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Corporate Headquarters Lease | 9 Months Ended
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May 31, 2025
Corporate Headquarters Lease [Abstract] |
Corporate Headquarters Lease | NOTE 8 – CORPORATE HEADQUARTERS LEASE On December 20, 2024, we signed a new lease agreement (the Lease) for one floor of a five-story office building located in Draper, Utah to house our corporate headquarters. The Lease requires initial base rent of approximately $0.8 million per year with annual rent escalations. The initial lease term is for 130 months with a 10-month rent holiday. Based on the guidance found in Accounting Standards Codification 842 Leases, we determined that the lease commencement date occurred during the quarter ended May 31, 2025 as the leased space was made available to us for making leasehold improvements prior to occupying the property. The Lease added $6.4 million of right of use assets, which are included in other long-term assets, and $6.3 million of lease liabilities, which are primarily included in other long-term liabilities, in our condensed consolidated balance sheet at May 31, 2025. The master lease on our current headquarters campus, which is accounted for as a financing obligation on the accompanying condensed consolidated balance sheets, expires in June 2025. At the conclusion of the master lease agreement, the long-term portion of the financing obligation, which totaled $1.3 million, will be written off against the corresponding carrying value of the land and the balances will be eliminated.

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- Definition The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/842-20/tableOfContent + Details
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