On October 16, 2025, the Company entered into an office lease agreement in New York, NY for 5 years and 2 months from the lease commencement date, which is defined as the first business day following the substantial completion of the landlord’s work and delivery of possession of the premises to the Company. The lease commencement date was determined to be January 1, 2026, when the Company obtained possession of the premises. Lease liabilities are measured at the commencement date based on the present value of future lease payments.

On November 3, 2025, the Company entered into an office lease agreement in Vancouver, Canada for 2 years. Lease liabilities are measured at the commencement date based on the present value of future lease payments.

As the Company’s lease did not provide an implicit rate, the Company uses its incremental borrowing rate based on the information available at the commencement date in determining the present value of future payments. The Company used a discount rate of 10.00% in determining its lease liabilities.

The discount is the rate of interest that the Company would have to pay to borrow over a similar term, and with a similar security, the funds necessary to obtain an asset of comparable value to the right-of-use asset in a similar economic environment. The discount rate therefore reflects what the Company “would have to pay”, which requires estimation when no observable rates are available or where the applicable rates need to be adjusted to reflect the terms and conditions of the lease. The Company estimates the discount using observable inputs (such as market interest rates) when available and is required to make certain entity-specific estimates. The Company determined its discount rates based on the rate used by comparable public companies.

The following table presents the net lease cost and other supplemental lease information:


		For the three months			For the three months
		ended February 28, 2026			ended February 28, 2025
Lease cost:
Operating lease cost		$	39,759		$	—
Short term lease cost			32,983			—
Net lease cost			72,742			—
Cash paid for operating lease liabilities		$	(15,121)		$	—


Lease liabilities		February 28, 2026			November 30, 2025
Current portion of operating lease liabilities		$	135,951		$	33,155
Long-term portion of operating lease liabilities			631,044			55,086
		$	766,995		$	88,241

Future minimum lease payments to be paid by the Company as a lessee as of February 28, 2026 are as follows:


Operating lease commitments and lease liability:
2026	$	187,308
2027		210,082
2028		180,716
2029		179,938
2030		183,537
2031		31,201
Total future minimum lease payments		972,782
Discount		(205,787)
Total	$	766,995