Property and Equipment

9 Months Ended

May 31, 2023

Property, Plant and Equipment [Abstract]

Property and Equipment

NOTE 5 – Property and Equipment

Property and equipment consists of the following:

	May 31,			August 31,
	2023			2022
Computers, office equipment and software	$	14,102		$	14,102
Equipment		133,653			133,653
In-process equipment		1,292,655			1,292,655
Total property and equipment		1,440,410			1,440,410
Accumulated depreciation		(121,534	)		(110,418	)
Property and equipment, net	$	1,318,876		$	1,329,992

During the three months ended May 31, 2023 and 2022, the Company recognized straight-line depreciation expense of $3,594 and $3,057, respectively. During the nine months ended May 31, 2023 and 2022, the Company recognized straight-line depreciation expense of $11,115 and $18,865, respectively.

During the year ended August 31, 2019, the Company made deposits for in-process equipment totaling $1,292,655 towards the purchase of manufacturing equipment. The Company is currently evaluating configuration options in order to optimize the equipment for manufacturing of the Company’s initial product. Completion of the equipment may require additional payments of up to approximately $510,000.