OPERATING LEASE RIGHT-OF-USE ASSETS AND LEASE OBLIGATIONS |
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| OPERATING LEASE RIGHT-OF-USE ASSETS AND LEASE OBLIGATIONS | 12. OPERATING LEASE RIGHT-OF-USE ASSETS AND LEASE OBLIGATIONS
The Company has one operating lease primarily for office and administration.
During December 2021, the Company entered into a new lease agreement. The Company paid $85,000 deposit that would be returned at the end of the lease. In December 2022, the Company started a new lease with an additional suite in the same premise as the existing lease.
When measuring the lease obligations, the Company discounted lease payments using its incremental borrowing rate. The weighted-average-rate applied is 11.4%.
The operating lease expense was $587,045 for the year ended March 31, 2025 (2024: $564,167) and included in the selling, general and administrative expenses. Operating cash flows from operating leases amounted to $587,164 and $509,041 during the years ended March 31, 2025 and March 31, 2024, respectively.
BIOTRICITY INC. Notes to Consolidated Financial Statements Years ended March 31, 2025 and 2024 (Expressed in US Dollars)
The following table represents the contractual undiscounted cash flows for lease obligations as at March 31, 2025:
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