Cover
Cover - shares | 9 Months Ended | |
May 31, 2024 | Jul. 19, 2024 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | May 31, 2024 | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2024 | |
Current Fiscal Year End Date | --08-31 | |
Entity File Number | 001-40089 | |
Entity Registrant Name | Novo Integrated Sciences, Inc. | |
Entity Central Index Key | 0001138978 | |
Entity Tax Identification Number | 59-3691650 | |
Entity Incorporation, State or Country Code | NV | |
Entity Address, Address Line One | 11120 NE 2nd Street | |
Entity Address, Address Line Two | Suite 100 | |
Entity Address, City or Town | Bellevue | |
Entity Address, State or Province | WA | |
Entity Address, Postal Zip Code | 98004 | |
City Area Code | (206) | |
Local Phone Number | 617-9797 | |
Title of 12(b) Security | Common Stock | |
Trading Symbol | NVOS | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 19,054,523 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) | May 31, 2024 | Aug. 31, 2023 |
Current Assets: | ||
Cash and cash equivalents | $ 1,539,771 | $ 416,323 |
Accounts receivable, net | 2,251,528 | 1,467,028 |
Inventory, net | 1,112,068 | 1,106,983 |
Other receivables, current portion | 1,043,473 | 1,051,584 |
Prepaid expenses and other current assets | 214,436 | 346,171 |
Total current assets | 6,161,276 | 4,388,089 |
Property and equipment, net | 5,157,781 | 5,390,038 |
Intangible assets, net | 14,690,038 | 16,218,539 |
Right-of-use assets, net | 1,793,907 | 1,983,898 |
Goodwill | 7,523,998 | 7,582,483 |
TOTAL ASSETS | 35,327,000 | 35,563,047 |
Current Liabilities: | ||
Accounts payable | 3,894,602 | 3,513,842 |
Accrued expenses | 1,332,485 | 1,233,549 |
Accrued interest (including amounts to related parties) | 450,795 | 382,666 |
Government loans and notes payable, current portion | 93,488 | 277,405 |
Convertible notes payable, net of discount of $4,985,381 | 1,224,619 | 558,668 |
Derivative liability | 14,048,576 | |
Contingent liability | 45,968 | 61,767 |
Finance lease liability, net of current portion | 4,336 | 11,744 |
Operating lease liability, current portion | 409,516 | 415,392 |
Total current liabilities | 22,676,433 | 7,904,858 |
Government loans and notes payable, net of current portion | 63,572 | 65,038 |
Operating lease liability, net of current portion | 1,534,078 | 1,693,577 |
Deferred tax liability | 1,389,696 | 1,400,499 |
TOTAL LIABILITIES | 25,663,779 | 11,063,972 |
Commitments and contingencies | ||
Novo Integrated Sciences, Inc. | ||
Convertible preferred stock; $0.001 par value; 1,000,000 shares authorized; Nil shares issued and outstanding at May 31, 2024 and August 31, 2023 | ||
Common stock; $0.001 par value; 499,000,000 shares authorized; 19,054,523 and 15,759,325 shares issued and outstanding at May 31, 2024 and August 31, 2023, respectively | 19,055 | 15,760 |
Additional paid-in capital | 96,660,608 | 90,973,316 |
Common stock to be issued (1,700 and 91,138 shares at May 31, 2024 and August 31, 2023) | 25,500 | 1,217,293 |
Other comprehensive (loss) income | 1,452,386 | (357,383) |
Accumulated deficit | (88,201,415) | (67,033,041) |
Total Novo Integrated Sciences, Inc. stockholders’ equity | 9,956,134 | 24,815,945 |
Noncontrolling interest | (292,913) | (316,870) |
Total stockholders’ equity | 9,663,221 | 24,499,075 |
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | 35,327,000 | 35,563,047 |
Related Party [Member] | ||
Current Liabilities: | ||
Debentures, related parties | 909,753 | 916,824 |
Due to related parties | $ 262,295 | $ 533,001 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) | May 31, 2024 | Aug. 31, 2023 |
Statement of Financial Position [Abstract] | ||
Convertible notes payable net of discount current | $ 4,985,381 | |
Convertible preferred stock, par value | $ 0.001 | $ 0.001 |
Convertible preferred stock, shares authorized | 1,000,000 | 1,000,000 |
Convertible preferred stock, shares issued | 0 | 0 |
