Quarterly report pursuant to Section 13 or 15(d)

Commitments, Significant Contracts and Contingencies

v3.24.2
Commitments, Significant Contracts and Contingencies
9 Months Ended
May 31, 2024
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 related lease was renewed until November 15, 2028.  In addition to minimum lease payments, the lease requires us to pay property taxes and other operating costs which are subject to annual adjustments.

 

 

 

May 31, 2024

 

 

August 31, 2023

 

 

 

$

 

 

$

 

Right of use assets - operating leases

 

 

167,446

 

 

 

52,444

 

Remeasurement related to lease extension

 

 

-

 

 

 

156,566

 

Amortization

 

 

(24,130 )

 

 

(41,564 )

Total lease assets

 

 

143,316

 

 

 

167,446

 

Liabilities:

 

 

163,967

 

 

 

49,988

 

Remeasurement related to lease extension

 

 

-

 

 

 

156,566

 

Lease payments

 

 

(26,881 )

 

 

(44,814 )

Interest accretion

 

 

5,501

 

 

 

2,227

 

Total lease liabilities

 

 

142,587

 

 

 

163,967

 

 

 

 

 

 

 

 

 

 

Operating lease cost

 

 

156,565

 

 

 

167,446

 

Operating cash flows for lease

 

 

(26,881 )

 

 

44,814

 

Remaining lease term

 

4.42 Years

 

 

5.17 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 May 31, 2024:

 

2024

 

 

8,959

 

2025

 

 

37,094

 

2026

 

 

37,345

 

2027

 

 

38,642

 

2028

 

 

38,901

 

2029

 

 

6,483

 

Thereafter

 

 

-

 

Total lease payments

 

 

167,424

 

Less: imputed interest

 

 

(24,837 )

Present value of operating lease liabilities

 

 

142,587

 

Less: current obligations under leases

 

 

(27,260 )

Total

 

 

115,327