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LEASE LIABILITES
 12 Months Ended
Dec. 31, 2023
Lease Liabilites  
LEASE LIABILITES

13. LEASE LIABILITES

 

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 11.7% to 13.3%.

 

   Total 
Balance at December 31, 2021  $489,123 
Interest expense   39,795 
Lease payments   (150,275)
Balance at December 31, 2022   378,643 
Interest expense   96,423 
Additions   734,903 
Lease payments   (423,410)
Foreign exchange   3,464 
Balance at December 31, 2023  $790,023 

 

Which consists of:        
         
   December 31, 2023   December 31, 2022 
Current lease liability  $362,001   $133,962 
Non-current lease liability   428,022    244,681 
Ending balance  $790,023   $378,643 

 

Maturity analysis  December 31, 2023   December 31, 2022 
Less than one year  $429,948   $147,340 
One to three years   355,879    209,078 
Four to five years   141,519    83,850 
Total undiscounted lease liabilities   927,346    440,268 
Amount representing interest   (137,323)   (61,625)
Lease liability  $790,023   $378,643 

 

Variable lease payments of $43,542 (2022 - $22,539) have been recognized in profit and loss.

 

 

Draganfly Inc.

Notes to the Consolidated Financial Statements

For the Year Ended December 31, 2023

Expressed in Canadian Dollars