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OPERATING LEASE

6 Months Ended

Mar. 31, 2023

7. OPERATING LEASE


Operating lease right-of-use assets
Balance, September 30, 2021	$	308,286
Amortization		(60,893)

Balance, March 31, 2022	$	247,393

Balance, September 30, 2022	$	186,499
Amortization		(60,894)

Balance, March 31, 2023	$	125,605

Operating lease liabilities
Balance, September 30, 2021	$	330,970
Accretion		7,410
Lease payments		(64,746)

Balance, March 31, 2022	$	273,634

Balance, September 30, 2022	$	210,252
Accretion		4,294
Lease payments		(69,278)

Balance, March 31, 2023	$	145,268

Operating lease liabilities with expected life of less than one year	$	125,491
Operating lease liabilities with expected life greater than one year	$	19,777

The Company recognizes a right-of-use asset for the right to use the underlying asset for the lease term, and a lease liability, which represents the present value of the Company’s obligation to make payments over the lease term. The present value of the lease payments is calculated using an incremental borrowing rate as the Company’s leases do not provide an implicit interest rate. At March 31, 2023, the Company’s incremental borrowing rate was 5.0% and the remaining lease term for the South San Francisco office was 14 months and Houston office was 4 months.

Accretion expense of $4,294 (2022 - $7,410) has been recorded in “financing costs” in the condensed consolidated interim statements of operations and comprehensive loss.