Obligations under Capital Lease |
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Dec. 31, 2024 | ||||||||||||||||||||||||||||||||||||
| Obligations Under Capital Lease [Abstract] | ||||||||||||||||||||||||||||||||||||
| Obligations under Capital Lease [Text Block] |
10. Obligations under Capital Lease
Refer also to going concern, note 2. The lease agreement for certain equipment for the Company's organic waste processing and composting facility at a cost of $294,614 (C$389,650), is payable in monthly blended installments of principal and interest of $5,181 (C$6,852), plus applicable harmonized sales taxes for a period of fifty-nine months plus an initial deposit of $14,706 (C$19,450) plus applicable harmonized sales taxes and an option to purchase the equipment for a final payment of a nominal amount of $76 (C$100) plus applicable harmonized sales taxes on February 27, 2025. The leasing agreement bears interest at the rate of 3.59% annually, compounded monthly, due February 27, 2025. The Company was in arrears with payments to the lessor. The last payment made was on January 27, 2024. As a result, on May 24, 2024, the lessor repossessed the equipment. On December 18, 2024, the Company received the net proceeds from the sale of the leased equipment at the auction in the amount of $1,391 (C$2,001), net of the outstanding obligation under capital lease, including outstanding interest. Refer also to other expenses, note 16(g). For the year ended December 31, 2024, $172 (C$236) (2023-$3,687; C$4,976) in interest was incurred. |