
		in thousands of dollars
		$
ASC transition as at December 1, 2019		681
Amortization		(162)
Lease accretion		50
Derecognition of Fairbanks warehouse lease		(93)
Balance as at November 30, 2020		476
Amortization		(38)
Lease accretion		10
Balance as at February 28, 2021		448

(b)	Lease liabilities

The Company’s lease arrangements primarily consist of an operating lease for our office space ending in June 2024. There are no extension options.

Total lease expense recorded within general and administrative expenses was comprised of the following components:


	in thousands of dollars
	Three months ended	Three months ended
	February 28, 2021	February 29, 2020
	$	$
Operating lease costs	38	50
Variable lease costs	35	34
Total lease expense	73	84

Variable lease costs consist primarily of the Company’s portion of operating costs associated with the office space lease as the Company elected to apply the practical expedient not to separate lease and non-lease components.

As of February, 28, 2021, the weighted-average remaining lease term was 3.3 years and the weighted-average discount rate is 8%. Significant judgment was used in the determination of the incremental borrowing rate which included estimating the Company’s credit rating.

Supplemental cash and non-cash information relating to our leases during the three months ended February 28, 2021 are as follows:

●

Cash paid for amounts included in the measurement of lease liabilities was $48,830.

Future minimum payments relating to the lease recognized in our balance sheet as of February 28, 2021 are as follows:


		in thousands of dollars
		February 28, 2021
Fiscal year		$
2021		151
2022		206
2023		212
2024		126
Total undiscounted lease payments		695
Effect of discounting		(155)
Present value of lease payments recognized as lease liability		540