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LEASE LIABILITIES
 6 Months Ended
Jun. 30, 2023
LEASE LIABILITIES

13. LEASE LIABILITIES

 

The Company leases certain assets under lease agreements. The lease liabilities consist of leases of facilities and vehicles with terms ranging from one to five years. The leases are calculated using incremental borrowing rates ranging from 7.5% to 13.25%. Extension options are included in a majority of the leases with options that are only exercisable by the Company and not the other party.

 

As at  Total 
Balance at December 31, 2021  $489,123 
Interest expense   39,795 
Lease payments   (150,275)
Balance at December 31, 2022   378,643 
Additions   744,000 
Interest expense   49,054 
Lease payments   (76,972)
Balance at June 30, 2023  $1,094,725 

 

Which consists of:

 

   June 30, 2023   December 31, 2022 
Current lease liability  $493,885   $133,962 
Non-current lease liability   600,840    244,681 
Ending balance  $1,094,725   $378,643 

 

 

Maturity analysis  Total 
Less than one year  $543,895 
One to three years   465,170 
Four to five years   214,803 
Total undiscounted lease liabilities   1,223,868 
Amount representing interest   (129,143)
Lease liability  $1,094,725 

 

 

Draganfly Inc.

Notes to the Condensed Consolidated Interim Financial Statements

For the Three and Six Months Ended June 30, 2023

Expressed in Canadian Dollars (unaudited)