FINANCE RIGHT-OF-USE ASSETS AND LEASE LIABILITIES |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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May 31, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| FINANCE RIGHT-OF-USE ASSETS AND LEASE LIABILITIES | 8. FINANCE RIGHT-OF-USE ASSETS AND LEASE LIABILITIES
Finance leases
The Company leases a vehicle which meets the classification of a finance lease under ASC 842. The monthly payments are $1,778 and the term is 60 months. The lease commenced on August 26, 2021.
Finance right of use assets are summarized below:
Amortization expense was $4,158 and $12,474 for the three months and nine months ended May 31, 2024.
Finance lease liabilities are summarized below:
Maturity of lease liabilities are as follows:
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