XML 22 R11.htm IDEA: XBRL DOCUMENT v3.22.2.2
Leases
9 Months Ended
Aug. 31, 2022
Leases  
Leases

5)    Leases

(a)Right-of-use asset

in thousands of dollars

    

$

    

Balance as at November 30, 2021

482

Net amortization

(121)

Balance as at August 31, 2022

361

(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

Nine months ended

Nine months ended

August 31, 2022

August 31, 2021

    

$

    

    

$

    

Operating lease costs

140

140

Variable lease costs

108

86

Total lease expense

248

226

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 August 31, 2022, the weighted-average remaining lease term is 1.8 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 nine-month period ending August 31, 2022 are as follows:

Cash paid for amounts included in the measurement of lease liabilities was $153,097.

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

    

in thousands of dollars

August 31, 2022

 

Fiscal year

    

$

    

2022

 

51

2023

 

205

2024

 

34

Total undiscounted lease payments

 

290

Effect of discounting

 

(15)

Present value of lease payments recognized as lease liability

 

275