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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:

 

      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:

 

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:

 

      
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:

 

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