Note 11 - Lease Liabilities

3 Months Ended

Oct. 31, 2020

Notes to Financial Statements

Lessee, Operating Leases [Text Block]

NOTE  1 1 : LEASE LIABILITIES

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

0.4

to

18.6

years. The lease for the processing facility has an evergreen option that can continue for so long as it is in operation.

During the

three

months ended

October 31, 2020,

total lease expenses include the following components:

	Three Months Ended October 31,
	2020		2019
Operating leases	$	54,461	$	59,630
Short-term leases		22,642		373,513
Total Lease Expenses	$	77,103	$	433,143

As at

October 31, 2020,

the weighted average remaining lease term was

16.1

years and the weighted average discount rate was

4.75%.

During the

three

months ended

October 31, 2020,

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

$53,051.

Minimum future lease payments under operating leases with terms longer than

one

year are as follows:

Fiscal 2021	$	115,830
Fiscal 2022		220,000
Fiscal 2023		20,000
Fiscal 2024		20,000
Fiscal 2025		20,000
Thereafter		300,000
Total lease payments		695,830
Less: imputed interest		(157,962	)
Present value of lease liabilities	$	537,868
Currrent portion of lease liabilities	$	94,440
Non-curent portion of lease liabilities	$	443,428

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.