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Intellectual Property net | 3 Months Ended
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Nov. 30, 2024
Intellectual Property net |
Intellectual Property, net | 7. Intellectual Property, net A continuity schedule for capitalized patents is presented below:
|  | November 30, |  |  | August 31, |
|  | 2024 |  |  | 2024 |
Balance – beginning |  | $ | 516,676 |  |  | $ | 462,625 |
Addition |  |  | 13,159 |  |  |  | 145,591 |
Impairment |  |  | - |  |  |  | (57,836 | )
Amortization |  |  | (24,462 | ) |  |  | (33,704 | )
Balance – ending |  | $ | 505,373 |  |  | $ | 516,676 |
The Company evaluated its patent portfolio to determine whether certain pending applications had been abandoned or will not be pursued. During the three-months ended November 30, 2024, the Company did not recognize an impairment loss related to those applications. The Company recognized $24,462 of amortization expense related to patents and licenses in the three months ended November 30, 2024 as compared to $8,274 for the three months ended November 30, 2023. The following table summarizes expected future amortization of the Company’s patent portfolio as of November 30, 2024:
Years Ending December 31, |  |  |
2025 |  | $ | 25,269 |
2026 |  | $ | 25,269 |
2027 |  | $ | 25,269 |
2028 |  | $ | 25,269 |
2029 |  | $ | 25,269 |
Thereafter |  | $ | 379,028 |
Total |  | $ | 505,373 |

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