Leases

12 Months Ended

Nov. 30, 2023

Leases

Leases

5)    Leases

(a) Right-of-use asset

	in thousands of dollars
	$
Balance as at November 30, 2021	482
Net amortization	(163)
Balance as at November 30, 2022	319
Net amortization	(206)
Balance as at November 30, 2023	113

(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
	Year ended	Year ended
	November 30, 2023	November 30, 2022
	$	$
Operating lease costs	216	187
Variable lease costs	140	143
Total lease expense	356	330

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 November 30, 2023, the remaining lease term was 0.6 years and the 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 year ended November 30, 2023 are as follows:

● Cash paid for amounts included in the measurement of lease liabilities was $198,912.

Future minimum payments relating to the lease recognized in our balance sheet as of November 30, 2023 are as follows:

	in thousands of dollars
	November 30, 2023
Fiscal year	$
2024	33
Total undiscounted lease payments	33
Effect of discounting	—
Present value of lease payments recognized as lease liability	33