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v3.25.1

RIGHT OF USE ASSET AND LEASE LIABILITY (Tables) | 12 Months Ended
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Dec. 31, 2024
Notes and other explanatory information [abstract] |
SCHEDULE OF RIGHT OF USE ASSET AND LEASE LIABILITY | SCHEDULE OF RIGHT OF USE ASSET AND LEASE LIABILITY
Right of use asset |  | Building |
Cost |  |  |  |
Balance, January 1, 2022 |  | $ | 649,110 |
Lease modification |  |  | 81,542 |
Balance, December 31, 2022 |  |  | 730,652 |
Additions |  |  | 420,806 |
Balance, December 31, 2023 |  |  | 1,151,458 |
Right of use asset, cost, beginning |  |  | 1,151,458 |
Addition |  |  | 603,725 |
Lease modification |  |  | (439,568 | )
Effect of changes in foreign exchange rates |  |  | (7,749 | )
Balance, December 31, 2024 |  |  | 1,307,866 |
Right of use asset, cost, ending |  |  | 1,307,866 |
POET TECHNOLOGIES INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Expressed in US Dollars) 8. RIGHT OF USE ASSET AND LEASE LIABILITY (Continued)
Accumulated Amortization |  |  |
Balance, January 1, 2022 |  |  | 322,220 |
Amortization |  |  | 158,648 |
Effect of changes in foreign exchange rates |  |  | 8,737 |
Balance, December 31, 2022 |  |  | 489,605 |
Amortization |  |  | 180,602 |
Effect of changes in foreign exchange rates |  |  | (1,138 | )
Balance, December 31, 2023 |  |  | 669,069 |
Right of use asset, accumulated amortization, beginning |  |  | 669,069 |
Amortization |  |  | 214,165 |
Lease modification |  |  | (273,503 | )
Balance, December 31, 2024 |  |  | 609,731 |
Right of use asset, accumulated amortization, ending |  |  | 609,731 |
Carrying Amounts |  |  |  |
At December 31, 2022 |  | $ | 241,047 |
At December 31, 2023 |  | $ | 482,389 |
At December 31, 2024 |  | $ | 698,135 |
Carrying Amounts |  | $ | 698,135 |
Lease liability |  |  |  |
Balance, January 1, 2022 |  | $ | 359,348 |
Interest expense |  |  | 49,738 |
Lease modification |  |  | 81,542 |
Lease payments |  |  | (204,518 | )
Effect of changes in foreign exchange rates |  |  | (6,847 | )
Balance, December 31, 2022 |  |  | 279,263 |
Interest expense |  |  | 53,614 |
Additions |  |  | 424,021 |
Lease payments |  |  | (252,103 | )
Effect of changes in foreign exchange rates |  |  | 7,285 |
Balance, December 31, 2023 |  |  | 512,080 |
Lease liability, beginning |  |  | 512,080 |
Interest expense (1) |  |  | 90,041 |
Lease modification |  |  | (183,251 | )
Additions |  |  | 589,063 |
Lease payments |  |  | (255,953 | )
Effect of changes in foreign exchange rates |  |  | (9,562 | )
Balance, December 31, 2024 |  | $ | 742,418 |
Lease liability, ending |  | $ | 742,418 |
Less current portion |  | $ | 115,793 |
Long term portion |  | $ | 626,625 |
(1) |  | In addition to the non-cash interest of $90,041, the Company also incurred interest of $12,632 related to its financed insurance costs.

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