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LEASES
9 Months Ended
Sep. 30, 2023
Leases  
LEASES

13. LEASES

 

The Company entered an operating lease for office space. As at September 30, 2023, the remaining lease term is six years and the discount rate is 7.0%. The Company has no finance leases.

 

The components of lease expenses were as follows:

 

  

Nine months ended

September 30, 2023

  

Nine months ended

September 30, 2022

 
Operating lease cost  $219,018   $226,098 
Short-term lease cost   3,517    12,630 
Total lease expenses  $222,535   $238,728 

 

The minimum future annual payments under the lease for our continuing operations as at September 30 is as follows:

 

      
Remaining 2023  $68,896 
2024   280,907 
2025   296,876 
2026   296,876 
2027   296,876 
Subsequent years   519,533 
Total minimum lease payments   1,759,964 
Less: imputed interest   (361,688)
Total lease liability   1,398,276 
Current portion of lease liability   (275,584)
Non-current portion of lease liability  $1,122,692 

 

On November 1, 2023, the Company terminated its operating lease of its office space and entered in to a short-term lease.