Quarterly report pursuant to Section 13 or 15(d)

COMMITMENTS AND CONTINGENCIES

v3.22.2.2
COMMITMENTS AND CONTINGENCIES
 9 Months Ended
Sep. 30, 2022
Commitments and Contingencies Disclosure [Abstract]  
COMMITMENTS AND CONTINGENCIES

11. COMMITMENTS AND CONTINGENCIES

 

Lease commitment

 

The Company entered an operating lease for office space. The minimum future payments under the lease for our continuing operations in each of the years ending December 31 is as follows:

 

         
Remaining 2022   $ 66,677  
2023     267,886  
2024     277,074  
2025     292,826  
2026     292,826  
Subsequent years     805,272  
Total minimum lease payments     2,002,561  
Less: imputed interest     (481,693 )
Total lease liability     1,520,868  
Current portion of lease liability     (244,358 )
Non-current portion of lease liability   $ 1,276,510  

 

Debenture principal repayments

 

The following table summarizes the future principal payments related to our outstanding debt as of September 30, 2022:

 

         
2022   $ 1,683,000  
2023     6,732,000  
2024     4,338,000  
Long Term Debt   $ 12,753,000  

 

 

Contingencies

 

Litigation

 

As at September 30, 2022, the Company had no contingencies to disclose.