Operating lease liability

3 Months Ended

Mar. 31, 2019

13. Operating lease liability

As noted under note 8, Operating lease right-of-use asset, the Company has recognized an operating lease right-of-use asset and a related operating lease liability, effective January 1, 2019, based on the present value of lease payments over the lease term that expires on March 31, 2034, calculated to be $217,755 ($297,074 CAD) which were included in the interim condensed consolidated balance sheet.

As at March 31, 2019, the minimum lease payments, as calculated under the new lease guidance and reconciled to the operating lease liability are as follows:

In the nine-month period ending December 31, 2019	$	27,687
In the year ending December 31, 2020		34,422
In the year ending December 31, 2021		34,422
In the year ending December 31, 2022		34,422
In the year ending December 31, 2023		34,422
Thereafter		291,089
		456,464
Less: imputed interest		(235,264	)
Present value of minimum lease payments		221,200
Less: current portion of operating lease liability		(11,430	)
Long-term portion of operating lease liability	$	209,770

During the three-month period ending March 31, 2019, the Company incurred interest of $6,679 ($8,879 CAD) (2018-$nil; $nil CAD) on the operating lease liability.