OPERATING LEASE RIGHT-OF-USE ASSETS AND LEASE OBLIGATIONS

12 Months Ended

Mar. 31, 2022

Operating Lease Right-of-use Assets And Lease Obligations

OPERATING LEASE RIGHT-OF-USE ASSETS AND LEASE OBLIGATIONS

12. OPERATING LEASE RIGHT-OF-USE ASSETS AND LEASE OBLIGATIONS

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

As of December 1, 2021, the Company entered into a new lease agreement. The Company paid $85,000 deposit that would be returned at the end of the lease.

When measuring the lease obligations, the Company discounted lease payments using its incremental borrowing rate. The weighted-average-rate applied is 11.4%.

	$
Operating lease right-of-use asset - initial recognition		1,308,731
Amortization		(66,031	)
Balance at March 31, 2022		1,242,700
Operating lease obligation - initial recognition		1,308,730
Repayment and interest accretion		21,608
Balance at March 31, 2022		1,330,338
Current portion of operating lease obligation		210,320
Noncurrent portion of operating lease obligation		1,120,018

The operating lease expense was $293,888 for the year ended March 31, 2022 (2021: $213,826) and included in the general and administrative expenses.

The following table represents the contractual undiscounted cash flows for lease obligations as at March 31, 2022.

	$
Less than one year		348,565
Beyond one year		1,368,654
Total undiscounted lease obligations		1,717,219