|
11.
LEASES
The
Company entered an operating lease for office space. As at June 30, 2023, the remaining lease term is seven years and the discount
rate is 7.0%. The Company has no finance leases.
The
components of lease expenses were as follows:
SCHEDULE OF LEASE EXPENSES
| |
|
Six
months ended June
30, 2023
|
|
|
Six
months ended June
30, 2022
|
|
| Operating lease cost |
|
$ |
145,795 |
|
|
$ |
152,072 |
|
| Short-term lease cost |
|
|
3,479 |
|
|
|
7,363 |
|
| Total lease expenses |
|
$ |
149,274 |
|
|
$ |
159,435 |
|
The
minimum future annual payments under the lease for our continuing operations as at June 30 is as
follows:
SCHEDULE OF FUTURE PAYMENTS UNDER LEASE
| |
|
|
|
|
| Remaining 2023 |
|
$ |
139,347 |
|
| 2024 |
|
|
286,847 |
|
| 2025 |
|
|
303,155 |
|
| 2026 |
|
|
303,155 |
|
| 2027 |
|
|
303,155 |
|
| Subsequent years |
|
|
530,521 |
|
| Total minimum lease payments |
|
|
1,866,180 |
|
| Less: imputed interest |
|
|
(394,835 |
) |
| Total lease liability |
|
|
1,471,345 |
|
| Current portion of lease
liability |
|
|
(280,052 |
) |
| Non-current portion
of lease liability |
|
$ |
1,191,293 |
|
|