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Commitments Significant Contracts and Contingencies | 12 Months Ended
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Aug. 31, 2021
Commitments Significant Contracts and Contingencies |
16. Commitments, Significant Contracts and Contingencies | 16. Commitments, Significant Contracts and Contingencies Right of Use Assets - Operating Lease Corporate offices and R&D lab space is leased in Kelowna, British Columbia, Canada until November 15, 2023, with an optional five-year extension. In addition to minimum lease payments, the lease requires us to pay property taxes and operating costs which are subject to annual adjustments.
|  | August 31, 2021 |  |  | August 31, 2020 |
|  | $ |  |  | $ |
Right of use assets - operating leases: |  |  | 126,920 |  |  |  | 160,289 |
Amortization |  |  | (35,879 | ) |  |  | (33,369 | )
Total lease assets |  |  | 91,041 |  |  |  | 126,920 |
Liabilities: |  |  | 125,431 |  |  |  | 158,773 |
Lease payments |  |  | (43,950 | ) |  |  | (43,764 | )
Interest accretion |  |  | 7,912 |  |  |  | 10,423 |
Total lease liabilities |  |  | 89,393 |  |  |  | 125,431 |
Operating lease cost |  | $ | 91,041 |  |  | $ | 126,920 |
Operating cash flows for lease |  | $ | 43,950 |  |  | $ | 43,764 |
Remaining lease term |  |  | 2.1 Years |  |  |  | 3.1 Years |
Discount rate |  |  | 7.25 | % |  |  | 7.25 | %
Pursuant to the terms of the Company’s lease agreements in effect at August 31, 2021, the following table summarizes the Company’s maturities of operating lease liabilities:
|  | $ |
2022 |  |  | 44,599 |
2023 |  |  | 44,816 |
2024 |  |  | 7,469 |
Thereafter |  |  | - |
Total lease payments |  |  | 96,884 |
Less: imputed interest |  |  | (7,491 | )
Present value of operating lease liabilities |  |  | 89,393 |
Less: current obligations under leases |  |  | (39,404 | )
Total |  |  | 49,989 |

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