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

9 Months Ended

May 31, 2022

Commitments Significant Contracts and Contingencies

Commitments, Significant Contracts and Contingencies

16. 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.

	May 31, 2022			August 31, 2021
	$			$
Right of use assets – operating leases		126,920			126,920
Amortization		(64,557	)		(35,879	)
Total lease assets		62,363			91,041

Liabilities:		89,393			125,431
Lease payments		(33,395	)		(43,950	)
Interest accretion		4,166			7,912
Total lease liabilities		60,164			89,393

Operating lease cost		62,363			91,041
Operating cash flows for lease		33,395			43,950
Remaining lease term	1.4 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 May 31, 2022:

2022	$	11,204
2023	$	44,816
2024	$	7,469
Thereafter		-
Total lease payments	$	63,489
Less: imputed interest		(3,325	)
Present value of operating lease liabilities	$	60,164
Less: current obligations under leases		(41,825	)
Total	$	18,339