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Right-of-Use Assets and Lease Liabilities
 3 Months Ended
Mar. 31, 2023
Right-of-Use Assets and Lease Liabilities [Abstract]  
Right-of-Use Assets and Lease Liabilities
6.Right-of-Use Assets and Lease Liabilities

 

The Group leases several facilities under non-cancelable operating leases with no right of renewal. Our leases have original lease periods expiring between 2023 and 2027. The lease agreements generally do not contain any material residual value guarantees or material restrictive covenants.

 

   March 31, 2023   December 31, 2022 
       Accumulated       Accumulated 
   Cost   Depreciation   Cost   Depreciation 
Right-of-use assets  $1,882,744   $715,841   $1,926,936   $570,482 
Net book value       $1,166,903        $1,356,454 

 

Operating lease costs were $152,818 and $105,659 for the three months ended March 31, 2023 and 2022, respectively, and are included in general and administration expenses in the condensed consolidated interim statement of comprehensive loss.

 

As of March 31, 2023 the weighted-average remaining lease term and weighted-average incremental borrowing rate for the operating leases were 3.18 years and 2.24%, respectively (December 31, 2022 – 3.26 years and 2.35%).

 

The following table shows the undiscounted cash flows for the remaining years under the lease arrangement as at March 31, 2023.

 

2023   $431,771 
2024    255,064 
2025    258,426 
2026    261,848 
2027    25,963 
     1,233,072 
Less: imputed interest*     5,018 
     1,228,054 
Current portion   $485,229 
Long-term portion   $742,825 

 

*Imputed interest represents the difference between undiscounted cash flows and discounted cash flows