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CONCENTRATIONS | 12 Months Ended
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Aug. 31, 2023
Risks and Uncertainties [Abstract] |
CONCENTRATIONS | 12. CONCENTRATIONS Credit risk Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash and cash equivalents and accounts receivable. The Company places its cash with a high quality financial institution. The Company has concentrations of credit risk with respect to accounts receivable as large amounts of its accounts receivable are concentrated geographically in the United States amongst a small number of customers. At August 31, 2023, two customers accounted for accounts receivable greater than 10% of total accounts receivable for a total of 75%. At August 31, 2022, three customers accounted for accounts receivable greater than 10% of accounts receivable for a total of 64%. The Company controls credit risk through credit approvals, credit limits, credit insurance and monitoring procedures. The Company performs credit evaluations of its commercial customers but generally does not require collateral to support accounts receivable. Volume of business The Company has concentrations in the volume of purchases it conducts with its suppliers. For the fiscal year ended August 31, 2023, there were three suppliers which each accounted for greater than 10% of total purchases, and the aggregate purchases amounted to $23,397,156. For the fiscal year ended August 31, 2022, there were two suppliers which each accounted for greater than 10% of total purchases, and the aggregate purchases amounted to $26,817,775.

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- Definition The entire disclosure for any concentrations existing at the date of the financial statements that make an entity vulnerable to a reasonably possible, near-term, severe impact. This disclosure informs financial statement users about the general nature of the risk associated with the concentration, and may indicate the percentage of concentration risk as of the balance sheet date. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 275 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//275/tableOfContent + Details
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