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Leases
 3 Months Ended
Mar. 31, 2024
Leases [Abstract]  
Leases

Note 6: Leases

 

In May 2023 US GoldMining Canada Inc. entered into a sublease agreement to lease a portion of an office premises in Vancouver, British Columbia with a term of 5.33 years. In September 2023 the headlease under which the company leased its office space was terminated by the landlord as it pertained to its sub-lessor. As a result, the sublease for the office space was terminated. In November 2023 US GoldMining Canada Inc. entered into a new lease directly with the landlord with a term of 4.88 years. As at March 31, 2024, the remaining lease term was 4.5 years and the discount rate was 11.34%.

 

Minimum future lease payments under operating lease with terms longer than one year are as follows:

 

      
Fiscal 2024   28,014 
Fiscal 2025   37,619 
Fiscal 2026   38,420 
Fiscal 2027   38,420 
Fiscal 2028   25,613 
Total lease payments   168,086 
Less: imputed interest   (33,875)
Present value of lease liabilities  $134,211 
      
Current portion of lease liabilities  $24,384 
Non-current portion of lease liabilities  $109,827 

 

 

U.S. GOLDMINING INC.

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited – Expressed in U.S. Dollars)

 

During the three months ended March 31, 2024, and 2023 and one month ended December 31, 2023, and 2022 total lease expenses include the following components:

 

   2024   2023   2023   2022 
   Three Months Ended March 31,   One Month Ended December 31 
   2024   2023   2023   2022 
Operating Leases  $9,135   $-   $3,057   $- 
Short-term Leases   1,050      -    350      - 
Total Lease Expenses  $10,185   $-   $3,407   $-