Note 12 - Lease Liabilities

12 Months Ended

Jul. 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

0.7

to

17.8

years as at

July 31, 2021.

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

2021

and Fiscal

2020,

total lease expenses include the following components:

	Year Ended July 31,
	2021		2020
Operating Leases	$	219,794	$	229,706
Short-term Leases		606,859		445,287
Total Lease Expenses	$	826,653	$	674,993

As at

July 31, 2021

and

2020,

the weighted average remaining lease term was

17.0

and

15.4

years, and the weighted average discount rate was

4.74%

and

4.70%,

respectively.

During Fiscal

2021

and Fiscal

2020,

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

$252,237

and

$176,425,

respectively.

Minimum future lease payments under operating leases with terms longer than

one

year are as follows:

Fiscal 2022	$	249,405
Fiscal 2023		20,000
Fiscal 2024		20,000
Fiscal 2025		20,000
Fiscal 2026		20,000
Thereafter		280,000
Total lease payments		609,405
Less: imputed interest		(140,884	)
Present value of lease liabilities	$	468,521
Current portion of lease liabilities	$	229,618
Non-current portion of lease liabilities	$	238,903

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.