Lexaria Bioscience Corp. Annual report pursuant to Section 13 and 15(d)

Annual report pursuant to Section 13 and 15(d)

Commitments Significant Contracts and Contingencies

Commitments Significant Contracts and Contingencies

12 Months Ended

Aug. 31, 2022

Commitments Significant Contracts and Contingencies

Commitments, Significant Contracts and Contingencies

17. Commitments, Significant Contracts and Contingencies

Right of Use Assets - Operating Lease

Corporate offices and R&D lab space is leased in Kelowna, British Columbia, Canada until November 15, 2023, with an optional five-year extension. In addition to minimum lease payments, the lease requires us to pay property taxes and operating costs which are subject to annual adjustments.

	August 31, 2022			August 31, 2021
	$			$
Right of use assets - operating leases:		91,041			126,920
Amortization		(38,597	)		(35,879	)
Total lease assets		52,444			91,041
Liabilities:		89,393			125,431
Lease payments		(44,600	)		(43,950	)
Interest accretion		5,195			7,912
Total lease liabilities		49,988			89,393

Operating lease cost	$	52,444		$	91,041
Operating cash flows for lease	$	44,599		$	43,950
Remaining lease term		1.17 Years			2.1 Years
Discount rate		7.25	%		7.25	%

Pursuant to the terms of the Company’s lease agreements in effect at August 31, 2022, the following table summarizes the Company’s maturities of operating lease liabilities:

	$
2023	44,815
2024	7,469
Thereafter	-
Total lease payments	52,284
Less: imputed interest	(2,296	)
Present value of operating lease liabilities	49,988
Less: current obligations under leases	(42,587	)
Total	7,401