Quarterly report pursuant to Section 13 or 15(d)

Commitments, Significant Contracts and Contingencies (Tables)

v3.21.1
Commitments, Significant Contracts and Contingencies (Tables)
6 Months Ended
Feb. 28, 2021
Commitments and Contingencies Disclosure [Abstract]  
Schedule of management and service agreements

 

Party

 

Monthly Commitment

 

Expiry Date

 
C.A.B Financial Services

 

CAD $29,706

 

January 1, 2022

 

Docherty Management Ltd.

 

CAD $25,609

 

January 1, 2022

 

M&E Services Ltd.

 

CAD $13,997

 

June 1, 2021

 

Office Management

 

CAD $10,800

 

August 15, 2022

 

Research & Development

 

CAD $3,854

 

Month to Month

 

Office operating lease (1)

 

CAD $4,823

 

November 15, 2023

 

 

Right of Use Assets - Operating Lease

 

(1)

Corporate office and R&D lab space leased in Kelowna, British Columbia, Canada until November 15, 2023 with an option to extend an additional five years. In addition to minimum lease payments, the lease requires us to pay property taxes and operating costs which are subject to annual adjustments.

Schedule of information about operating lease

 

Right of use assets - operating leases:

 

$

 

Additions

 

 

118,193

 

Amortization

 

 

(8,887 )

Total right of use assets (February 28, 2021)

 

 

109,306

 

Liabilities:

 

 

 

 

Additions

 

 

116,664

 

Lease payments

 

 

(10,987 )

Interest accretion

 

 

2,061

 

Total lease liabilities (February 28, 2021)

 

 

107,738

 

       

Operating lease cost as at February 28, 2021

 

 

 

Operating cash flows for lease

 

 

10,948

 

Remaining lease term

 

2.5 Years

 

Discount rate

 

 

7.25 %
Schedule of maturities of operating lease liabilities

2021

 

 

21,975

 

2022

 

 

44,599

 

2023

 

 

44,815

 

2024

 

 

7,469

 

Thereafter

 

 

 

Total lease payments

 

 

118,857

 

Less: imputed interest

 

 

(11,119 )

Present value of operating lease liabilities

 

 

107,737

 

Less: current obligations under leases

 

 

(37,582 )

Total

 

 

70,156