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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: Goodwill and Intangible Assets, Policy (Policies)
12 Months Ended
Aug. 31, 2024
Policies  
Goodwill and Intangible Assets, Policy

Intangible Assets

The Company has intangible assets which were acquired via acquisition, and which consist primarily of goodwill and brand name. The Company’s intangible assets represent long-lived assets. As at August 31, 2024 and 2023, the Company held no intangible assets.

 

Amortization of Definite Life Intangible Assets

Definite life intangible assets are amortized over their estimated useful life. The Company periodically evaluates the carried values of its finite-lived intangible assets to determine whether events and circumstances warrant any revision. During the year ending August 31, 2024, the Company recognized impairment of intangible assets totaling $27,300, with no impairment recognized for the year ending August 31, 2023.

 

Impairment of Long-Lived Intangible Assets

Long-lived intangible assets, such as goodwill, are evaluated for impairment whenever events or changes in circumstances indicate that the carrying value of an asset may not be recoverable or that the useful life is shorter than the Company had originally estimated. When these events occur, the Company evaluates the impairment for the long-lived assets by comparing the carrying value of the assets to an estimate of future undiscounted cash flows expected to be generated from the use of the assets and their eventual disposition. If the sum of the expected future undiscounted cash flows is less than the carrying value of the assets, the Company recognizes an impairment loss based on the excess of the carrying value of the assets over the fair value of the assets.

 

No impairment charges were recognized for the year ending August 31, 2024 or 2023.