XML 51 R40.htm IDEA: XBRL DOCUMENT
v3.21.2

2. Significant Accounting Policies: Financial Instruments (Policies) | 12 Months Ended
--- | ---
Aug. 31, 2021
Policies |
Financial Instruments | Financial instruments The Company uses the following methods and assumptions to estimate the fair value of each class of financial instruments for which it is practicable to estimate such values: Cash - the carrying amount approximates fair value because the amounts consist of cash held at a bank and cash held in short term investment accounts. Accounts receivable - the carrying amounts approximate fair value due to the short-term nature and historical collectability. Notes payable - the carrying amount approximates fair value due to the short-term nature of the obligations. Accounts payable and accrued liabilities - the carrying amount approximates fair value due to the short-term nature of the obligations. `2.```SIGNIFICANT ACCOUNTING POLICIES (cont’d…) Financial instruments (cont’d…) The estimated fair values of the Company's financial instruments as of August 31, 2021 and 2020 follows:
|  | 2021 |  | 2020
|  | Carrying | Fair |  | Carrying | Fair
|  | Amount | Value |  | Amount | Value
| Cash and cash equivalents | $1,184,313 | $1,184,313 |  | $3,801,037 | $3,801,037
| Accounts receivable, net of allowance | 7,086,503 | 7,086,503 |  | 6,274,426 | 6,274,426
| Notes Payable | - | - |  | 680,707 | 680,707
| Accounts payable and accrued liabilities | 3,147,765 | 3,147,765 |  | 3,111,361 | 3,111,361
| Bank Indebtedness | 3,000,000 | 3,000,000 |  | - | -
The following table presents information about the assets that are measured at fair value on a recurring basis as of August 31, 2021 and indicates the fair value hierarchy of the valuation techniques the Company utilized to determine such fair value. In general, fair values determined by Level 1 inputs utilize quoted prices (unadjusted) in active markets for identical assets. Fair values determined by Level 2 inputs utilize data points that are observable such as quoted prices, interest rates and yield curves. Fair values determined by Level 3 inputs are unobservable data points for the asset or liability, and included situations where there is little, if any, market activity for the asset:
|  |  | August 31, 2021 |  | Quoted Prices in Active Markets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3) |
| Assets: |  |  |  |  |  |  |  |  |  |  |  |  |
| Cash and cash equivalents |  | $ | 1,184,313 |  | $ | 1,184,313 |  | $ | — |  | $ | — |
The fair values of cash are determined through market, observable and corroborated sources.

X
- Definition Disclosure of accounting policy for determining the fair value of financial instruments. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 60 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=7493716&loc=d3e21868-110260 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=121572278&loc=d3e13279-108611 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=84158767&loc=d3e18780-107790 + Details
Name: | us-gaap_FairValueOfFinancialInstrumentsPolicy
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_PolicyTextBlockAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration