v3.26.1
Right of use assets
 12 Months Ended
Dec. 31, 2025
Right of use assets  
Right of Use Assets

7. Right of use assets

 

 

 

December 31, 2025

 

 

 

Cost

 

 

Accumulated

 

 

Right of

 

 

 

Base

 

 

Amortization

 

 

Use

 

Aircraft

 

$3,468,239

 

 

$2,091,929

 

 

$1,376,310

 

Office Building

 

 

2,324,694

 

 

 

1,472,261

 

 

 

852,433

 

Printer

 

 

9,716

 

 

 

6,839

 

 

 

2,877

 

 

 

 

5,802,649

 

 

 

3,571,029

 

 

 

2,231,620

 

 

 

 

December 31, 2024

 

 

 

Cost

 

 

Accumulated

 

 

Right of

 

 

 

Base

 

 

Amortization

 

 

Use 

 

Aircraft

 

$3,468,239

 

 

$1,939,006

 

 

$1,529,233

 

Office Building

 

 

2,324,694

 

 

 

1,352,941

 

 

 

971,753

 

Printer

 

 

9,716

 

 

 

4,196

 

 

 

5,520

 

 

 

 

5,802,649

 

 

 

3,296,143

 

 

 

2,506,506

 

On March 22, 2024, the Company extended its Aircraft lease for three years to March 28, 2027.  The Company will own the aircraft at the end of the lease term.  Terms of the lease extension include an interest rate of 12%, and monthly payments of US$40,189.  The Company has an early purchase option to acquire the aircraft on any of the remaining following dates, March 28, 2026 or September 28, 2026.  The purchase price would be the amortized value of the lease liability, plus a four-months of interest.  The lease is being treated as a finance lease.