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Commitments, Significant Contracts and Contingencies

12 Months Ended

Aug. 31, 2024

Commitments, Significant Contracts and Contingencies

Commitments, Significant Contracts and Contingencies

14. 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, 2024				August 31, 2023
		$				$
Right of use assets - operating leases			167,446				52,444
Remeasurement related to lease extension			-				156,566
Amortization			(32,603	)			(41,564	)
Total lease assets			134,843				167,446
Liabilities:			163,967				49,988
Remeasurement related to lease extension			-				156,566
Lease payments			(33,273	)			(44,814	)
Interest accretion			6,672				2,227
Total lease liabilities			137,366				163,967
Operating lease cost			134,843				167,446
Operating cash flows for lease			(33,273	)			44,814
Remaining lease term		4.21 Years				5.17 Years
Discount rate			7.25	%			7.25	%

Pursuant to the terms of the Company’s lease agreements in effect at August 31, 2024, the following table summarizes the Company’s maturities of operating lease liabilities:

Fiscal Year		Amount
2024		$	-
2025			37,094
2026			37,345
2027			38,641
2028			38,901
2029			8,104
Thereafter			-
Total lease payments			160,085
Less: imputed interest			(22,719	)
Present value of operating lease liabilities			137,366
Less: current obligations under leases			(28,047	)
Total		$	109,319

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- Definition

The entire disclosure for commitments and contingencies.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 405
-SubTopic 30
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/405-30/tableOfContent

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 440
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482648/440-10-50-4

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 450
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/450/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 954
-SubTopic 440
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
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-URI https://asc.fasb.org/1943274/2147478522/954-440-50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 440
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-Section 50
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-URI https://asc.fasb.org/1943274/2147482648/440-10-50-4

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 440
-Name Accounting Standards Codification
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