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

3 Months Ended

Nov. 30, 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 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.

	November 30, 2023			August 31, 2023
Right of use assets - operating leases	$	167,446		$	52,444
Amortization		(10,881	)		(41,564	)
Extension-related remeasurement		-			156,566
Total lease assets	$	156,565		$	167,446

Liabilities:	$	163,967		$	49,988
Lease payments		(8,963	)		(44,814	)
Interest accretion		67			2,227
Extension-related remeasurement		-			156,566
Total lease liabilities	$	155,071		$	163,967

Operating lease cost	$	156,565		$	167,446
Operating cash flows for lease	$	8,963		$	44,814
Remaining lease term	4.92 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 November 30, 2023:

2024	26,878
2025	37,094
2026	37,345
2027	38,642
2028	38,901
2029	6,483
Thereafter	-
Total lease payments	185,343
Less: imputed interest	(30,272	)
Present value of operating lease liabilities	155,071
Less: current obligations under leases	(25,554	)
Total	129,517