OPERATING LEASE RIGHT-OF-USE ASSETS AND LEASE OBLIGATIONS

3 Months Ended

Jun. 30, 2024

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 is 11.4%.

	Fiscal Year 2024			Fiscal Year 2023
Right of Use Asset	$			$
Beginning balance at March 31		1,221,593			1,587,492
New leases		—			—
Amortization		(97,577	)		(87,801	)
Ending balance at June 30		1,124,016			1,499,691

	2024			2023
Lease Liability	$			$
Beginning balance at March 31		1,386,486			1,722,095
New leases		—			—
Repayment and interest accretion, net		(108,080	)		(94,074	)
Ending balance at June 30		1,278,406			1,628,021

BIOTRICITY INC.

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

JUNE 30, 2024 (Unaudited)

(Expressed in US dollars)

	June 30, 2024		March 31, 2024
Lease Liability	$		$
Current portion of operating lease liability		475,026		457,371
Noncurrent portion of operating lease liability		803,380		929,115

The operating lease expense was $148,885 for the three months ended June 30, 2024 (2023: $138,734) and included in the selling, general and administrative expenses. Operating cash flows from operating leases amounted to $145,338 and $141,105 during the three months ended June 30, 2024 and June 30, 2023, respectively.

The following table represents the contractual undiscounted cash flows for lease obligations as at June 30, 2024:

Calendar year	$
2024		552,293
2025		600,288
2026		565,359
Total undiscounted lease liability		1,717,940
Less imputed interest		(439,534	)
Total		1,278,406