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RIGHT OF USE ASSET AND LEASE LIABILITY | 12 Months Ended
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Dec. 31, 2024
Notes and other explanatory information [abstract] |
RIGHT OF USE ASSET AND LEASE LIABILITY | 8. RIGHT OF USE ASSET AND LEASE LIABILITY The Company recognizes a lease liability and right of use asset relating to its commercial leases. The lease liability is measured at the present value of the remaining lease payments, discounted using the Company’s incremental borrowing rate, ranging from 12% - 16%. 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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