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SUBSEQUENT EVENTS
6 Months Ended
Feb. 29, 2024
Subsequent Events [Abstract]  
SUBSEQUENT EVENTS

NOTE 10 – SUBSEQUENT EVENTS

 

In March 2024, the Company repaid the Luxor Bitcoin Financing in full (see Note 7).

 

On March 6, 2024, the Company entered into a Machine Lease Agreement (the “Machine Lease”) with Luxor Technology Corporation (“LTC”). Under the Machine Lease, the Company leased 777 S-19 miners from LTC commencing March 8, 2024 and ending immediately prior to the next halving event for bitcoin, which is expected to occur in April 2024. The Company paid LTC 1.75 bitcoin upon entry into the Machine Lease and pays LTC 70% of all bitcoin mined during the lease term as rental payments. LTC is obligated to pay for all insurance on the units, repair and maintenance of the units, hosting fees, electricity costs, and any taxes assessed against the units.

 

In April 2024, the Company agreed to extend the maturity date of a note receivable in the principal amount $731,472 from August 31, 2024 to December 31, 2024. At the same time, the Company agreed to extend a hosting agreement with the note obligor to December 31, 2024.