XML 33 R17.htm IDEA: XBRL DOCUMENT v3.24.2.u1
Right-of-Use Assets
 12 Months Ended
Dec. 31, 2023
Right-of-use Assets [abstract]  
Right-of-use Assets

10.    Right-of-use Assets

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. The right-of-use assets recognized was measured at an amount equal to the recognized lease liabilities (note 13).

The details of the right-of-use assets recognized as at December 31, 2023 are as follows:

 

Land lease

  

Office lease

  

Total

Balance, December 31, 2021

  

$

1,908,877

 

  

$

—

 

  

$

1,908,877

 

Additions

  

 

—

 

  

 

432,335

 

  

 

432,335

 

Amortization

  

 

—

 

  

 

(88,764

)

  

 

(88,764

)

Amortization – Bophelo

  

 

(55,041

)

  

 

—

 

  

 

(55,041

)

Impact of loss of control of Bophelo Bio Science & Wellness (Pty) Ltd.

  

 

(1,745,205

)

  

 

—

 

  

 

(1,745,205

)

Movement in exchange rates

  

 

(108,631

)

  

 

(19,501

)

  

 

(128,132

)

Balance, December 31, 2022

  

 

—

 

  

 

324,070

 

  

 

324,070

 

Amortization

  

 

—

 

  

 

(205,424

)

  

 

(205,424

)

Movement in exchange rates

  

 

—

 

  

 

3,336

 

  

 

3,336

 

Balance, December 31, 2023

  

$

—

 

  

$

121,982

 

  

$

121,982

 

During the year ended December 31, 2023, the Company recorded amortization on its right-of-use assets of $205,424 (2022 — $143,805) of which $nil (2022 — $55,041) was related to discontinued operations.

At December 31, 2022, the Company derecognized right-of-use assets with a net book value of $1,745,205 in connection with the loss of control of Bophelo Bio & Wellness (Pty) Ltd (note 5).