Note 2 - New Significant Accounting Policies

9 Months Ended

May 31, 2025

Notes to Financial Statements

Significant Accounting Policies [Text Block]

2. NEW SIGNIFICANT ACCOUNTING POLICIES

Effective during the quarter ended May 31, 2025, the Company adopted Accounting Standards Update (ASU) No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. ASU 2023-07 requires enhanced disclosures about significant segment expenses and other segment items on both an annual and interim basis. The Company has applied the standard retrospectively to all periods presented in the consolidated financial statements. The adoption of ASU 2023-07 did not impact the Company’s determination of reportable segments but resulted in enhanced disclosures related to segment expense information. The adoption resulted in additional disclosures but did not have an impact on the Company's consolidated financial position, results of operations, or cash flows.

In connection with the preparation of this Form 10-Q, the Company identified an immaterial prior period classification error related to the presentation of borrowings and repayments under its revolving line of credit in the condensed consolidated statements of cash flows. For the nine months ended May 31, 2024, the Company had previously presented net repayments of $1,611,620 as a single line item. In accordance with Accounting Standards Codification 230, Statement of Cash Flows, the Company has updated the presentation to separately report gross borrowings of $29,144,279 and gross repayments of $30,755,899. This change had no impact on total cash flows, the Company’s financial position, or its results of operations.