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Lease Liability | 12 Months Ended
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Dec. 31, 2023
Lease Liability [Abstract] |
Lease Liability | 13. Lease Liability
|  | Maturity |  | Incremental borrowing rate |  | December 31, 2023 |  | December 31, 2022
Current |  | 2023 |  | 10.25 | % |  | $ | 135,337 |  | $ | 214,058
Non-current |  | 2024 |  | 10.25 | % |  |  | — |  |  | 116,763
|  |  |  |  |  |  | $ | 135,337 |  | $ | 330,821
On August 1, 2022, the Company entered into a lease agreement for an office space with a monthly lease payment of $20,000 over a period of two years. Under IFRS 16, the Company recognizes lease liabilities measured at the present value of the remaining lease payments, discounted using the Company’s incremental borrowing rate. The details of the lease liability recognized as at December 31, 2023 are as follows:
Cost: |  | Land Lease |  | Office Lease |  | Total
Balance, December 31, 2021 |  | $ | 2,418,706 |  |  | $ | — |  |  | $ | 2,418,706 |
Present value of lease payments |  |  | — |  |  |  | 432,335 |  |  |  | 432,335 |
Accrued interest |  |  | 103,816 |  |  |  | 17,059 |  |  |  | 120,875 |
Cash payments |  |  | — |  |  |  | (80,000 | ) |  |  | (80,000 | )
Accounts payable |  |  | — |  |  |  | (20,000 | ) |  |  | (20,000 | )
Impact of loss of control of Bophelo Bio Science & Wellness (Pty) Ltd. (note 5) |  |  | (2,375,590 | ) |  |  | — |  |  |  | (2,375,590 | )
Movement in exchange rates |  |  | (146,932 | ) |  |  | (18,573 | ) |  |  | (165,505 | )
Balance, December 31, 2022 |  |  | — |  |  |  | 330,821 |  |  |  | 330,821 |
Accrued interest |  |  | — |  |  |  | 25,942 |  |  |  | 25,942 |
Cash payments |  |  | — |  |  |  | (60,000 | ) |  |  | (60,000 | )
Accounts payable |  |  | — |  |  |  | (180,000 | ) |  |  | (180,000 | )
Movement in exchange rates |  |  | — |  |  |  | 18,574 |  |  |  | 18,574 |
Balance, December 31, 2023 |  | $ | — |  |  | $ | 135,337 |  |  | $ | 135,337 |
During the year ended December 31, 2022, the Company derecognized the lease liability with a net book value of $2,375,590 in connection with the loss of control of Bophelo Bio & Wellness (Pty) Ltd. The Company has committed to the following undiscounted minimum lease payments remaining as at December 31, 2023:
Year ended December 31: |  |
2023 |  | $ | —
2024 |  |  | 140,000
|  | $ | 140,000

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