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Commitments, Significant Contracts and Contingencies Management and Service Agreements | 3 Months Ended
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Nov. 30, 2020
Commitments and Contingencies Disclosure [Abstract] |
Commitments, Significant Contracts and Contingencies Management and Service Agreements |
17. | Commitments, Significant Contracts and Contingencies Management and Service Agreements:
As at November 30, 2020, the Company is party to the following contractual commitments:
Party | Monthly Commitment | Expiry Date
C.A.B Financial Services | CAD $29,706 | January 1, 2022
Docherty Management Ltd. | CAD $25,609 | January 1, 2022
M&E Services Ltd. | CAD $13,997 | June 1, 2021
Corporate Development | CAD $1,500 | Month to Month
Office Management | CAD $10,800 | August 15, 2022
Research & Development | CAD $3,854 | Month to Month
Office operating lease(1) | CAD $4,823 | November 15, 2023
Right of Use Assets - Operating Lease
| (1) | Corporate office and R&D lab space leased in Kelowna, British Columbia, Canada until November 15, 2023 with an option to extend an additional five years. 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: |  | $ |
November 30, 2020 |  |  | 126,920 |
Amortization |  |  | (8,727 | )
Total right of use assets |  |  | 118,193 |
Liabilities: |  |  |  |
November 30, 2020 |  |  | 125,431 |
Lease payments |  |  | (10,987 | )
Interest accretion |  |  | 2,220 |
Total lease liabilities |  |  | 116,664 |
Operating lease cost as at November 30, 2020 |  | $ | 118,193 |
Operating cash flows for lease |  |  | 10,948 |
Remaining lease term |  | 2.8 Years |
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 November 30, 2020:
2021 |  |  | 32,746 |
2022 |  |  | 44,815 |
2023 |  |  | 44,815 |
2024 |  |  | 7,469 |
Thereafter |  |  | — |
Total lease payments |  |  | 129,845 |
Less: imputed interest |  |  | (13,181 | )
Present value of operating lease liabilities |  |  | 116,664 |
Less: current obligations under leases |  |  | (36,695 | )
Total |  |  | 79,969 |

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