OPERATING LEASE RIGHT-OF-USE ASSETS AND LEASE OBLIGATIONS

3 Months Ended

Jun. 30, 2023

Operating Lease Right-of-use Assets And Lease Obligations

OPERATING LEASE RIGHT-OF-USE ASSETS AND LEASE OBLIGATIONS

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

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

During December 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. In December 2022, the Company started a new lease with an additional suite in the same premise as the existing lease.

When measuring the lease obligations, the Company discounted lease payments using its incremental borrowing rate. The weighted-average-rate applied was 11.4% as of June 30, 2023 and March 31, 2023. The weighted average remaining lease term as of June 30, 2023 and March 31, 2023 was 3.42 years and 3.67 years, respectively.

	2023			2022
Right of Use Asset	$			$
Beginning balance at March 31		1,587,492			1,242,700
New leases		—			—
Amortization		(87,801	)		(50,531	)
Ending balance at June 30		1,499,691			1,192,169

	2023			2022
Lease Liability	$			$
Beginning balance at March 31		1,722,095			1,330,338
New leases		—			—
Repayment and interest accretion, net		(94,074	)		(49,510	)
Ending balance at June 30		1,628,021			1,280,828

BIOTRICITY INC.

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

JUNE 30, 2023 (Unaudited)

(Expressed in US dollars)

	June 30, 2023		March 31, 2023
Lease Liability	$		$
Current portion of operating lease liability		349,616		335,608
Noncurrent portion of operating lease liability		1,278,405		1,386,487

The operating lease expense was $138,734 and $121,735 for the three months ended June 30, 2023 and 2022, respectively, and included in the selling, general and administrative expenses. Operating cash flows from operating leases amounted to $141,105 and $86,279 during the three months periods ending June 30, 2023 and 2022, respectively.

The following table represents the contractual undiscounted cash flows for lease obligations as at June 30, 2023:

Calendar year	$
2023		253,109
2024		552,293
2025		600,288
2026		565,359
Total undiscounted lease liability		1,971,049
Less imputed interest		(343,028	)
Total		1,628,021