Leases

9 Months Ended

Aug. 31, 2023

Leases

Leases

5)    Leases

(a) Right-of-use asset

	in thousands of dollars
	$
Balance as at November 30, 2022	319
Net amortization	(131)
Balance as at August 31, 2023	188

(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, 2023	August 31, 2022
	$	$
Operating lease costs	140	140
Variable lease costs	103	108
Total lease expense	243	248

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 at August 31, 2023, the weighted-average remaining lease term is 0.6 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, 2023 are as follows:

● Cash paid for amounts included in the measurement of lease liabilities was $149,102.

Future minimum payments relating to the lease recognized in our balance sheet as of August 31, 2023 are as follows:

	in thousands of dollars
	August 31, 2023
Fiscal year	$
2023	51
2024	33
2025	—
Total undiscounted lease payments	84
Effect of discounting	(2)
Present value of lease payments recognized as lease liability	82