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Leases

12 Months Ended

Nov. 30, 2023

Leases [Abstract]

Leases

Note 7: Leases

In May 2023, the Company entered into a sublease agreement to lease a portion of an office premises in Vancouver, British Columbia with a term of 5.33 years. In September 2023, the headlease under which the company leased its office space was terminated by the landlord as it pertained to its sub-lessor. As a result, the Company’s sublease for the office space was terminated. In November 2023, the Company entered into a new lease directly with the landlord with a term of 4.88 years. As at November 30, 2023, the remaining lease term was 4.84 years and the discount rate was 11.34%.

U.S. GOLDMINING INC.

(formerly BRI Alaska Corp.)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

(Expressed in U.S. Dollars)

Minimum future lease payments under operating leases with terms longer than one year are as follows:

Schedule of Operating Lease Payments

Fiscal 2024			31,079
Fiscal 2025			37,472
Fiscal 2026			38,360
Fiscal 2027			38,360
Fiscal 2028			28,770
Total lease payments			174,041
Less: imputed interest			(38,686	)
Present value of lease liabilities		$	135,355
Current portion of lease liabilities		$	17,268
Non-current portion of lease liabilities		$	118,087

During the years ended November 30 2023 and 2022, total lease expenses include the following components:

Schedule of Total lease Payments

		2023				2022
		Year ended November 30,
		2023				2022
Operating Leases		$	10,735			$	-
Short-term Leases			21,919				-
Total Lease Expenses		$	32,654			$	-

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- References

No definition available.

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- Definition

The entire disclosure for lessee entity's leasing arrangements including, but not limited to, all of the following: (a.) The basis on which contingent rental payments are determined, (b.) The existence and terms of renewal or purchase options and escalation clauses, (c.) Restrictions imposed by lease agreements, such as those concerning dividends, additional debt, and further leasing.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 840
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//840/tableOfContent

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