NOTE 11 – OPERATING LEASES AND COMMITMENTS

Effective for annual reporting periods beginning on or after January 1, 2019, IFRS 16 introduced a new approach to lessee accounting that requires a lessee to recognize assets and liabilities for the rights and obligations created by leases. IFRS 16 requires a lessee to recognize assets and liabilities for all leases with a term of more than 12 months. The IASB concluded that such an approach will result in a more faithful representation of a lessee’s assets and liabilities and, together with enhanced disclosures, greater transparency of a lessee’s financial leverage and capital employed.

We adopted this standard on January 1, 2019, with an immaterial cumulative adjustment of $11,667 to accumulated deficit rather than retrospectively adjusting prior periods. This adoption approach resulted in a balance sheet presentation that is not comparable to the prior period.

The following table provides the changes in the Corporation’s operating lease right-of-use assets for the year ended December 31, 2025, 2024 and 2023 respectively:

The following table provides the changes in the Corporation’s operating lease liability for the year ended December 31, 2025, 2024 and 2023 respectively:

The total future commitment payment amounts for 2024 and 2023 were nil.