Note 12 - Lease Liabilities

9 Months Ended

Apr. 30, 2022

Notes to Financial Statements

Lessee, Operating Leases [Text Block]

NOTE 12:          LEASE LIABILITIES

The Company primarily has operating leases for corporate offices and processing facilities with a remaining term of 0.3 to 22.2 years. The leases for the processing facilities have an evergreen option that can continue for so long as they are in operation.

During the three and nine months ended April 30, 2022 and 2021, total lease expenses include the following components:

	Three Months Ended April 30,				Nine Months Ended April 30,
	2022		2021		2022		2021
Operating Leases	$	76,895	$	56,195	$	198,098	$	163,028
Short-term Leases		353,271		365,027		880,896		407,982
Total Lease Expenses	$	430,166	$	421,222	$	1,078,994	$	571,010

As at April 30, 2022, the weighted average remaining lease term was 17.4 years and the weighted average discount rate was 4.54%.

During the nine months ended April 30, 2022, cash paid for amounts included in the measurement of operating lease liabilities totaled $184,946.

Minimum future lease payments under operating leases with terms longer than one year are as follows:

Fiscal 2022	$	285,535
Fiscal 2023		170,049
Fiscal 2024		112,900
Fiscal 2025		103,884
Fiscal 2026		104,124
Thereafter		1,043,814
Total lease payments		1,820,306
Less: imputed interest		(482,322	)
Present value of lease liabilities	$	1,337,984
Current portion of lease liabilities	$	350,431
Non-current portion of lease liabilities	$	987,553

Current lease liabilities are included in Other Current Liabilities, and non-current lease liabilities are included in Other Non-Current Liabilities in our condensed consolidated balance sheets.