Annual and transition report of foreign private issuers [Sections 13 or 15(d)]

Lease obligation

v3.26.1
Lease obligation
12 Months Ended
Dec. 31, 2025
Lease obligation  
Lease obligation

11.Lease obligation

The Company has entered into an office lease expiring in 2026, with an imputed interest rate of 8% per annum. A reconciliation of the outstanding lease obligation as at December 31, 2025 is as follows:

  ​ ​ ​

$

Balance, December 31, 2023

11,510

Additions

96,998

Lease payments

(69,723)

Balance, December 31, 2024

38,785

Additions

88,074

Lease payments

(89,572)

Balance, December 31, 2025

37,287

The $88,074 lease obligation addition recognized in the year ended December 31, 2025 relates to an extension of the office lease to May 31, 2026. The $96,998 lease obligation recognized in the year ended December 31, 2024 relates to an extension of the office lease to May 31, 2025.

The following is a schedule of the Company’s future minimum lease payments related to the office lease obligation:

  ​ ​ ​

December 31, 

December 31, 

2025

2024

$

  ​ ​ ​

$

2025

39,535

2026

38,008

Total minimum lease payments

38,008

39,535

Less: imputed interest

(721)

(750)

Total present value of minimum lease payments

37,287

38,785

Less: current portion

(37,287)

(38,785)

Non-current portion