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Right-of-Use Assets and Lease Liabilities | 9 Months Ended
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Sep. 30, 2023
Right-of-Use Assets and Lease Liabilities [Abstract] |
Right-of-Use Assets and Lease Liabilities |
| 7. | Right-of-Use Assets and Lease Liabilities
The Company 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.
|  | September 30, 2023 |  |  | December 31, 2022 |
|  |  |  |  | Accumulated |  |  |  |  |  | Accumulated |
|  | Cost |  |  | Depreciation |  |  | Cost |  |  | Depreciation |
Right-of-use assets |  | $ | 2,896,409 |  |  | $ | (1,052,024 | ) |  | $ | 1,926,936 |  |  | $ | (570,482 | )
Net book value |  |  |  |  |  | $ | 1,844,385 |  |  |  |  |  |  | $ | 1,356,454 |
Operating lease costs for the three and nine months ended September 30, 2023 were $222,696 and $552,706, respectively (three and nine months ended September 30, 2022 - $153,166 and $412,063) and are included in general and administration expenses in the condensed consolidated interim statement of operations. As of September 30, 2023, the weighted-average remaining lease term and weighted-average incremental borrowing rate for the operating leases were 2.79 years and 6.25%, respectively (December 31, 2022 – 3.59 years and 2.43%). The following shows the undiscounted cash flows for the remaining years under the lease arrangement as of September 30, 2023.
2023 |  | $ | 207,689 |
2024 |  |  | 712,393 |
2025 |  |  | 626,282 |
2026 |  |  | 480,067 |
2027 |  |  | 26,052 |
|  |  | 2,052,483 |
Less: imputed interest* |  |  | (130,450 | )
|  |  | 1,922,033 |
Current portion |  | $ | 670,789 |
Long-term portion |  | $ | 1,251,244 |
* | Imputed interest represents the difference between undiscounted cash flows and discounted cash flows

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- Definition The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//842-20/tableOfContent + Details
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