Right-of-Use Assets and Lease Obligations

6 Months Ended

Sep. 30, 2019

Leases [Abstract]

Right-of-Use Assets and Lease Obligations

9. RIGHT-OF-USE ASSETS AND LEASE OBLIGATIONS

The Company has one operating lease primarily for office and administration.

The Company adopted ASC 842 – Leases using the modified retrospective cumulative catch-up approach beginning on April 1, 2019. Under this approach, the Company did not restate its comparative amounts and recognized a right-of-use asset equal to the present value of the future lease payments. The Company elected to apply the practical expedient to only transition contracts which were previously identified as leases, and also elected to not recognize right-of-use assets and lease obligations for leases of low value assets.

When measuring the lease obligations, the Company discounted lease payments using its incremental borrowing rate at April 1, 2019. The weighted-average-rate applied is 10%.

	$
Right-of-use asset - initial recognition		413,236
Depreciation for the period		(49,588	)
Balance as of September 30, 2019		363,648
Lease obligation - initial recognition		413,236
repayment		(55,854	)
Interest accretion		9,320
Balance as of September 30, 2019		366,702
Current portion of operating lease liability		199,710
Noncurrent portion of operating lease liability		166,992

The following table represents the contractual undiscounted cash flows for lease obligations as at September 30, 2019.

	$
Less than one year		225,092
Beyond one year		172,589
Total undiscounted lease obligations		397,681