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Note 4 - Leases | 9 Months Ended
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Dec. 31, 2023
Statement Line Items [Line Items] |
Disclosure of leases [text block] |
4. | LEASES
For the period ending December 31, 2023, interest expense on our lease obligation was $1,427 (2022 - $8,097). The lease term matured on December 31, 2023. The below tables show the continuity of lease obligation and the reconciliation between the undiscounted and discounted balances:
Lease obligation, March 31, 2022 |  | $ | 96,340 |
Interest expense |  |  | 9,673 |
Payments made |  |  | (71,627 | )
Lease obligation, March 31, 2023 |  |  | 34,386 |
Interest expense |  |  | 1,427 |
Payments made |  |  | (35,813 | )
Lease obligation, December 31, 2023 |  |  | - |
Current portion |  |  | - |
Non-current portion |  | $ | - |
FOREMOST LITHIUM RESOURCE & TECHNOLOGY LTD. NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS (Expressed in Canadian dollars) (Unaudited – Prepared by Management) For the nine months ended December 31, 2023
4. | LEASES (cont’d...)
The weighted average incremental borrowing rate applied to the lease liabilities on April 1, 2019 was 15%. During the period ended December 31, 2023, the Company recognized a gain on sublease of $2,962 (2022 - $4,295). For the period ended December 31, 2023, finance income of the net investment in sublease was $1,314 (2022 - $7,432). The sublease term matured on December 31, 2023. The below table shows the continuity of net investment in sublease and the reconciliation between the undiscounted and discounted balances:
Net investment in sublease, March 31, 2022 |  | $ | 88,360 |
Finance income |  |  | 8,879 |
Payments received |  |  | (65,702 | )
Net investment in sublease, March 31, 2023 |  |  | 31,537 |
Finance income |  |  | 1,314 |
Payments received |  |  | (32,851 | )
Net investment in sublease, December 31, 2023 |  |  | - |
Current portion |  |  | - |
Non-current portion |  | $ | - |
FOREMOST LITHIUM RESOURCE & TECHNOLOGY LTD. NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS (Expressed in Canadian dollars) (Unaudited – Prepared by Management) For the nine months ended December 31, 2023

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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 2023-01-01 -Section Presentation -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=16&code=ifrs-tx-2023-en-r&doctype=Standard&dita_xref=IFRS16_g47-50_TI -URIDate 2023-03-23 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Name IFRS -Number 16 -IssueDate 2023-01-01 -Section Disclosure -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=16&code=ifrs-tx-2023-en-r&doctype=Standard&dita_xref=IFRS16_g51-60_TI -URIDate 2023-03-23 + Details
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