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, 2023

Commitments Significant Contracts and Contingencies

Commitments, Significant Contracts and Contingencies

12. Commitments, Significant Contracts and Contingencies

Right of Use Assets - Operating Lease

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

	February 28, 2023			August 31, 2022
Right of use assets - operating leases	$	52,444		$	91,041
Amortization		(20,397	)		(38,597	)
Total lease assets	$	32,047		$	52,444

Liabilities:	$	49,988		$	89,393
Lease payments		(20,397	)		(44,600	)
Interest accretion		(511	)		5,195
Total lease liabilities	$	29,080		$	49,988

Operating lease cost	$	32,047		$	52,444
Operating cash flows for lease	$	20,397		$	44,599
Remaining lease term	0.59 Years			1.17 Years
Discount rate		7.25	%		7.25	%

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, 2023:

2023 (six months remaining)	22,408
2024	7,469
Thereafter	-
Total lease payments	29,877
Less: imputed interest	(797	)
Present value of operating lease liabilities	29,080
Less: current obligations under leases	(29,080	)
Total	-