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LEASE LIABILITY | 12 Months Ended
--- | ---
Dec. 31, 2023
LEASE LIABILITY |
LEASE LIABILITY | 11.LEASE LIABILITY ​
​ | ​ | ​ | ​ | ​
​ |  | December 31, 2023 |  | December 31, 2022
​ | ​ | $ | ​ | $
Lease liabilities, beginning of the year |  | 2,731,394 |  | —
Lease additions |  | 1,035,000 |  | 3,213,404
Lease payments |  | (2,241,906) |  | (550,295)
Interest expense on lease liabilities |  | 301,098 |  | 68,285
Impact of FX translation |  | (214,443) |  | —
Lease liabilities, end of the year |  | 1,611,143 |  | 2,731,394
Current portion of lease liability (less than one year) |  | 1,611,143 |  | 1,365,697
Long-term lease liability (one to five years) |  | — |  | 1,365,697
​ Syringa Lodge On July 9, 2022, the Company executed a sales agreement (the “Lodge Agreement”) with Tuli Tourism Pty Ltd. (the “Seller”) for the Syringa Lodge (the “Lodge”) in Botswana. As per the Lodge Agreement, the aggregate purchase price payable to the Seller shall be the sum of $3,213,404 (BWP 30,720,000). A deposit of $482,011 (BWP 4,608,000) was paid on August 17, 2022. The balance is payable in two installments of $1,365,697 (BWP 13,056,000) on each of July 1, 2023 and August 1, 2024. The payment due on July 1, 2023 was made to the Seller. In addition to the above purchase price, the Company is required to pay to the Seller an agreed interest amount in twelve equal monthly instalments of $13,657 (BWP 130,560) followed by twelve equal monthly instalments of $6,828 (BWP 65,280). The implied discount rate for the arrangement is 6%. The Company recognized a finance lease for this lease. Drilling Equipment On March 14, 2023, the Company entered into a drilling equipment supply agreement (the “Equipment Agreement”) with Forage Fusion Drilling Ltd. (“Forage”) to purchase specific drilling equipment on a “rent to own” basis with the purchase price to be paid in monthly payments. As per the Equipment Agreement, the aggregate purchase price payable to Forage is $2,942,000. A deposit of $1,700,000 was paid in March 2023. The balance is payable in twelve equal monthly instalments of $103,500. The equipment arrived at the site in July 2023. Based on the stated equipment purchase price of $2,735,000 and monthly installments, the implied interest rate for the arrangement is 35%. The Company recognized a finance lease for this lease. The following table presents lease cost and other supplemental lease information: ​
​ | ​ | ​ | ​ | ​
​ | ​ | December 31, | ​ | December 31,
​ |  | 2023 |  | 2022
​ | ​ | $ | ​ | $
Finance lease cost: | ​ |  |  |
Amortization of right-of-use assets | ​ | 204,434 |  | 51,124
Interest expense on lease liabilities | ​ | 301,098 |  | 68,285
Cash paid for finance lease liabilities | ​ | (2,241,906) |  | (550,295)
​

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- Definition The entire disclosure for finance leases of lessee. Includes, but is not limited to, description of lessee's finance lease and maturity analysis of finance lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/842-20/tableOfContent + Details
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