Lexaria Bioscience Corp. Quarterly report pursuant to Section 13 or 15(d)

Quarterly report pursuant to Section 13 or 15(d)

Commitments Significant Contracts and Contingencies

Commitments Significant Contracts and Contingencies

6 Months Ended

Feb. 28, 2022

Commitments Significant Contracts and Contingencies

17. Commitments, Significant Contracts and Contingencies

17.

Commitments, Significant Contracts and Contingencies

Right of Use Assets - Operating Lease

The Corporate office and R&D laboratory located in Kelowna, British Columbia, Canada is leased until November 15, 2023, with a five-year renewal option. In addition to minimum lease payments, the lease requires us to pay, subject to annual adjustments, property taxes and operating costs.

	February 28, 2022			August 31, 2021
	$			$
Right of use assets - operating leases		126,920			126,920
Amortization		(54,821	)		(35,879	)
Total lease assets		72,099			91,041

Liabilities:		89,393			125,431
Lease payments		(22,191	)		(43,950	)
Interest accretion		2,954			7,912
Total lease liabilities		70,156			89,393

Operating lease cost		72,099			91,041
Operating cash flows for lease		22,191			43,950
Remaining lease term	1.7 Years			2.1 Years
Discount rate		7.50	%		7.50	%

Pursuant to the terms of the Company’s lease agreements in effect, the following table summarizes the Company’s maturities of operating lease liabilities as of February 28:

2022	$	22,407
2023		44,816
2024		7,469
Thereafter		-
Total lease payments	$	74,692
Less: imputed interest		(4,536	)
Present value of operating lease liabilities	$	70,156
Less: current obligations under leases		(41,076	)
Total	$	29,080