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Commitments, Significant Contracts and Contingencies | 6 Months Ended
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Feb. 29, 2024
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 related lease was renewed until November 15, 2028. In addition to minimum lease payments, the lease requires us to pay property taxes and other operating costs which are subject to annual adjustments.
|  | February 29, 2024 |  |  | August 31, 2023 |
Right of use assets - operating leases |  | $ | 167,446 |  |  | $ | 52,444 |
Amortization |  |  | (17,449 | ) |  |  | (41,564 | )
Extension-related remeasurement |  |  | - |  |  |  | 156,566 |
Total lease assets |  | $ | 149,997 |  |  | $ | 167,446 |
Liabilities: |  | $ | 163,967 |  |  | $ | 49,988 |
Lease payments |  |  | (17,922 | ) |  |  | (44,814 | )
Interest accretion |  |  | 2,840 |  |  |  | 2,227 |
Extension-related remeasurement |  |  | - |  |  |  | 156,566 |
Total lease liabilities |  | $ | 148,885 |  |  | $ | 163,967 |
Operating lease cost |  | $ | 156,565 |  |  | $ | 167,446 |
Operating cash flows for lease |  | $ | 17,922 |  |  | $ | 44,814 |
Remaining lease term |  | 4.75 Years |  |  | 5.17 Years |
Discount rate |  |  | 7.25 | % |  |  | 7.25 | %
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 29, 2024:
2024 |  | $ | 17,918 |
2025 |  |  | 37,094 |
2026 |  |  | 37,345 |
2027 |  |  | 38,642 |
2028 |  |  | 38,901 |
2029 |  |  | 6,483 |
Thereafter |  |  | - |
Total lease payments |  |  | 176,383 |
Less: imputed interest |  |  | (27,497 | )
Present value of operating lease liabilities |  |  | 148,886 |
Less: current obligations under leases |  |  | (26,399 | )
Total |  | $ | 122,487 |

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