Subsequent Events

6 Months Ended

Feb. 29, 2020

Subsequent Events

Subsequent Events

Note 8.    Subsequent Events

Management has evaluated events subsequent to February 29, 2020, through the date that these unaudited condensed consolidated financial statements are filed with the SEC, for transactions and other events which may require adjustment of and/or disclosure in such financial statements.

With respect to the ongoing and evolving coronavirus (COVID-19) outbreak, which was designated as a pandemic by the World Health Organization on March 11, 2020, the outbreak has caused substantial disruption in international and U.S. economies and markets. The outbreak may have an adverse impact on the industries the Company serves, such as the aerospace, electronic parts, and industrial equipment industry.  If repercussions of the outbreak are prolonged, it could have a significant adverse impact to the underlying industries of some of the Company’s customers.  To date, the Company has not incurred any significant disruptions to its business activities or supply chain, but has been required to limit the operations of our sales offices.  Management cannot, at this point, estimate ultimate losses related to the COVID-19 outbreak, if any, and accordingly no adjustments were reflected in the accompanying financial statements related to this matter.

The Company completed its move of the corporate headquarters from the Lakeview Property to the Hunter Property on March 13, 2020, which is la significantly larger facility with approximately 80,000 square feet of office and warehouse space.