Note 11 - Lease Liabilities

6 Months Ended

Jan. 31, 2020

Notes to Financial Statements

Lessee, Operating Leases [Text Block]

NOTE

11

:     

LEASE LIABILITIES

The Company primarily has operating leases for corporate offices and a processing facility with a remaining term of

1.2

to

19.3

years. The lease for the processing facility has an evergreen option that can continue for so long as it is in operation. Short-term leases, which have an initial term of

12

months or less, are

not

recorded in our Consolidated Balance Sheets.

During the

three

and

six

months ended

January 31, 2020,

total lease expenses include the following components:

	Three Months Ended		Six Months Ended
	January 31, 2020		January 31, 2020
Operating leases	$	59,309	$	118,939
Short-term leases		23,516		397,029
Total Lease Expenses	$	82,825	$	515,968

As at

January 31, 2020,

the weighted average remaining lease term was

14.1

years and weighted average discount rate was

4.7%.

During the

six

months ended

January 31, 2020,

cash paid for amounts included in the measurement of operating lease liabilities totaled

$100,450.

Minimum future lease payments under operating leases with terms longer than

one

year are as follows:

Fiscal 2020	$	120,382
Fiscal 2021		175,382
Fiscal 2022		220,000
Fiscal 2023		20,000
Fiscal 2024		20,000
Thereafter		320,000
Total lease payments		875,764
Less: imputed interest		(179,713	)
Present value of lease liabilities	$	696,051
Currrent portion of lease liabilities		189,974
Non-curent portion of lease liabilities	$	506,077

Current lease liabilities are included in Other Current Liabilities, and non-current liabilities are included in Other Long-term Liabilities in our Consolidated Balance Sheets.