Leases

12 Months Ended

Dec. 31, 2023

Notes and other explanatory information [abstract]

Leases

11. Leases

The Company leases certain assets under lease agreements. During the year ended December 31, 2023, the Company entered into three new office leases in Turkey, commencing January 1, 2023, February 15, 2023 and March 1, 2023, respectively. The leases all have a five-year term.

The Company used an incremental borrowing rate (“IBR”) of 35% in determining its lease liabilities. The IBR was derived from the Company’s assessment of its borrowings in Turkey.

Lease liability	December 31, 2023			December 31, 2022
Beginning balance	$	8,609		$	15,324
Additions, cost		236,201			-
Interest expense		53,831			1,378
Lease payments		(85,271	)		(5,499	)
Currency translation adjustment		(2,458	)		(2,594	)
Termination of lease		(69,217	)		-
Ending balance	$	141,695		$	8,609

As at December 31, 2023, the Company’s lease liability is as follows:

Lease liability	December 31, 2023		December 31, 2022
Current portion of lease liability	$	19,637	$	4,057
Long-term portion of lease liability		122,058		4,552
	$	141,695	$	8,609

Future minimum lease payments to be paid by the Company as a lessee as of December 31, 2023 are as follows:

Operating lease commitments and lease liability
2024	$	58,919
2025		57,488
2026		59,163
2027		60,921
Total future minimum lease payments		236,491
Discount		(94,796	)
Total	$	141,695

During the year ended December 31, 2023, $33,743 (2022 - $42,118) of short-term leases were expensed to the consolidated statements of income (loss) and comprehensive income (loss).