Leases (Tables)
|
12 Months Ended |
Aug. 31, 2021 |
Leases |
|
Schedule of Lease Related Assets and Liabilities |
The
table below presents the lease related assets and liabilities recorded on the Company’s consolidated balance sheets as of August
31, 2021 and 2020:
Schedule of Lease Related Assets and Liabilities
| |
| |
2021 | | |
2020 | |
| |
Classification on Balance Sheet | |
| | |
| |
Assets | |
| |
| | | |
| | |
Operating lease assets | |
Operating lease right of use assets | |
$ | 2,543,396 | | |
$ | 2,810,556 | |
Total lease assets | |
| |
$ | 2,543,396 | | |
$ | 2,810,556 | |
| |
| |
| | | |
| | |
Liabilities | |
| |
| | | |
| | |
Current liabilities | |
| |
| | | |
| | |
Operating lease liability | |
Current operating lease liability | |
$ | 530,797 | | |
$ | 563,793 | |
Noncurrent liabilities | |
| |
| | | |
| | |
Operating lease liability | |
Long-term operating lease liability | |
| 2,057,805 | | |
| 2,266,887 | |
Total lease liability | |
| |
$ | 2,588,602 | | |
$ | 2,830,680 | |
|
Schedule of Lease Obligations |
Lease
obligations at August 31, 2021 consisted of the following:
Schedule of Lease Obligations
Years Ending August 31, | |
| |
2022 | |
$ | 717,772 | |
2023 | |
| 649,974 | |
2024 | |
| 444,301 | |
2025 | |
| 366,620 | |
2026 | |
| 351,434 | |
Thereafter | |
| 728,841 | |
Total payments | |
| 3,258,942 | |
Amount representing interest | |
| (670,340 | ) |
Lease obligation, net | |
| 2,588,602 | |
Less lease obligation, current portion | |
| (530,797 | ) |
Lease obligation, long-term portion | |
$ | 2,057,805 | |
|
Schedule of Finance Leases |
The
net book value of equipment under finance leases included in property and equipment on the accompanying balance sheet at August 31, 2021
is as follows:
Schedule
of Finance Leases
| |
| | |
Cost | |
$ | 209,457 | |
Accumulated amortization | |
| (136,491 | ) |
Net book value | |
$ | 72,966 | |
| |
| | |
|
Schedule of Future Minimum Lease Payments |
Future
minimum finance lease payments are as follows:
Schedule
of Future Minimum Lease Payments
Years Ending August 31, | |
| |
2022 | |
$ | 25,153 | |
2023 | |
| 9,719 | |
2024 | |
| 5,669 | |
Total payments | |
| 40,541 | |
Amount representing interest | |
| (1,140 | ) |
Lease obligation, net | |
| 39,401 | |
Less lease obligation, current portion | |
| (23,184) |
Lease obligation, long-term portion | |
$ | 16,217 | |
| |
| | |
|