Note 12 - Lease Liabilities

6 Months Ended

Jan. 31, 2021

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

0.5

to

18.3

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

and

six

months ended

January 31, 2021

and

2020,

total lease expenses include the following components:

	Three Months Ended January 31,				Six Months Ended January 31,
	2021		2020		2021		2020
Operating leases	$	52,372	$	59,309	$	106,833	$	118,939
Short-term leases		20,313		23,516		42,955		397,029
Total Lease Expenses	$	72,685	$	82,825	$	149,788	$	515,968

As at

January 31, 2021,

the weighted average remaining lease term was

15.3

years and the weighted average discount rate was

4.74%.

During the

six

months ended

January 31, 2021,

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

$114,280.

Minimum future lease payments under operating leases with terms longer than

one

year are as follows:

Fiscal 2021	$	115,686
Fiscal 2022		248,673
Fiscal 2023		20,000
Fiscal 2024		20,000
Fiscal 2025		20,000
Thereafter		300,000
Total lease payments		724,359
Less: imputed interest		(153,060	)
Present value of lease liabilities	$	571,299
Current portion of lease liabilities	$	122,584
Non-current portion of lease liabilities	$	448,715

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