Leases

3 Months Ended

Feb. 29, 2024

Leases

Leases

5)    Leases

(a) Right-of-use asset

	in thousands of dollars
	$
Balance as at November 30, 2023	113
Net amortization	(48)
Balance as at February 29, 2024	65

(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 29, 2024	February 28, 2023
	$	$
Operating lease costs	49	47
Variable lease costs	58	36
Total lease expense	107	83

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 February 29, 2024, the weighted-average remaining lease term is 0.3 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-month period ending February 29, 2024 are as follows:

● Cash paid for amounts included in the measurement of lease liabilities was $33,158.