Leases (Tables)
|
12 Months Ended |
Aug. 31, 2020 |
|---|
| ASU 2016-02 Transition [Abstract] |
|
| Schedule of right of use assets included in the unaudited condensed consolidated Balance Sheet |
| |
|
August 31,
2020 |
|
|
August 31,
2019 |
|
| Non-current assets |
|
|
|
|
|
|
| Right of use assets – operating leases, net of amortization |
|
$ |
209,101 |
|
|
$ |
- |
|
| Right of use assets – finance leases, net of depreciation – included in property, plant and equipment |
|
|
718,193 |
|
|
|
758,534 |
|
|
| Schedule of lease costs |
| |
|
Year ended August 31,
2020
|
|
|
Year ended August 31,
2019
|
|
| |
|
|
|
|
|
|
| Finance lease cost: |
|
$ |
82,878 |
|
|
$ |
93,883 |
|
| Depreciation of right of use assets |
|
|
40,341 |
|
|
|
40,341 |
|
| Interest expense on lease liabilities |
|
|
42,537 |
|
|
|
53,542 |
|
| |
|
|
|
|
|
|
|
|
| Operating lease expense |
|
|
59,292 |
|
|
|
- |
|
| |
|
|
|
|
|
|
|
|
| Total lease cost |
|
$ |
142,170 |
|
|
$ |
93,883 |
|
|
| Schedule of other lease information |
| |
|
Year ended August 31, 2020
|
|
|
Year ended August 31, 2019
|
|
| Cash paid for amounts included in the measurement of lease liabilities |
|
|
|
|
|
|
| Operating cash flows from finance leases |
|
$ |
(42,537 |
) |
|
$ |
(53,542 |
) |
| Operating cash flows from operating leases |
|
|
(59,292 |
) |
|
|
- |
|
| Financing cash flows from finance leases |
|
$ |
(157,388 |
) |
|
$ |
(196,611 |
) |
| |
|
|
|
|
|
|
|
|
| Right-of -use assets obtained in exchange for new operating leases |
|
$ |
245,482 |
|
|
|
- |
|
| Weighted average remaining lease term – finance leases |
|
|
1.25 years |
|
|
|
2.25 years |
|
| Weighted average remaining lease term – operating leases |
|
|
4 years |
|
|
|
- |
|
| Weighted average discount rate – finance leases |
|
|
12.36 |
% |
|
|
11.54 |
% |
| Weighted average discount rate – operating leases |
|
|
10.00 |
% |
|
|
- |
|
|
| Schedule of future minimum lease payments under finance leases |
| |
|
August 31,
2020 |
|
|
August 31,
2019 |
|
| Undiscounted minimum future lease payments |
|
|
|
|
|
|
| Total instalments due: |
|
|
|
|
|
|
| Within 1 year |
|
$ |
193,680 |
|
|
$ |
229,176 |
|
| 1 to 2 years |
|
|
80,700 |
|
|
|
186,852 |
|
| 2 to 3 years |
|
|
- |
|
|
|
46,713 |
|
| |
|
|
274,380 |
|
|
|
462,741 |
|
| Imputed interest |
|
|
(26,948 |
) |
|
|
(57,113 |
) |
| Total finance lease liability |
|
$ |
247,432 |
|
|
$ |
405,628 |
|
| |
|
|
|
|
|
|
|
|
| Disclosed as: |
|
|
|
|
|
|
|
|
| Current portion |
|
$ |
172,374 |
|
|
$ |
189,933 |
|
| Non-current portion |
|
|
75,058 |
|
|
|
215,695 |
|
| |
|
$ |
247,432 |
|
|
$ |
405,628 |
|
|
| Schedule of future minimum lease payments under operating leases |
| |
|
August 31,
2020 |
|
|
August 31,
2019 |
|
| Undiscounted minimum future lease payments |
|
|
|
|
|
|
| Total instalments due: |
|
|
|
|
|
|
| Within 1 year |
|
$ |
61,070 |
|
|
$ |
- |
|
| 1 to 2 years |
|
|
62,903 |
|
|
|
- |
|
| 2 to 3 years |
|
|
64,790 |
|
|
|
- |
|
| 3 to 4 years |
|
|
66,734 |
|
|
|
- |
|
| |
|
|
255,497 |
|
|
|
- |
|
| Imputed interest |
|
|
(46,396 |
) |
|
|
- |
|
| Total operating lease liability |
|
$ |
209,101 |
|
|
$ |
- |
|
| |
|
|
|
|
|
|
| Disclosed as: |
|
|
|
|
|
|
| Current portion |
|
$ |
42,053 |
|
|
$ |
- |
|
| Non-current portion |
|
|
167,048 |
|
|
|
- |
|
| |
|
$ |
209,101 |
|
|
$ |
- |
|
|