OFFICE LEASE RIGHT OF USE ASSET AND LEASE LIABILITY |
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| OFFICE LEASE - RIGHT OF USE ASSET AND LEASE LIABILITY | 14. OFFICE LEASE – RIGHT OF USE ASSET AND LEASE LIABILITY
The Company subleases corporate offices in Vancouver, BC, from HDSI under a lease agreement dated May 1, 2021, and the lease expires on April 29, 2026. On May 1, 2026, the lease agreement was renewed for another 5-year term expiring on April 30, 2031.
Right-of-use asset
A summary of the changes in the right-of-use asset for the twelve months ended March 31, 2026 is as follows:
Lease liability
On May 1, 2021, the Company entered into the lease agreement, which resulted in the lease liability of $100,877 (undiscounted value of $134,766, discount rate used was 12.00%). This liability represents the monthly lease payment from May 1, 2021 to April 29, 2026, the end of the lease term less abatement granted by HDSI.
A summary of changes in the lease liability during the year ended March 31, 2026 are as follows:
The following is a schedule of the Company’s future lease payments (base rent portion) under the lease obligations:
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