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Notes Payable — Related Party | 6 Months Ended | 12 Months Ended
--- | --- | ---
Jun. 30, 2024 | Dec. 31, 2023
Notes Payable – Related Party [Abstract] |  |
NOTES PAYABLE — RELATED PARTY | 10. NOTES PAYABLE — RELATED PARTY During the year ended December 31, 2023, the Company repaid $2,519,835 of principal on its outstanding note payable — related party balances. As at December 31, 2023, the Company had recorded $0 in accrued interest. During the three and six months ended June 30, 2023 the Company recorded finance expense of $0 (December 31, 2023 – $60,770), related to bringing the notes to their present value.
|  | Amount
|  | ($)
Balance, December 31, 2022 |  | 2,604,713 |
Foreign currency adjustment |  | (35,380 | )
Repayments |  | (2,519,835 | )
Cancellation of remaining debt |  | (49,498 | )
Balance, December 31, 2023 |  | — |
| 12. NOTES PAYABLE — RELATED PARTY During the year ended December 31, 2023, the Company repaid $2,519,835 of principal. As at December 31, 2023, the Company had recorded $0 in accrued interest. During the year ended December 31, 2022, the Company repaid $64,550 of principal. As at December 31, 2022, the Company had recorded $23,456 in accrued interest which was included in accounts payable and accrued liabilities. During the year ended December 31, 2023, the Company recorded finance expense of $0 (December 31, 2022 — $60,770), related to bringing the notes to their present value.
|  | Amount
|  | ($)
Balance at December 31, 2021 |  | 2,786,183 |
Repayments |  | (64,550 | )
Finance expense |  | 60,770 |
Foreign exchange adjustment |  | (177,690 | )
Balance, December 31, 2022 |  | 2,604,713 |
Foreign currency adjustment |  | (35,380 | )
Repayments |  | (2,519,835 | )
Cancellation of remaining debt |  | (49,498 | )
Balance, December 31, 2023 |  | — |
Current |  | — |
Non-current |  | — |

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481544/470-10-50-6 Reference 2: 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