10. LOANS PAYABLE

		December 31,			December 31,
		2022			2021

Balance at the beginning of the year	$	10,494		$	9,672
Net proceeds from software and equipment financing		9,070			4,399
Finance cost		726			650
Repayments of principal		(5,054	)		(3,563	)
Repayments of finance costs		(726	)		(611	)
Effects of movements in exchange rates		-			(53	)
Balance at the end of the year	$	14,510		$	10,494

Statements of Financial Position presentation
Current loans payable	$	6,041		$	4,128
Non-current loans payable		8,469			6,366
Total	$	14,510		$	10,494

The Company currently has financing arrangements for equipment totaling $26,612, with terms ranging from one to four years. The agreements require either monthly or quarterly payments of principal and interest with a weighted-average interest rate of 6.6%.

The equipment financing is secured by the underlying equipment purchased and is subject to various non-financial covenants and as at December 31, 2022 the Company was in compliance with these covenants. As at December 31, 2022, the net book value of equipment includes $24,379 (December 31, 2021 - $16,100) of equipment pledged as security for the equipment financing.