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Leases
 4 Months Ended
Dec. 31, 2021
Leases [Abstract]  
LEASES

NOTE 6 - LEASES

 

The right-of-use asset and lease liability are initially measured at the present value of the lease payments, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the Company’s incremental borrowing rate based on the information available at the date of adoption in determining the present value of the lease payments. The Company’s incremental borrowing rate is estimated to approximate the interest rate on similar terms and payments and in economic environments where the leased asset is located.

 

The Company has various operating leases for office space and vehicles that expire through 2025. Below is a summary of our operating right-of-use assets and operating lease liabilities as of December 31, 2021 and August 31, 2021:

 

   December 31,
2021		   August 31,
2021		 
Operating right-of-use assets  $500   $533 
           
Operating lease liabilities, current   130    130 
Operating lease liabilities long-term   370    403 
Total operating lease liabilities  $500   $533 

 

Minimum lease payments for the Company’s right-of-use assets over the remaining lease periods as of December 31, 2021 and August 31, 2021 are as follows:

 

   December 31,
2021		   August 31,
2021		 
2022  $155   $156 
2023   140    138 
2024   140    136 
2025   93    136 
Total undiscounted lease payments   528    565 
Less: Interest*   (28)   (32)
Present value of lease liabilities  $500   $533 

 

*Future lease payments were discounted by 3% interest rate.