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Leases
6 Months Ended
May 31, 2022
Leases  
Leases

5)    Leases

(a)Right-of-use asset

in thousands of dollars

    

$

    

Balance as at November 30, 2021

482

Net amortization

(80)

Balance as at May 31, 2022

402

(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

Six months ended

Six months ended

May 31, 2022

May 31, 2021

    

$

    

    

$

    

Operating lease costs

93

93

Variable lease costs

82

50

Total lease expense

175

143

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 May 31, 2022, the weighted-average remaining lease term is 2.1 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 six-month period ending May 31, 2022 are as follows:

Cash paid for amounts included in the measurement of lease liabilities was $101,951.

Future minimum payments relating to the lease recognized in our balance sheet as of May 31, 2022 are as follows:

    

in thousands of dollars

May 31, 2022

 

Fiscal year

    

$

    

2022

 

105

2023

 

212

2024

 

35

Total undiscounted lease payments

 

352

Effect of discounting

 

(21)

Present value of lease payments recognized as lease liability

 

331