Right-of-use assets

12 Months Ended

Dec. 31, 2022

Dec. 31, 2021

Right-of-use Assets

Right-of-use Assets

10.     Right-of-use Assets

On August 1, 2022, the Company entered into a lease agreement for an office space with a monthly lease payment of $20,000 over a period of two years. The right-of-use assets recognized was measured at an amount equal to the recognized lease liabilities (note 13).

The details of the right-of-use assets recognized as at December 31, 2022 are as follows:

	Land lease		Office lease		Total
Balance, December 31, 2020	$	2,199,779	$	—	$	2,199,779
Additions		—		—		—
Amortization		(115,183)		—		(115,183)
Movement in exchange rates		(175,719)		—		(175,719)
Balance, December 31, 2021		1,908,877		—		1,908,877
Additions		—		432,335		432,335
Amortization		—		(88,764)		(88,764)
Amortization – Bophelo		(55,041)		—		(55,041)
Impact of loss of control of Bophelo Bio Science & Wellness (Pty) Ltd.		(1,745,205)		—		(1,745,205)
Movement in exchange rates		(108,631)		(19,501)		(128,132)
Balance, December 31, 2022	$	—	$	324,070	$	324,070

During the year ended December 31, 2022, the Company recorded amortization on its right-of-use assets of $143,805 (2021 - $115,183) of which $55,041 was related to discontinued operations. As at December 31, 2022, the Company derecognized right-of-use assets with a net book value of $1,745,205 in connection with the loss of control of Bophelo Bio & Wellness (Pty) Ltd (note 5).

7.     Right-of-use assets

	Land lease
Balance, December 31, 2019	$	2,409,934
Additions		—
Amortization		(56,292)
Movement in exchange rates		(153,863)
Balance, December 31, 2020	$	2,199,779
Additions		—
Amortization		(115,183)
Movement in exchange rates		(175,719)
Balance, December 31, 2021	$	1,908,877