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LEASE OBLIGATIONS
 12 Months Ended
Dec. 31, 2024
Lease Obligations  
LEASE OBLIGATIONS

 

11. LEASE OBLIGATIONS

 

   December 31, 2024   December 31, 2023 
Opening balance  $640,307   $939,005 
Additions in the year   288,753    42,393 
Interest expense   29,460    16,637 
Foreign exchange   -    (31,643)
Lease payments   (323,781)   (326,041)
Total leases   634,739    640,307 
Due within one year   (296,366)   (254,668)
Ending balance  $338,373   $385,639 

 

Future minimum lease payments are as follows:

 

   December 31, 2024   December 31, 2023 
Year 1  $301,647   $254,668 
Year 2   157,194    194,261 
Year 3   175,898    191,378 
Year 4 and thereafter   -    - 
Total lease obligation  $634,739   $640,307 
Less finance expenses   -    - 
Lease Obligations  $634,739   $640,307 

 

The Company has a long-term deposit of $181,584 held by the Company’s bank to guarantee a portion of the office lease located in Israel.

 

 

Siyata Mobile Inc.

Notes to the Consolidated Financial Statements

(Expressed in US dollars)

As at and for the years ended December 31, 2024 and 2023