XML 42 R33.htm IDEA: XBRL DOCUMENT v3.25.2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: Leases, Policy (Policies)
12 Months Ended
Aug. 31, 2024
Policies  
Leases, Policy

Leases

The Company determines whether a contract contains a lease at contract inception. A contract contains a lease if there is an identified asset and the Company has the right to control the asset. Operating lease right-of-use (“ROU”) assets represent the Company’s right to use an underlying asset for the lease term, and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. Operating lease ROU assets and lease liabilities are recognized at commencement date based on the present value of lease payments over the lease term. The Company uses the incremental borrowing rate in determining the present value of lease payments. Leases with a term of twelve (12) months or less at the commencement date are not recognized on the balance sheet and are expensed as incurred.

As of August 31, 2024 and 2023, the Company had not entered into any long-term leases.