Lease obligations |
13. Lease obligations
The lease obligations as at December 31, 2022 and 2021, are as follows:
|
|
$ |
|
Balance - December 31, 2020 |
|
125,962 |
|
Additions |
|
179,755 |
|
Add: Interest Expense |
|
9,349 |
|
Less: Lease Payments |
|
(57,566 |
) |
Effects of foreign exchange |
|
(2,144 |
) |
Balance - December 31, 2021 |
|
255,356 |
|
Additions |
|
98,648 |
|
Add: Interest Expense |
|
19,062 |
|
Less: Lease Payments |
|
(143,071 |
) |
Effects of foreign exchange |
|
(14,121 |
) |
Balance - December 31, 2022 |
|
215,874 |
|
|
|
|
|
Current |
|
177,870 |
|
Non-current |
|
38,004 |
|
Balance - December 31, 2022 |
|
215,874 |
|
Lease obligations are related to the Company's office leases.
The following table sets out a maturity analysis of the lease payments payable, showing the undiscounted lease payments to be paid on an annual basis, reconciled to the lease obligation.
|
|
$ |
|
Less than one year |
|
188,365 |
|
One to two years |
|
38,929 |
|
Thereafter |
|
- |
|
Total undiscounted lease payments payable |
|
227,294 |
|
Less: impact of present value |
|
(11,420 |
) |
Balance - December 31, 2022 |
|
215,874 |
|
|