LEASES

3 Months Ended

Mar. 31, 2023

Leases

LEASES

10. LEASES

The Company has entered into an operating lease for office space. As at March 31, 2023, the remaining lease term is seven years and the discount rate is 7.0%. The Company has no finance leases.

The components of lease expenses were as follows:

	Three months ended March 31, 2023		Three months ended March 31, 2022
Operating lease cost	$	72,643	$	76,354
Short-term lease cost		3,437		4,583
Total lease expenses	$	76,080	$	80,937

The minimum future payments under the lease for our continuing operations in each of the years ending December 31 is as follows:

Remaining 2023	$	203,830
2024		280,637
2025		296,591
2026		296,591
2027		296,591
Subsequent years		519,034
Total minimum lease payments		1,893,274
Less: imputed interest		(411,966	)
Total lease liability		1,481,308
Current portion of lease liability		(272,659	)
Non-current portion of lease liability	$	1,208,649