Leases (Tables)
|
12 Months Ended |
Aug. 31, 2024 |
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, 2024 and 2023:
Schedule
of Lease Related Assets and Liabilities
| |
| |
2024 | | |
2023 | |
| |
Classification on Balance Sheet | |
| | | |
| | |
Assets | |
| |
| | | |
| | |
Operating lease assets | |
Operating lease right of use assets | |
$ | 1,691,309 | | |
$ | 1,983,898 | |
Total lease assets | |
| |
$ | 1,691,309 | | |
$ | 1,983,898 | |
| |
| |
| | | |
| | |
Liabilities | |
| |
| | | |
| | |
Current liabilities | |
| |
| | | |
| | |
Operating lease liability | |
Current operating lease liability | |
$ | 403,291 | | |
$ | 415,392 | |
Noncurrent liabilities | |
| |
| | | |
| | |
Operating lease liability | |
Long-term operating lease liability | |
| 1,440,367 | | |
| 1,693,577 | |
Total lease liability | |
| |
$ | 1,843,658 | | |
$ | 2,108,969 | |
|
Schedule of Lease Obligations |
Lease
obligations at August 31, 2024 consisted of the following:
Schedule
of Lease Obligations
Years Ending August 31, | |
| |
2025 | |
$ | 547,571 | |
2026 | |
| 547,393 | |
2027 | |
| 510,676 | |
2028 | |
| 293,723 | |
2029 | |
| 173,588 | |
Thereafter | |
| 167,269 | |
Total payments | |
| 2,240,220 | |
Amount representing interest | |
| (396,562 | ) |
Lease obligation, net | |
| 1,843,658 | |
Less lease obligation, current portion | |
| (403,291 | ) |
Lease obligation, long-term portion | |
$ | 1,440,367 | |
|
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, 2024
is as follows:
Schedule
of Finance Leases
| |
| |
Cost | |
$ | 209,457 | |
Accumulated amortization | |
| (209,457 | ) |
Net book value | |
$ | - | |
|
Schedule of Future Minimum Lease Payments |
Future
minimum finance lease payments are as follows:
Schedule
of Future Minimum Lease Payments
Years Ending August 31, | |
| |
2025 | |
$ | 4,420 | |
Total payments | |
| 4,420 | |
Amount representing interest | |
| (66 | ) |
Lease obligation, net | |
| 4,354 | |
Less lease obligation, current portion | |
| (4,354 | ) |
Lease obligation, long-term portion | |
$ | - | |
|