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Unearned Revenue | 12 Months Ended
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Aug. 31, 2018
Unearned Revenue [Abstract] |
Unearned Revenue |
11. | Un earned Revenue
| On May 14, 2016, the Company entered into a licensing agreement (the “Licensing Agreement”) with an arm’s length party (the “Licensee”) allowing the Licensee, for a two-year period, to utilize the Company’s Technology to create, test, manufacture, and sell marijuana-infused consumable and/or topical products, in the state of Colorado, with an option of extending the terms of the Licensing Agreement to Washington, Oregon, and California (the “Territorial License”). In addition to the granting of the license, the Company is required to provide support services to the Licensee in connection with the use of the Company’s Technology during the term of the Licensing Agreement. The Company determined that the provision of the support services were a separate deliverable under the licensing agreement. Accordingly, the Company recognized revenue on a pro-rated basis over the term of the Licensing agreement. The Company has since determined that the support services form an insignificant portion of the licensing contract as they are primarily completed prior to delivery of the technology and that delivery of the license is complete when the Technology is transferred to the Licensee. During the year ended August 31, 2018, the Company recognized $17,083 (Note 14), of unearned revenue.
|  | August 31 2018 $ |  |  | August 31 2017 $ |
Balance – Beginning |  |  | 17,083 |  |  |  | 12,500 |
Territorial License fees received/receivable |  |  | - |  |  |  | 30,000 |
Advance payments on product sales |  |  | - |  |  |  | 4,900 |
Earned revenue (Note 14) |  |  | (17,083 | ) |  |  | (30,317 | )
Balance – Ending |  |  | - |  |  |  | 17,083 |

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- Definition The entire disclosure for deferred revenues at the end of the reporting period, and description and amounts of significant changes that occurred during the reporting period. Deferred revenue is a liability as of the balance sheet date related to a revenue producing activity for which revenue has not yet been recognized. Generally, an entity records deferred revenue when it receives consideration from a customer before achieving certain criteria that must be met for revenue to be recognized in conformity with GAAP. + References Reference 1: http://fasb.org/us-gaap/role/ref/otherTransitionRef -Publisher FASB -Name Accounting Standards Codification -Topic 430 -URI http://asc.fasb.org/topic&trid=2122452 + Details
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