ASSETS AND LEASE OBLIGATIONS

12 Months Ended

Mar. 31, 2024

Operating Lease Right-of-use Assets And Lease Obligations

OPERATING LEASE RIGHT-OF-USE ASSETS AND LEASE OBLIGATIONS

12. OPERATING LEASE RIGHT-OF-USE ASSETS AND LEASE OBLIGATIONS

The Company has one operating lease primarily for office and administration.

During December 2021, the Company entered into a new lease agreement. The Company paid $85,000 deposit that would be returned at the end of the lease. In December 2022, the Company started a new lease with an additional suite in the same premise as the existing lease.

When measuring the lease obligations, the Company discounted lease payments using its incremental borrowing rate. The weighted-average-rate applied is 11.4%.

	2024			2023
Right of Use Asset	$			$
Beginning balance at March 31		1,587,492			1,242,700
New leases		-			685,099
Amortization		(365,899	)		(340,307	)
Ending balance at March 31		1,221,593			1,587,492

	2024			2023
Lease Liability	$			$
Beginning balance at March 31		1,722,095			1,330,338
New leases		-			685,099
Repayment and interest accretion		(335,609	)		(293,342	)
Ending balance at March 31		1,386,486			1,722,095
Current portion of operating lease liability		457,371			335,608
Noncurrent portion of operating lease liability		929,115			1,386,487

The operating lease expense was $564,167 for the year ended March 31, 2024 (2023: $405,496) and included in the selling, general and administrative expenses. Operating cash flows from operating leases amounted to $509,041 and $341,558 during the years ended March 31, 2024 and March 31, 2023, respectively.

The following table represents the contractual undiscounted cash flows for lease obligations as at March 31, 2024:

Calendar year	$
2024		552,293
2025		600,288
2026		565,359
2027 and beyond		-
Total undiscounted lease liability		1,717,940
Less imputed interest		(331,454	)
Total		1,386,486

BIOTRICITY INC.

Notes to Consolidated Financial Statements

Years ended March 31, 2024 and 2023

(Expressed in US Dollars)