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, 2023

Commitments, Significant Contracts and Contingencies

Commitments, Significant Contracts and Contingencies

16. 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 which lease was renewed during fiscal 2023 until November 15, 2028. 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, 2023			August 31, 2022
Right of use assets - operating leases	$	52,444		$	91,041
Amortization		(41,564	)		(38,597	)
Extension-related remeasurement		156,566
Total lease assets	$	167,446		$	52,444

Liabilities:	$	49,988		$	89,393
Lease payments		(44,814	)		(44,600	)
Interest accretion		2,227			5,195
Extension-related remeasurement		156,566
Total lease liabilities	$	163,967		$	49,988

Operating lease cost	$	167,446		$	52,444
Operating cash flows for lease	$	44,814		$	44,599
Remaining lease term	5.17 Years			1.17 Years
Discount rate		7.25	%		7.25	%

Pursuant to the terms of the Company’s lease agreements in effect at August 31, 2023, the following table summarizes the Company’s maturities of operating lease liabilities:

2024	35,840
2025	37,094
2026	37,345
2027	38,642
2028	38,901
2029	6,483
Thereafter	-
Total lease payments	194,305
Less: imputed interest	(30,338	)
Present value of operating lease liabilities	163,967
Less: current obligations under leases	(27,794	)
Non-Current Portion	136,173