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Commitments Significant Contracts and Contingencies | 6 Months Ended
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Feb. 28, 2022
Commitments Significant Contracts and Contingencies |
17. Commitments, Significant Contracts and Contingencies |
17. | Commitments, Significant Contracts and Contingencies
Right of Use Assets - Operating Lease The Corporate office and R&D laboratory 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, subject to annual adjustments, property taxes and operating costs.
|  | February 28, 2022 |  |  | August 31, 2021 |
|  | $ |  |  | $ |
Right of use assets - operating leases |  |  | 126,920 |  |  |  | 126,920 |
Amortization |  |  | (54,821 | ) |  |  | (35,879 | )
Total lease assets |  |  | 72,099 |  |  |  | 91,041 |
Liabilities: |  |  | 89,393 |  |  |  | 125,431 |
Lease payments |  |  | (22,191 | ) |  |  | (43,950 | )
Interest accretion |  |  | 2,954 |  |  |  | 7,912 |
Total lease liabilities |  |  | 70,156 |  |  |  | 89,393 |
Operating lease cost |  |  | 72,099 |  |  |  | 91,041 |
Operating cash flows for lease |  |  | 22,191 |  |  |  | 43,950 |
Remaining lease term |  | 1.7 Years |  |  | 2.1 Years |
Discount rate |  |  | 7.50 | % |  |  | 7.50 | %
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 February 28:
2022 |  | $ | 22,407 |
2023 |  |  | 44,816 |
2024 |  |  | 7,469 |
Thereafter |  |  | - |
Total lease payments |  | $ | 74,692 |
Less: imputed interest |  |  | (4,536 | )
Present value of operating lease liabilities |  | $ | 70,156 |
Less: current obligations under leases |  |  | (41,076 | )
Total |  | $ | 29,080 |

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