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Commitments, Significant Contracts and Contingencies | 9 Months Ended
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May 31, 2023
Commitments, Significant Contracts and Contingencies |
Commitments, Significant Contracts and Contingencies | 12. Commitments, Significant Contracts and Contingencies Right of Use Assets - Operating Lease The corporate office and R&D laboratory are located in Kelowna, British Columbia, Canada. The facility is leased until November 14, 2023, and the Company has exercised its five-year renewal option, the term of which commences on November 15, 2023, and expires on November 14, 2028. On March 31,2023, the Company remeasured the ROU asset and Lease liability for the lease extension. In addition to minimum lease payments, the lease requires us to pay property taxes and other operating costs which are subject to annual adjustments.
|  | May 31, 2023 |  |  | August 31, 2022 |
Right of use assets - operating leases |  | $ | 52,444 |  |  | $ | 91,041 |
Remeasurement related to lease extension |  |  | 156,565 |  |  |  |  |
Amortization |  |  | (30,882 | ) |  |  | (38,597 | )
Total lease assets |  | $ | 178,127 |  |  | $ | 52,444 |
Liabilities: |  | $ | 49,989 |  |  | $ | 89,393 |
Remeasurement related to lease extension |  |  | 156,565 |  |  |  |  |
Lease payments |  |  | (33,610 | ) |  |  | (44,600 | )
Interest accretion |  |  | 1,961 |  |  |  | 5,195 |
Total lease liabilities |  | $ | 174,905 |  |  | $ | 49,988 |
Operating lease cost |  | $ | 178,127 |  |  | $ | 52,444 |
Operating cash flows for lease |  | $ | 33,610 |  |  | $ | 44,599 |
Remaining lease term |  |  | 5.42 Years |  |  |  | 1.17 Years |
Discount rate |  |  | 7.25 | % |  |  | 7.25 | %
The following table summarizes the Company’s maturities of operating lease liabilities as of May 31, 2023:
2023 (three-months remaining) |  | $ | 11,204 |
2024 |  |  | 35,840 |
2025 |  |  | 37,094 |
2026 |  |  | 37,345 |
Thereafter |  |  | 84,026 |
Total lease payments |  | $ | 205,509 |
Less: imputed interest |  |  | (30,605 | )
Present value of operating lease liabilities |  | $ | 174,904 |
Less: current obligations under leases |  |  | (32,317 | )
Total |  | $ | 142,587 |

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