Leases
 12 Months Ended
Mar. 31, 2022
Leases [Abstract]  
Leases

8. Leases:

 

The Corporation has operating leases for a variety of different assets, which include land, and buildings and certain manufacturing and office equipment.

The operating lease costs, included within cost of sales and general and administrative expenses amounted to $710,984 (2021 - $320,669).

During the year ended March 31, 2021, the Corporation entered into the following significant operating leases:


In January 2021, the Corporation entered into a new building lease and recorded a right-of-use asset and a lease liability of $1,350,240. Annual payments start at $168,267 and end at $219,540. The lease term is 10 years, which includes the initial lease term of 5 years and a renewal option of 5 years that is reasonably certain to be exercised.

In February 2021, the Corporation entered into a new building lease and recorded a right-of-use asset and a lease liability of $892,472. Annual payments start at $192,772 and end at $225,153. The initial lease term expires in November 2025. There is one renewal option of 5 years that is not reasonably certain to be exercised.

Additional information related to operating leases was as follows:

The following table summarizes the lease liabilities amounts recognized in the consolidated balance sheets:

 

 

 

March 31,
2022

 

March 31,
2021

 

 

 

 

 

Current

 

$641,698

 

$230,016

Non-current

 

2,063,421

 

2,886,940

Total

 

$2,705,119

 

$3,116,956

 

The following table summarizes the movements in cash and non-cash flows from operating leases:

 

 

 

Years ended

 

 

March 31,
2022

 

March 31,
2021

 

 

 

 

 

Operating cash flow payments for operating lease liabilities

 

$(25,201)

 

$(36,445)

Operating cash inflow payments for sublease classified as operating lease

 

61,166

 

21,320

Operating leases from business combination

 

                       –

 

892,472

Operating lease right-of-use assets obtained in exchange
   for operating lease liabilities

 

275,840

 

1,282,743

 

The Corporation has calculated the weighted-average remaining lease term, presented in years below, and the weighted-average discount rate for the operating lease population. The Corporation uses the incremental borrowing rate as the lease discount rate, unless the lessor’s rate implicit in the lease is readily determinable, in which case it is used.

 

 

 

March 31,
2022

March 31,
2021

 

 

 

 

Weighted-average remaining operating lease term (in years)

 

6.34

5.38

Weighted-average operating lease discount rate

 

5.69%

6.12%

 

(a)
Maturity analysis – contractual undiscounted cash flows:

 

 

 

March 31,
2022

 

 

 

2023

 

$753,444

2024

 

575,223

2025

 

457,263

2026

 

340,263

2027

 

194,593

2028 and thereafter

 

878,569

Total lease liabilities payments

 

$3,199,355

Less: Imputed interest

 

              (494,236)

Total operating lease liabilities

 

$2,705,119