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

Lease obligation

v3.24.1.1.u2
Lease obligation
12 Months Ended
Dec. 31, 2023
Lease obligation  
Lease obligation

11.Lease obligation

The Company has entered into an office lease expiring in 2024, with an imputed interest rate of 8% per annum. A reconciliation of the outstanding lease obligation as at December 31, 2023 is as follows:

    

$

Balance, December 31, 2021

Additions

114,588

Lease payments

(36,989)

Balance, December 31, 2022

77,599

Lease payments

(66,089)

Balance, December 31, 2023

11,510

The following is a schedule of the Company’s future minimum lease payments related to the office lease obligation:

    

December 31,

December 31,

2023

2022

$

$

2023

69,769

2024

11,628

11,628

Total minimum lease payments

11,628

81,397

Less: imputed interest

(118)

(3,798)

Total present value of minimum lease payments

11,510

77,599

Less: current portion

(11,510)

(66,090)

Non-current portion

11,509