URANIUM ENERGY CORP Leases Disclosure
| NOTE 13: | LEASE LIABILITIES |
The Company primarily has operating leases for corporate offices and processing facilities with a remaining term of 1.0 to 21.9 years as at July 31, 2022. The lease for the processing facilities has an evergreen option that can continue for so long as they are in operation. Short-term leases, which have an initial term of 12 months or less, are not recorded on our Consolidated Balance Sheets.
During Fiscal 2022, Fiscal 2021 and Fiscal 2020, total lease expenses include the following components:
| Year Ended July 31, | ||||||||||||
| 2022 | 2021 | 2022 | ||||||||||
| Operating Leases | $ | 274 | $ | 220 | $ | 230 | ||||||
| Short-term Leases | 1,401 | 607 | 445 | |||||||||
| Total Lease Expenses | $ | 1,675 | $ | 827 | $ | 675 | ||||||
As at July 31, 2022 and 2021, the weighted average remaining lease term was 16.5 and 17.0 years, and the weighted average discount rate was 4.52% and 4.74%, respectively.
During Fiscal 2022, Fiscal 2021, and Fiscal 2020, cash paid for amounts included in the measurement of operating lease liabilities totaled $472, $252 and $176, respectively.
Minimum future lease payments under operating leases with terms longer than one year are as follows:
| Fiscal 2023 | $ | 291 | ||
| Fiscal 2024 | 113 | |||
| Fiscal 2025 | 104 | |||
| Fiscal 2026 | 104 | |||
| Fiscal 2027 | 69 | |||
| Thereafter | 975 | |||
| Total lease payments | 1,656 | |||
| Less: imputed interest | (472 | ) | ||
| Present value of lease liabilities | $ | 1,184 | ||
| Current portion of lease liabilities | $ | 244 | ||
| Non-current portion of lease liabilities | $ | 940 |
Current lease liabilities are included in Other Current Liabilities, and non-current liabilities are included in Other Non-Current Liabilities in our Consolidated Balance Sheets.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2022 | Sep 29, 2022 | Showing above |
| 2021 | Oct 28, 2021 | |
| 2020 | Oct 29, 2020 | |
About Leases Disclosures
Lease disclosures under ASC 842 provide a comprehensive view of a company's leased asset portfolio, including the split between operating and finance leases, discount rates used to present-value future payments, and the maturity schedule of lease obligations. This section reveals a significant source of off-balance-sheet commitments that were largely hidden before the current standard.
Key signals: the weighted-average discount rate affects the size of recorded lease liabilities — a higher rate reduces the reported obligation, so compare the chosen rate against the company's incremental borrowing rate. The operating versus finance lease mix affects both EBITDA and operating income presentation. Watch the maturity table for concentration risk: large payment cliffs in specific years may create cash flow pressure. Variable lease payments excluded from the liability measurement represent real obligations that do not appear on the balance sheet. Compare total lease costs against prior-year operating lease expense to assess the true economic burden.