6. Assets held for sale

On May 27, 2021, we acquired land in Bécancour, Québec for cash of $4.8 million (CDN $5.9 million), for which a portion of the land is the site of our planned Infinite Loop^™ manufacturing facility. The excess land has been classified as an asset held for sale, with a carrying value at August 31, 2022 of $3,282,515, on the basis that management was committed to a plan to dispose of the excess land and at the balance sheet date, and considered the sale to be probable within one year. As disclosed in Note 21, the Company sold approximately two thirds of the land held for sale on September 15, 2022 for cash proceeds of $8,694,989.

The total purchase cost of the land has been allocated between the portion of land held for sale and the land being used for the Infinite Loop^™ manufacturing facility based on surface area.