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Intellectual Property, net | 12 Months Ended
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Aug. 31, 2024
Intellectual Property, net |
Intellectual Property. net | 7. Intellectual Property, net A continuity schedule for capitalized patents is presented below:
|  | August 31, |  |  | August 31, |
|  | 2024 |  |  | 2023 |
Balance – beginning |  | $ | 462,625 |  |  | $ | 488,462 |
Addition |  |  | 145,591 |  |  |  | 135,862 |
Impairment |  |  | (57,836 | ) |  |  | (106,761 | )
Amortization |  |  | (33,704 | ) |  |  | (54,938 | )
Balance – ending |  | $ | 516,676 |  |  | $ | 462,625 |
The Company evaluated its patent portfolio and determined that certain pending applications had been abandoned or will not be pursued. As such, during the year ended August 31, 2024, the Company recognized an impairment loss of $57,836 related to those abandoned applications. The Company recognized $33,704 of amortization expense related to patents and licenses in the year ended August 31, 2024. The following table summarizes expected future amortization of the Company’s patent portfolio as of August 31, 2024:
Years Ending December 31, |  |  |
2025 |  | $ | 25,813 |
2026 |  |  | 25,813 |
2027 |  |  | 25,813 |
2028 |  |  | 25,813 |
2029 |  |  | 25,813 |
Thereafter |  | $ | 387,611 |
Total |  | $ | 516,676 |

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