Note 12 - Lease Liabilities

6 Months Ended

Jan. 31, 2022

Notes to Financial Statements

Lessee, Operating Leases [Text Block]

NOTE 12: LEASE LIABILITIES

The Company primarily has operating leases for corporate offices and processing facilities with a remaining term of 0.5 to 22.4 years. The leases for the processing facilities have an evergreen option that can continue for so long as they are in operation.

During the three and six months ended January 31, 2022 and 2021, total lease expenses include the following components:

	Three Months Ended January 31,				Six Months Ended January 31,
	2022		2021		2022		2021
Operating Leases	$	63,606	$	52,372	$	121,203	$	106,833
Short-term Leases		189,204		20,313		527,625		42,955
Total Lease Expenses	$	252,810	$	72,685	$	648,828	$	149,788

As at January 31, 2022, the weighted average remaining lease term was 17.2 years and the weighted average discount rate was 4.53%.

During the six months ended January 31, 2022, cash paid for amounts included in the measurement of operating lease liabilities totaled $115,371.

Minimum future lease payments under operating leases with terms longer than one year are as follows:

Fiscal 2022	$	359,292
Fiscal 2023		170,273
Fiscal 2024		113,125
Fiscal 2025		104,123
Fiscal 2026		104,364
Thereafter		1,043,854
Total lease payments		1,895,031
Less: imputed interest		(497,695	)
Present value of lease liabilities	$	1,397,336
Current portion of lease liabilities	$	383,970
Non-current portion of lease liabilities	$	1,013,366

Current lease liabilities are included in Other Current Liabilities, and non-current lease liabilities are included in Other Non-Current Liabilities in our condensed consolidated balance sheets.