| Summary of reportable business segments |
| | | | | | | | | | | Three-month period ended May 31, 2025 | | | Sale of | | | | Inter- | | | | | electric | | Rental of | | segment | | | | | boats | | electric boats | | eliminations | | Total | | | $ | | $ | | $ | | $ | Revenue from external customers | | 160,372 | | 45,156 | | — | | 205,528 | Revenue from other segments | | 81,891 | | — | | (81,891) | | — | Segment revenues | | 242,263 | | 45,156 | | (81,891) | | 205,528 | Segment gross profit (loss) | | 55,509 | | (16,263) | | (6,310) | | 32,936 | | | | | | | | | | Segment profit (loss) before tax | | (7,075,475) | 1 | (67,806) | | (3,789) | | (7,147,000) | Research and development | | 725,299 | | 13,223 | | — | | 738,522 | Office salaries and benefits | | 715,751 | | 1,037 | | — | | 716,788 |
| | | | | | | | | | | Three-month period ended May 31, 2024 | | | Sale of | | | | Inter- | | | | | electric | | Rental of | | segment | | | | | boats | | electric boats | | eliminations | | Total | | | $ | | $ | | $ | | $ | Revenue from external customers | | 599,380 | | 460,773 | | — | | 1,060,153 | Revenue from other segments | | (18,753) | | 4,959 | | 13,794 | | — | Segment revenues | | 580,627 | | 465,732 | | 13,794 | | 1,060,153 | Segment gross profit (loss) | | 111,615 | | 326,455 | | 11,967 | | 450,037 | | | | | | | | | | Segment profit (loss) before tax | | (2,307,334) | 2 | 5,883 | | (903,212) | | (3,205,103) | Research and development | | 628,578 | | — | | — | | 628,578 | Office salaries and benefits | | 681,995 | | 109,414 | | — | | 791,409 |
1For the three-month period ended May 31, 2025, the segment profit for this segment includes a loss on derivative liabilities of $34,815 and litigation settlement costs of $2,813,511 [see note9 and 13]. 2For the three-month period ended May 31, 2024, the segment profit for this segment includes a gain on derivative liabilities of $404,044 [see note 13]. | | | | | | | | | | | Nine-month period ended May 31, 2025 | | | Sale of | | | | Inter- | | | | | electric | | Rental of | | segment | | | | | boats | | electric boats | | eliminations | | Total | | | $ | | $ | | $ | | $ | Revenue from external customers | | 359,096 | | 94,125 | | — | | 453,221 | Revenue from other segments | | 116,479 | | — | | (116,479) | | — | Segment revenues | | 475,575 | | 94,125 | | (116,479) | | 453,221 | Segment gross profit (loss) | | 33,958 | | (32,642) | | (24,522) | | (23,206) | | | | | | | | | | Segment profit (loss) before tax | | (12,225,389) | 1 | (83,199) | | (25,819) | | (12,334,407) | Research and development | | 1,763,484 | | 19,023 | | — | | 1,782,507 | Office salaries and benefits | | 2,262,379 | | (110,720) | | — | | 2,151,659 |
| | | | | | | | | | | Nine-month period ended May 31, 2024 | | | Sale of | | | | Inter- | | | | | electric | | Rental of | | segment | | | | | boats | | electric boats | | eliminations | | Total | | | $ | | $ | | $ | | $ | Revenue from external customers | | 893,998 | | 1,881,158 | | — | | 2,775,156 | Revenue from other segments | | 207,000 | | 16,926 | | (223,926) | | — | Segment revenues | | 1,100,998 | | 1,898,064 | | (223,926) | | 2,775,156 | Segment gross profit (loss) | | 42,746 | | 1,065,055 | | (2,153) | | 1,105,648 | | | | | | | | | | Segment profit (loss) before tax | | (5,049,355) | 2 | (4,732,851) | 3 | (901,945) | | (10,648,151) | Research and development | | 1,947,815 | | — | | — | | 1,947,815 | Office salaries and benefits | | 2,280,098 | | 416,537 | | — | | 2,696,635 |
| | | | | | | | | | | As at May 31, 2025 | | | Sale of | | | | Inter- | | | | | electric | | Rental of | | segment | | | | | boats | | electric boats | | eliminations | | Total | | | $ | | $ | | $ | | $ | Segment assets | | 26,218,536 | | 1,272,635 | | (2,990,849) | | 24,500,322 | Cash | | 10,858,474 | | 32,428 | | — | | 10,891,002 | Additions to property and equipment and intangibles | | 442,225 | | 10,000 | | (3,200) | | 449,025 | Segment liabilities | | 797,910 | | 640,103 | | 6,175,621 | | 7,613,634 |
1For the nine-month period ended May 31, 2025, the segment profit for this segment includes a gain on derivative liabilities $3,094,833, transaction costs of $1,040,742, and litigation settlement costs of $2,813,511 [see note 9 and 13]. 2For the nine-month period ended May 31, 2024, the segment profit for this segment includes a gain on derivative liabilities $5,913,484 and transaction costs of $1,860,335 [see note 13]. 3For the nine-month period ended May 31, 2024, the segment profit for this segment includes a goodwill impairment loss of $4,274,000 [see note 8]. | | | | | | | | | | | As at August 31, 2024 | | | Sale of | | | | Inter- | | | | | electric | | Rental of | | segment | | | | | boats | | electric boats | | eliminations | | Total | | | $ | | $ | | $ | | $ | Segment assets | | 19,737,669 | | 2,960,124 | | (11,277,388) | | 11,420,241 | Cash | | 28,108 | | 35,018 | | — | | 63,126 | Additions to property and equipment | | 280,587 | | 487,000 | | (185,744) | | 599,578 | Segment liabilities | | 8,306,618 | | 1,151,501 | | (1,013,824) | | 8,400,254 |
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