Leases (Tables)
|
3 Months Ended |
Nov. 30, 2020 |
|---|
| ASU 2016-02 Transition [Abstract] |
|
| Schedule of right of use assets included in the unaudited condensed consolidated Balance Sheet |
| |
|
November 30,
2020 |
|
|
August 31,
2020 |
|
| Non-current assets |
|
|
|
|
|
|
|
|
| Right of use assets – operating leases, net of amortization |
|
$ |
198,977 |
|
|
$ |
209,101 |
|
| Right of use assets – finance leases, net of depreciation – included in property, plant and equipment |
|
|
708,109 |
|
|
|
718,193 |
|
|
| Schedule of lease costs |
| |
|
Three months
ended
November 30,
2020
|
|
|
Three months
ended
November 30,
2019 |
|
| |
|
|
|
|
|
|
| Finance lease cost: |
|
$ |
17,483 |
|
|
$ |
21,650 |
|
| Depreciation of right of use assets |
|
|
10,085 |
|
|
|
10,085 |
|
| Interest expense on lease liabilities |
|
|
7,398 |
|
|
|
11,565 |
|
| |
|
|
|
|
|
|
|
|
| Operating lease expense |
|
|
15,268 |
|
|
|
14,823 |
|
| |
|
|
|
|
|
|
|
|
| Total lease cost |
|
$ |
32,751 |
|
|
$ |
36,473 |
|
|
| Schedule of other lease information |
| |
|
Three months
ended
November 30,
2020 |
|
|
Three months
ended
November 30,
2019 |
|
| Cash paid for amounts included in the measurement of lease liabilities |
|
|
|
|
|
|
|
|
| Operating cash flows from finance leases |
|
$ |
(7,398 |
) |
|
$ |
(11,565 |
) |
| Operating cash flows from operating leases |
|
|
(15,268 |
) |
|
|
(14,823 |
) |
| Financing cash flows from finance leases |
|
$ |
(41,022 |
) |
|
$ |
(51,018 |
) |
| |
|
|
|
|
|
|
|
|
| Right-of -use assets obtained in exchange for new operating leases |
|
$ |
- |
|
|
|
245,482 |
|
| Weighted average remaining lease term – finance leases |
|
|
1.11 years |
|
|
|
2.50 years |
|
| Weighted average remaining lease term – operating leases |
|
|
2.75 years |
|
|
|
3.75 years |
|
| Weighted average discount rate – finance leases |
|
|
13.52 |
% |
|
|
12.86 |
% |
| Weighted average discount rate – operating leases |
|
|
10.00 |
% |
|
|
10.00 |
% |
|
| Schedule of future minimum lease payments under finance leases |
| |
|
November 30,
2020 |
|
|
August 31,
2020 |
|
| Undiscounted minimum future lease payments |
|
|
|
|
|
|
|
|
| Total instalments due: |
|
|
|
|
|
|
|
|
| Within 1 year |
|
$ |
193,680 |
|
|
$ |
193,680 |
|
| 1 to 2 years |
|
|
32,280 |
|
|
|
80,700 |
|
| 2 to 3 years |
|
|
- |
|
|
|
- |
|
| |
|
|
225,960 |
|
|
|
274,380 |
|
| Imputed interest |
|
|
(19,550 |
) |
|
|
(26,948 |
) |
| Total finance lease liability |
|
$ |
206,410 |
|
|
$ |
247,432 |
|
| |
|
|
|
|
|
|
|
|
| Disclosed as: |
|
|
|
|
|
|
|
|
| Current portion |
|
$ |
178,200 |
|
|
$ |
172,374 |
|
| Non-current portion |
|
|
28,210 |
|
|
|
75,058 |
|
| |
|
$ |
206,410 |
|
|
$ |
247,432 |
|
|
| Schedule of future minimum lease payments under operating leases |
| |
|
November 30,
2020 |
|
|
August 31,
2019 |
|
| Undiscounted minimum future lease payments |
|
|
|
|
|
|
|
|
| Total instalments due: |
|
|
|
|
|
|
|
|
| Within 1 year |
|
$ |
61,528 |
|
|
$ |
61,070 |
|
| 1 to 2 years |
|
|
63,375 |
|
|
|
62,903 |
|
| 2 to 3 years |
|
|
65,276 |
|
|
|
64,790 |
|
| 3 to 4 years |
|
|
50,050 |
|
|
|
66,734 |
|
| |
|
|
240,229 |
|
|
|
255,497 |
|
| Imputed interest |
|
|
(41,252 |
) |
|
|
(46,396 |
) |
| Total operating lease liability |
|
$ |
198,977 |
|
|
$ |
209,101 |
|
| |
|
|
|
|
|
|
|
|
| Disclosed as: |
|
|
|
|
|
|
|
|
| Current portion |
|
$ |
43,575 |
|
|
$ |
42,053 |
|
| Non-current portion |
|
|
155,402 |
|
|
|
167,048 |
|
| |
|
$ |
198,977 |
|
|
$ |
209,101 |
|
|