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RIGHT-OF-USE ASSETS

12 Months Ended

Dec. 31, 2021

RIGHT-OF-USE ASSETS.

RIGHT-OF-USE ASSETS

8. RIGHT-OF-USE ASSETS

The Company leases certain assets under lease agreements. The lease liabilities consists of residential, office and equipment leases. The leases are non-interest bearing and expiry dates for these leases range from May 2022 to November 2041. The related lease liabilities were measured at the present value of the remaining lease payments discounted using an incremental borrowing rate of 12% upon commencement of the lease.

As at December 30, 2021 and 2020, the Company’s right-of use assets were as follows:

​

​	​	​
​		Total
​	​	$
Cost	​
Balance at January 1, 2020	​	—
Additions	​	85,532
Balance at December 31, 2020	​	85,532
Additions	​	141,633
Balance at December 31, 2021	​	227,165
Accumulated Depreciation	​
Balance at January 1, 2020	​	—
Depreciation	​	31,497
Balance at December 31, 2020	​	31,497
Depreciation	​	98,410
Balance at December 31, 2021	​	129,907
Carrying Amount	​
At December 31, 2020	​	54,035
At December 31, 2021	​	97,258

​

As at December 30, 2021 and 2020, the Company’s lease liabilities were as follows:

​

​	​	​	​	​	​	​
Lease liability		December 31, 2021			December 31, 2020
Current portion	​	$	54,250	​	$	53,201
Non-current portion	​		46,600	​		—
Total lease liabilities	​	$	100,850	​	$	53,201

​

​

8. RIGHT-OF-USE ASSETS (continued)

A Reconciliation of debt arising from lease liabilities is as follows:

​

​	​	​	​	​	​	​
​		December 31, 2021		​	December 31, 2020
Lease liabilities beginning of year	​	$	53,201	​	$	—
Additions to lease liabilities	​		141,633	​		85,532
Principal payments on lease liabilities	​		(93,984)	​		(32,331)
​	​	$	100,850	​	$	53,201

​

As at December 30, 2021 and 2020, the Company is committed to minimum lease payments as follows:

​

​	​	​	​	​	​	​
Maturity analysis		December 31, 2021		​	December 31, 2020
Less than one year	​	$	62,517	​	$	53,201
One to five years	​		22,130	​		—
More than five years	​		106,187	​		—
Total undiscounted lease liabilities	​	$	190,835	​	$	53,201

​

​	​	​	​	​	​	​
Amounts recognized in profit or loss		December 31, 2021			December 31, 2020
Interest on lease liabilities	​	$	6,516	​	$	3,544
Expenses related to short-term leases	​	$	—	​	$	—

​

​	​	​	​	​	​	​
Amounts recognized in the statement of cash flows		December 31, 2021			December 31, 2020
Principal payments on lease liabilities	​	$	93,983	​	$	32,331
Total cash outflows for leases	​	$	100,499	​	$	35,875

​

X

- Definition

The entire disclosure for leases.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 16
-IssueDate 2021-01-01
-Section Presentation
-URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&num=16&code=ifrs-tx-2021-en-r&doctype=Standard&dita_xref=IFRS16_g47-50_TI
-URIDate 2021-03-24

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 16
-IssueDate 2021-01-01
-Section Disclosure
-URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&num=16&code=ifrs-tx-2021-en-r&doctype=Standard&dita_xref=IFRS16_g51-60_TI
-URIDate 2021-03-24

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X

- References

No definition available.

+ Details

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