Commitments, Significant Contracts and Contingencies
|9 Months Ended|
May 31, 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 14, 2023, and the Company has exercised its five-year renewal option, the term of which commences on November 15, 2023, and expires on November 14, 2028. On March 31,2023, the Company remeasured the ROU asset and Lease liability for the lease extension. In addition to minimum lease payments, the lease requires us to pay property taxes and other operating costs which are subject to annual adjustments.
The following table summarizes the Company’s maturities of operating lease liabilities as of May 31, 2023:
The entire disclosure for commitments and contingencies.
Reference 1: http://www.xbrl.org/2003/role/disclosureRef