OFFICE LEASE - RIGHT OF USE ASSET AND LEASE LIABILITY (Tables)
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12 Months Ended |
Jul. 31, 2022 |
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| OFFICE LEASE - RIGHT OF USE ASSET AND LEASE LIABILITY (Tables) |
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| Summary of Right-of-use-asset |
Balance, July 31, 2020 | | | - | | Addition | | $ | 49,475 | | Amortization | | | (2,474 | ) | Balance, July 31, 2021 | | $ | 47,001 | | Amortization | | | (9,895 | ) | Balance, July 31, 2022 | | $ | 37,106 | |
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| Summary of changes in the lease liability |
Balance, July 31, 2020 | | | - | | Addition | | $ | 49,475 | | Lease payment – base rent portion | | | (2,132 | ) | Lease liability – accretion expense | | $ | 1,456 | | Balance, July 31, 2021 | | | 48,799 | | Lease payment – base rent portion | | $ | (12,792 | ) | Lease liability – accretion expense | | | 5,326 | | Balance, July 31, 2022 | | | 41,333 | | | | | | | Current portion | | $ | 8,580 | | Long-term portion | | $ | 32,753 | |
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| Schedule of future lease payments (base rent portion) under lease obligations |
Fiscal 2023 (August 1, 2022 to July 31, 2023) | | $ | 12,956 | | Fiscal 2024 (August 1, 2023 to July 31, 2024) | | | 13,612 | | Fiscal 2025 (August 1, 2024 to July 31, 2025) | | | 14,104 | | Fiscal 2026 (August 1, 2025 to July 31, 2026) | | | 10,578 | | Total undiscounted lease payments | | $ | 51,250 | | Less: imputed interest | | | (9,917 | ) | Lease liability at July 31, 2022 | | $ | 41,333 | |
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