Note 13 - Lease Liabilities

9 Months Ended

Apr. 30, 2021

Notes to Financial Statements

Lessee, Operating Leases [Text Block]

NOTE 13: LEASE LIABILITIES

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

0.3

to

18.1

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

nine

months ended

April 30, 2021

and

2020,

total lease expenses include the following components:

	Three Months Ended April 30,				Nine Months Ended April 30,
	2021		2020		2021		2020
Operating leases	$	56,195	$	63,073	$	163,028	$	182,012
Short-term leases		365,027		23,289		407,982		420,318
Total Lease Expenses	$	421,222	$	86,362	$	571,010	$	602,330

As at

April 30, 2021,

the weighted average remaining lease term was

16.1

years and the weighted average discount rate was

4.74%.

During the

nine

months ended

April 30, 2021,

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

$170,276.

Minimum future lease payments under operating leases with terms longer than

one

year are as follows:

Fiscal 2021	$	68,956
Fiscal 2022		249,829
Fiscal 2023		20,000
Fiscal 2024		20,000
Fiscal 2025		20,000
Thereafter		300,000
Total lease payments		678,785
Less: imputed interest		(146,670	)
Present value of lease liabilities	$	532,115
Current portion of lease liabilities	$	78,050
Non-current portion of lease liabilities	$	454,065

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.