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NOTE 7 - LEASE
On May 12, 2021, the Company entered into a lease arrangement for office space with Beckman/Lomas LLC, an entity controlled by a close family member of a director.
The following summarizes right-of use asset and lease information about the Company’s operating lease as of December 31, 2021, and August 31, 2021:
|
|
Four months ended
December 31,
|
|
|
Years ended
August 31,
|
|
|
|
2021 |
|
|
2021 |
|
Lease costs: |
|
|
|
|
|
|
Operating lease cost |
|
$ |
10 |
|
|
$ |
7 |
|
|
|
|
|
|
|
|
|
|
Other information |
|
|
|
|
|
|
|
|
Cash paid for operating cash flows from operating leases |
|
$ |
7 |
|
|
$ |
2 |
|
Right-of-use assets obtained in exchange for new operating lease liability |
|
$ |
- |
|
|
$ |
97 |
|
|
|
|
|
|
|
|
|
|
Weighted-average remaining lease term — operating leases (years) |
|
|
2.67 |
|
|
|
3.00 |
|
Weighted-average discount rate — operating leases |
|
|
3.00 |
% |
|
|
3.00 |
% |
Future minimum lease payments under the operating lease liability has non-cancelable lease payments at December 31, 2021 as follows:
|
|
Total |
|
Year Ended December 31, |
|
|
|
2022 |
|
|
33 |
|
2023 |
|
|
34 |
|
2024 |
|
|
24 |
|
Thereafter |
|
|
- |
|
|
|
|
91 |
|
Less: Imputed interest |
|
|
(3 |
) |
Operating lease liabilities |
|
|
88 |
|
|
|
|
|
|
Operating lease liability - current |
|
|
31 |
|
Operating lease liability - non-current |
|
$ |
57 |
|
|