Property and Equipment

9 Months Ended

May 31, 2024

Property, Plant and Equipment [Abstract]

Property and Equipment

NOTE 5 – Property and Equipment

Property and equipment consists of the following:

	May 31,			August 31,
	2024			2023
Computers, office equipment and software	$	16,051		$	14,102
Equipment		133,653			133,653
In-process equipment		–			1,292,655
Total property and equipment		149,704			1,440,410
Accumulated depreciation		(134,340	)		(125,128	)
Property and equipment, net	$	15,364		$	1,315,282

During the three months ended May 31, 2024 and 2023, the Company recognized straight-line depreciation expense of $2,565 and $3,594, respectively. During the nine months ended May 31, 2024 and 2023, the Company recognized straight-line depreciation expense of $9,213 and $11,115, respectively.

During the year ended August 31, 2019, the Company made deposits for in-process equipment totaling $1,292,655 (the “Equipment Deposit”) towards the purchase of manufacturing equipment. Subsequent to May 31, 2024, the Company decided to pursue similar equipment that will enable significantly increased efficiency and capabilities. As a result, the Company has reclassified the portion of the Equipment Deposit that remains unallocated ($608,705) to current assets in anticipation of a return of those funds. The remaining $683,950 was impaired, and, according to the vendor, relates primarily to a coating die valued at $210,000 and engineering and design valued at $473,950 that has no future benefit to the Company.