Annual and transition report of foreign private issuers pursuant to Section 13 or 15(d)

Lease Obligations and Commitments

v3.23.1
Lease Obligations and Commitments
 12 Months Ended
Dec. 31, 2022
Lease Obligations and Commitments [abstract]  
LEASE OBLIGATIONS AND COMMITMENTS
19. LEASE OBLIGATIONS AND COMMITMENTS

 

Lease Liabilities

 

    $  
Lease liabilities recognized as of January 1, 2021     641,251  
Lease payments made     (251,383 )
Interest expense on lease liabilities     39,836  
Foreign exchange adjustment     (61,820 )
Lease liabilities recognized as of January 1, 2022     367,884  
Lease payments made     (260,184 )
Interest expense on lease liabilities     20,860  
      128,560  
Less: current portion     (128,560 )
At December 31, 2022 – non-current portion     0  

 

On August 1, 2015, the Company entered into a cost sharing arrangement agreement for the provision of office space and various administrative services. In May of 2018, the Company extended the cost sharing arrangement to July of 2022 at a monthly fee of CAD $7,000 plus GST per month.

 

On September 6, 2017, the Company entered into a rental agreement for office space in Los Angeles, California. Under the terms of the agreement the Company will pay $17,324 per month commencing on October 1, 2017 until June 30, 2023.

 

Year   Amount  
    ($)  
2023     131,576