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OPERATING LEASE

3 Months Ended

Dec. 31, 2024

7. OPERATING LEASE


Operating lease right-of-use assets
Balance, September 30, 2024	$	295,471
Amortization		(23,414)

Balance, December 31, 2024	$	272,057

Operating lease liability
Balance, September 30, 2024	$	329,260
Cost of operating lease		(24,217)

Balance, December 31, 2024	$	305,043

Operating lease liability with expected life of less than one year	$	124,971
Operating lease liability with expected life greater than one year	$	180,072

The Company recognizes a right-of-use asset for the right to use the underlying asset for the lease term, and a lease liability, which represents the present value of the Company’s obligation to make payments over the lease term. The present value of the lease payments is calculated using an incremental borrowing rate as the Company’s leases do not provide an implicit interest rate. The incremental borrowing rate applied to the lease liability was 10.25%. At December 31, 2024, the Company’s remaining lease term for the South San Francisco office was 31 months.

As at December 31, 2024, the maturity of the Company’s operating lease liability was as follows:


	Operating lease
Within 1 year	$	130,947
1 to 2 years		134,875
2 to 3 years		80,326
		346,148
Less:
Imputed interest		(41,105)
Operating lease liability	$	305,043