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RIGHT OF USE ASSET AND LEASE LIABILITY

12 Months Ended

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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- Definition

The entire disclosure for leases.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 16
-IssueDate 2024-01-01
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 16
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-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=16&code=ifrs-tx-2024-en-r&doctype=Standard&dita_xref=IFRS16_g51-60_TI
-URIDate 2024-03-27

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No definition available.

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