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

Lease Obligations and Commitments

v3.22.2.2
Lease Obligations and Commitments
 12 Months Ended
Dec. 31, 2021
Lease Obligations And Commitments Abstract  
LEASE OBLIGATIONS AND COMMITMENTS
19. LEASE OBLIGATIONS AND COMMITMENTS

 

Lease Liabilities

 

    $  
Lease liabilities recognized as of January 1, 2020     865,076  
Lease payments made     (305,023 )
Interest expense on lease liabilities     60,112  
Foreign exchange adjustment     21,086  
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 )
      367,884  
Less: current portion     (239,323 )
At December 31, 2021     128,560  

 

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, USA. 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  
    ($)  
2022     260,185  
2023     131,576