Right of Use Assets

9 Months Ended

Sep. 30, 2021

Right Of Use Assets

Right of Use Assets

Note 9 - Right of Use Assets

Sovryn has four (4) operating leases ranging from a period of 34 months to a period of 220.5 months. The annual interest rate used was 15%. As at September 30, 2021, the remaining right of use assets are as follows:

				Accumulated
		Amount		Amortization		Net
Tower lease - 1	174.5 mths	$	547,663	$	17,262	$	530,401
Tower lease - 2	94 mths		244,079		10,386		233,693
Generator lease	174.5 mths		109,507		3,452		106,055
Studio lease	220.5 mths		280,084		5,081		275,003
		$	1,181,333	$	36,181	$	1,145,152

The remaining lease liability at September 30, 2021 was $1,185,883. The current portion of the lease liability was $6,293 and the non-current portion of the lease liability was $1,179,590.

2022	$	183,807
2023		189,546
2024		195,543
2025		207,903
2026		214,960
Remaining		2,040,880
Lease obligations, net		3,032,639
Amt representing interest		1,846,756
		1,185,883
Less current portion		6,293
Non-current lease obligation	$	1,179,590