Annual report pursuant to Section 13 and 15(d)

Leases (Tables)

v3.21.2
Leases (Tables)
12 Months Ended
Aug. 31, 2021
Leases Abstract  
Schedule of right of use assets included in consolidated Balance Sheet
    August 31,
2021
    August 31,
2020
 
Non-current assets            
Right of use assets – operating leases, net of amortization   $ 167,048     $ 209,101  
Right of use assets – finance leases, net of depreciation – included in property, plant and equipment     677,853       718,193  

 

Schedule of lease costs
   

Year ended

August 31,
2021

   

Year ended

August 31,
2020

 
             
Finance lease cost:   $ 63,165     $ 82,878  
Depreciation of right of use assets     40,341       40,341  
Interest expense on lease liabilities     22,824       42,537  
                 
Operating lease expense     61,071       59,292  
                 
Total lease cost   $ 124,236     $ 142,170  

 

Schedule of other lease information
   

Year ended August 31,

2021

   

Year ended August 31,

2020

 
Cash paid for amounts included in the measurement of lease liabilities            
Operating cash flows from finance leases   $ (22,824 )   $ (42,537 )
Operating cash flows from operating leases     (61,071 )     (59,292  
Financing cash flows from finance leases   $ (172,375 )   $ (157,388 )
                 
Right-of -use assets obtained in exchange for new operating leases   $
-
      245,482  
Weighted average remaining lease term – finance leases     5 months       1.25 years  
Weighted average remaining lease term – operating leases     3 years       4 years  
Weighted average discount rate – finance leases     12.36 %     12.36 %
Weighted average discount rate – operating leases     10.00 %     10.00  

 

Schedule of future minimum lease payments under finance leases
    August 31,
2021
    August 31,
2020
 
Undiscounted minimum future lease payments            
Total instalments due:            
Within 1 year   $ 80,700     $ 193,680  
1 to 2 years     -       80,700  
2 to 3 years    
-
     
-
 
      80,700       274,380  
Imputed interest     (5,642 )     (26,948 )
Total finance lease liability   $ 75,058     $ 247,432  
                 
Disclosed as:                
Current portion   $ 75,058     $ 172,374  
Non-current portion    
-
      75,058  
    $ 75,058     $ 247,432  

 

Schedule of future minimum lease payments under operating leases
    August 31,
2021
    August 31,
2020
 
Undiscounted minimum future lease payments            
Total instalments due:            
Within 1 year   $ 62,903     $ 61,070  
1 to 2 years     64,790       62,903  
2 to 3 years     66,734       64,790  
3 to 4 years     -       66,734  
      194,427       255,497  
Imputed interest     (27,379 )     (46,396  
Total operating lease liability   $ 167,048     $ 209,101  
                 
Disclosed as:                
Current portion   $ 48,376     $ 42,053  
Non-current portion     118,672       167,048  
    $ 167,048     $ 209,101