Note 12 - Lease Liabilities

12 Months Ended

Jul. 31, 2020

Notes to Financial Statements

Lessee, Operating Leases [Text Block]

NOTE 12: LEASE LIABILITIES

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

0.7

to

18.8

years at

July 31, 2020.

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 on our Consolidated Balance Sheets.

During Fiscal

2020

total lease expenses include the following components:

	Year Ended
	July 31, 2020
Operating leases	$	229,706
Short-term leases		445,287
Total Lease Expenses	$	674,993

As at

July 31, 2020,

the weighted average remaining lease term was

15.4

years and weighted average discount rate was

4.7%.

During Fiscal

2020,

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

$176,425.

Minimum future lease payments under operating leases with terms longer than

one

year are as follows:

Fiscal 2021	$	161,747
Fiscal 2022		220,000
Fiscal 2023		20,000
Fiscal 2024		20,000
Fiscal 2025		20,000
Thereafter		300,000
Total lease payments		741,747
Less: imputed interest		(164,474	)
Present value of lease liabilities	$	577,273
Currrent portion of lease liabilities	$	139,069
Non-curent portion of lease liabilities	$	438,204

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