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Commitments, Significant Contracts and Contingencies | 12 Months Ended
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Aug. 31, 2023
Commitments, Significant Contracts and Contingencies |
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 which lease was renewed during fiscal 2023 until November 15, 2028. 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, 2023 |  |  | August 31, 2022 |
Right of use assets - operating leases |  | $ | 52,444 |  |  | $ | 91,041 |
Amortization |  |  | (41,564 | ) |  |  | (38,597 | )
Extension-related remeasurement |  |  | 156,566 |  |  |  |  |
Total lease assets |  | $ | 167,446 |  |  | $ | 52,444 |
Liabilities: |  | $ | 49,988 |  |  | $ | 89,393 |
Lease payments |  |  | (44,814 | ) |  |  | (44,600 | )
Interest accretion |  |  | 2,227 |  |  |  | 5,195 |
Extension-related remeasurement |  |  | 156,566 |  |  |  |  |
Total lease liabilities |  | $ | 163,967 |  |  | $ | 49,988 |
Operating lease cost |  | $ | 167,446 |  |  | $ | 52,444 |
Operating cash flows for lease |  | $ | 44,814 |  |  | $ | 44,599 |
Remaining lease term |  | 5.17 Years |  |  | 1.17 Years |
Discount rate |  |  | 7.25 | % |  |  | 7.25 | %
Pursuant to the terms of the Company’s lease agreements in effect at August 31, 2023, the following table summarizes the Company’s maturities of operating lease liabilities:
2024 |  |  | 35,840 |
2025 |  |  | 37,094 |
2026 |  |  | 37,345 |
2027 |  |  | 38,642 |
2028 |  |  | 38,901 |
2029 |  |  | 6,483 |
Thereafter |  |  | - |
Total lease payments |  |  | 194,305 |
Less: imputed interest |  |  | (30,338 | )
Present value of operating lease liabilities |  |  | 163,967 |
Less: current obligations under leases |  |  | (27,794 | )
Non-Current Portion |  |  | 136,173 |

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