Right of Use Assets and Liabilities – Operating Leases |
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| Lessee, Operating Leases [Text Block] |
Note 7: Right of Use Assets and Liabilities – Operating Leases
The Company has operating leases for offices and warehouses. The Company’s leases have remaining lease terms of 1 year to 10.5 years, some of which include options to extend.
The Company’s lease expense for the three months ended February 28, 2025 and February 29, 2024 was entirely comprised of operating leases and amounted to $140,612 and $157,634, respectively. The Company’s lease expense for the nine months ended February 28, 2025 and February 29, 2024 was entirely comprised of operating leases and amounted to $418,710 and $474,884, respectively.
The Company’s right of use (“ROU”) asset amortization for the three months ended February 28, 2025 and February 29, 2024 was $108,705 and $89,736, respectively. The Company’s ROU asset amortization for the nine months ended February 28, 2025 and February 29, 2024 was $318,627 and $186,424, respectively.
The Company has recorded total right of use assets of $4,384,520 and liabilities in the amount of $4,341,120 through February 28, 2025.
Right of use assets – operating leases are summarized below:
Operating lease liabilities are summarized below:
Maturity analysis under these lease agreements is as follows:
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