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Right-of-Use Assets and Lease Liabilities
 9 Months Ended
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