Subsequent Events

12 Months Ended

Aug. 31, 2023

Subsequent Events

Subsequent Events

Note 11. Subsequent Events

Management has evaluated events subsequent to August 31, 2023, through the date that these consolidated financial statements are being filed with the Securities and Exchange Commission, for transactions and other events that may require adjustment of and/or disclosure in such financial statements.

On October 5, 2023, the Company entered into a Standard, Purchase Agreement and Escrow Instructions for the Hunter Property, which currently houses the Company's corporate headquarters and Anaheim distribution center, for a purchase price of $31,000,000 in cash, which closed on October 23, 2023. The Hunter Property is expected to continue to house the Company's corporate headquarters and Anaheim distribution center for the foreseeable future. The Hunter Property was purchased with cash, funded by the Company's available cash accounts and liquidated securities. The Company agreed to the Property Purchase primarily to utilize its cash position and to reduce its corporate overhead expenses. See note 11.