19. Commitments, Significant Contracts and Contingencies |
19. |
Commitments, Significant Contracts and Contingencies |
|
|
|
Right of Use Assets - Operating Lease |
|
|
|
The Corporate office and R&D lab space located in Kelowna, British Columbia, Canada 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 operating costs which are subject to annual adjustments. |
Right of use assets - operating leases: |
|
$ |
|
February 28, 2021 |
|
|
109,306 |
|
Amortization |
|
|
(9,050 |
) |
Total right of use assets |
|
|
100,256 |
|
Liabilities: |
|
|
|
|
February 28, 2021 |
|
|
107,738 |
|
Lease payments |
|
|
(10,987 |
) |
Interest accretion |
|
|
1,898 |
|
Total lease liabilities |
|
|
98,649 |
|
Operating lease cost as at May 31, 2021 |
|
|
|
Operating cash flows for lease |
|
|
10,948 |
|
Remaining lease term (years) |
|
|
2.42 |
|
Discount rate |
|
|
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, 2021: |
2021 |
|
|
10,987 |
|
2022 |
|
|
44,599 |
|
2023 |
|
|
44,816 |
|
2024 |
|
|
7,469 |
|
Thereafter |
|
|
- |
|
Total lease payments |
|
|
107,871 |
|
Less: imputed interest |
|
|
(9,222 |
) |
Present value of operating lease liabilities |
|
|
98,649 |
|
Less: current obligations under leases |
|
|
(38,485 |
) |
Total |
|
|
60,164 |
|
|