|
10.
LEASES
The
Company has entered into an operating lease for office space. As at March 31, 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
| |
|
Three months ended March 31, 2023
|
|
|
Three months ended March 31, 2022
|
|
| Operating lease cost |
|
$ |
72,643 |
|
|
$ |
76,354 |
|
| Short-term lease cost |
|
|
3,437 |
|
|
|
4,583 |
|
| Total lease expenses |
|
$ |
76,080 |
|
|
$ |
80,937 |
|
The
minimum future payments under the lease for our continuing operations in each of the years ending December 31 is as follows:
SCHEDULE
OF FUTURE PAYMENTS UNDER LEASE
| |
|
|
|
|
| Remaining 2023 |
|
$ |
203,830 |
|
| 2024 |
|
|
280,637 |
|
| 2025 |
|
|
296,591 |
|
| 2026 |
|
|
296,591 |
|
| 2027 |
|
|
296,591 |
|
| Subsequent years |
|
|
519,034 |
|
| Total minimum lease payments |
|
|
1,893,274 |
|
| Less: imputed interest |
|
|
(411,966 |
) |
| Total lease liability |
|
|
1,481,308 |
|
| Current portion of lease liability |
|
|
(272,659 |
) |
| Non-current portion of lease liability |
|
$ |
1,208,649 |
|
|