v3.25.2
Commitments Significant Contracts and Contingencies
9 Months Ended
May 31, 2025
Commitments Significant Contracts and Contingencies  
Commitments, Significant Contracts and Contingencies

13. 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.

 

 

 

May 31,

2025

 

 

August 31,

2024

 

 

 

 

 

 

 

 

Right of use assets - operating leases

 

$156,748

 

 

$167,446

 

Amortization

 

 

(42,733 )

 

 

(32,603 )

Total lease assets

 

 

114,015

 

 

 

134,843

 

Liabilities:

 

 

156,748

 

 

 

163,967

 

Lease payments

 

 

(56,129 )

 

 

(33,273 )

Interest accretion

 

 

15,967

 

 

 

6,672

 

Total lease liabilities

 

 

116,586

 

 

 

137,366

 

 

 

 

 

 

 

 

 

 

Operating lease cost

 

$114,015

 

 

$134,843

 

Operating cash flows for lease

 

$(56,129 )

 

$(33,273 )

Remaining lease term

 

3.46 Years

 

 

4.21 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 May 31, 2025:

 

2025 (three months remaining)

 

$9,336

 

2026

 

 

37,345

 

2027

 

 

38,642

 

2028

 

 

38,901

 

2029

 

 

8,104

 

Thereafter

 

 

-

 

Total lease payments

 

 

132,328

 

Less: imputed interest

 

 

(15,742 )

Present value of operating lease liabilities

 

 

116,586

 

Less: current obligations under leases

 

 

(29,872 )

Total

 

$86,714