Rumble Inc
For the period ended Dec 31, 2023. Filed Mar 27, 2024.
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FY2023 · Filed Mar 27, 2024
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7. Right-of-Use Assets and Lease Liabilities
| 7. | Right-of-Use Assets and Lease Liabilities |
The Company leases several facilities and data centers under non-cancelable operating leases. These leases have original lease periods expiring between 2023 and 2027. The lease agreements generally do not contain any material residual value guarantees or material restrictive covenants.
| 2023 · 2022 | ||||
|---|---|---|---|---|
| Accumulated | Accumulated | |||
| Cost | Amortization | Cost | Amortization | |
| Right-of-use assets | $3,833,184 | $1,359,281 | $1,926,936 | $570,482 |
| Net book value | $2,473,903 | $1,356,454 | ||
Operating lease costs for the year ended December 31, 2023 were $848,849 (2022 – $564,842) and are included in general and administration expenses in the consolidated statements of operations.
As of December 31, 2023, the weighted-average remaining lease term and weighted-average incremental borrowing rate for the operating leases were 2.65 years and 7.52%, respectively (2022 –3.26 years and 2.35%).
The following shows the future minimum lease payments for the remaining years under the lease arrangement as of December 31, 2023.
| 2024 | $1,095,344 |
| 2025 | 984,848 |
| 2026 | 695,056 |
| 2027 | 43,719 |
| Less: imputed interest* | 212,386 |
| Current portion | $975,844 |
| Long-term portion | $1,630,737 |
| * | Imputed interest represents the difference between undiscounted cash flows and cash flows |
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Rumble Inc.
Notes to the Consolidated Financial Statements
(Expressed in U.S. Dollars)
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