| LEASES The Company commenced leasing an office in Norwalk, Connecticut, effective as of February 18, 2026, which serves as its corporate headquarters. Office space represents the Company’s only material class of underlying assets under operating leases, and the Company has no finance leases. The Company recorded operating lease costs within "Cost of sales" for the three and nine months ended May 31, 2026 of $40 and $46, respectively. The Company’s operating right-of-use assets and lease liabilities are as follows: | | | | | | | | | | | | | | | | | May 31, 2026 | | August 31, 2025 | | Operating lease right-of-use assets | | $ | 1,323 | | | $ | — | | | Accumulated amortization on operating right-of-use assets | | (29) | | | — | | | Operating lease right-of-use assets, net | | $ | 1,294 | | | $ | — | |
| | | | | | | | | | | | | | | | | May 31, 2026 | | August 31, 2025 | | Operating lease liabilities, current portion | | $ | 104 | | | $ | — | | | Operating lease liabilities, non-current portion | | 1,216 | | | — | | | Total operating lease liabilities | | $ | 1,320 | | | $ | — | |
The current portion of the Company’s operating lease liabilities are recorded within “Other current liabilities” on the condensed consolidated balance sheet. The weighted average lease term and discount rate as of May 31, 2026 and August 31, 2025 are as follows:
| | | | | | | | | | | | | | | | | May 31, 2026 | | August 31, 2025 | | Weighted-average remaining lease term: | | | | | | Operating leases | | 9.92 years | | 0 | | Weighted-average discount rate: | | | | | | Operating leases | | 4.35 | % | | — | % |
The following table presents other lease details for the nine months ended May 31, 2026 and 2025: | | | | | | | | | | | | | | | | | May 31, 2026 | | May 31, 2025 | | Cash paid for amounts included in the measurement of lease liabilities: | | | | | | Operating cash outflows - payments on operating leases | | $ | 19 | | | $ | — | |
| | | | | | | | | | | | | | | | Right-of-use assets obtained in exchange for new lease obligations | | | | | | Operating leases | | $ | 1,323 | | | $ | — | |
The following table presents the maturities of the Company’s operating lease liabilities as of May 31, 2026: | | | | | | | | | | Years Ended August 31, | | May 31, 2026 | | 2026 | | $ | 40 | | 2027 | | 159 | | 2028 | | 161 | | 2029 | | 163 | | 2030 | | 164 | | Thereafter | | 937 | | Total lease payments | | 1,624 | | Less: amounts representing interest | | (304) | | Total present value of lease liabilities | | $ | 1,320 |
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