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Intellectual Property, net

12 Months Ended

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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Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 30
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/350-30/tableOfContent

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
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-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482665/350-30-50-4

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482665/350-30-50-3

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 985
-SubTopic 20
-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481283/985-20-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 985
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-URI https://asc.fasb.org/985-20/tableOfContent

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