Convertible preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 499,000,000 | 499,000,000 |
Common stock, shares issued | 19,054,523 | 15,759,325 |
Common stock, shares outstanding | 19,054,523 | 15,759,325 |
Common stock to be issued, shares | 1,700 | 91,138 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | ||
May 31, 2024 | May 31, 2023 | May 31, 2024 | May 31, 2023 | |
Income Statement [Abstract] | ||||
Revenues | $ 3,151,851 | $ 3,292,933 | $ 10,213,661 | $ 9,268,722 |
Cost of revenues | 2,254,958 | 1,978,839 | 6,048,664 | 5,244,192 |
Gross profit | 896,893 | 1,314,094 | 4,164,997 | 4,024,530 |
Operating expenses: | ||||
Selling expenses | 2,635 | 1,877 | 14,811 | 9,916 |
General and administrative expenses | 3,414,461 | 2,742,635 | 11,527,794 | 9,473,802 |
Total operating expenses | 3,417,096 | 2,744,512 | 11,542,605 | 9,483,718 |
Loss from operations | (2,520,203) | (1,430,418) | (7,377,608) | (5,459,188) |
Non operating income (expense) | ||||
Interest income | 2,214 | 62,397 | 6,910 | 6,762 |
Interest expense | (178,445) | (9,570) | (460,503) | (240,520) |
Other expense | (3,431) | (964,368) | ||
Change in fair value of derivative liability | (6,724,690) | (5,765,822) | ||
Amortization of debt discount | (2,904,830) | (156,037) | (5,095,331) | (4,386,899) |
Exchange currency (loss) gain | (1,406,915) | 48,333 | (1,485,861) | 12,652 |
Total other expense | (11,216,097) | (54,877) | (13,764,975) | (4,608,005) |
Loss before income taxes | (13,736,300) | (1,485,295) | (21,142,583) | (10,067,193) |
Income tax expense | ||||
Net loss | (13,736,300) | (1,485,295) | (21,142,583) | (10,067,193) |
Net income (loss) attributed to noncontrolling interest | 5,603 | 12,035 | 25,791 | (13,095) |
Net loss attributed to Novo Integrated Sciences, Inc. | (13,741,903) | (1,497,330) | (21,168,374) | (10,054,098) |
Comprehensive loss: | ||||
Foreign currency translation gain (loss) | 750,067 | (120,357) | 1,809,769 | (738,022) |
Comprehensive loss: | $ (12,986,233) | $ (1,605,652) | $ (19,332,814) | $ (10,805,215) |
Weighted average common shares outstanding - basic | 18,685,979 | 14,360,058 | 17,688,692 | 8,583,229 |
Weighted average common shares outstanding - diluted | 18,685,979 | 14,360,058 | 17,688,692 | 8,583,229 |
Net loss per common share - basic | $ (0.74) | $ (0.10) | $ (1.20) | $ (1.17) |
Net loss per common share - diluted | $ (0.74) | $ (0.10) | $ (1.20) | $ (1.17) |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) | Common Stock [Member] | Additional Paid-in Capital [Member] | Common Stock To Be Issued [Member] | AOCI Attributable to Parent [Member] | Retained Earnings [Member] | Parent [Member] | Noncontrolling Interest [Member] | Total |
Balance at Aug. 31, 2022 | $ 3,118 | $ 66,084,887 | $ 9,474,807 | $ 560,836 | $ (53,818,489) | $ 22,305,159 | $ (257,588) | $ 22,047,571 |
Balance, shares at Aug. 31, 2022 | 3,118,063 | |||||||
Exercise of warrants (Cashless Exercise) | $ 467 | 1,138,583 | 1,139,050 | 1,139,050 | ||||
Exercise of warrants (Cashless Exercise), shares | 467,399 | |||||||
Issuance of common stock to be issued | $ 4 | 92,362 | (92,366) | |||||
Issuance of common stock to be issued, shares | 3,623 | |||||||
Foreign currency translation loss | (417,008) | (417,008) | (3,974) | (420,982) | ||||
Net loss | (3,935,413) | (3,935,413) | (1,323) | (3,936,736) | ||||
Fair value of stock options | 60,887 | 60,887 | 60,887 | |||||
Common stock issued for cash, net of offering costs | $ 400 | 1,794,600 | 1,795,000 | 1,795,000 | ||||
Common stock issued for cash, net of offering costs, shares | 400,000 | |||||||
Balance at Nov. 30, 2022 | $ 3,989 | 69,171,319 | 9,382,441 | 143,828 | (57,753,902) | 20,947,675 | (262,885) | 20,684,790 |
Balance, shares at Nov. 30, 2022 | 3,989,085 | |||||||
Balance at Aug. 31, 2022 | $ 3,118 | 66,084,887 | 9,474,807 | 560,836 | (53,818,489) | 22,305,159 | (257,588) | 22,047,571 |
Balance, shares at Aug. 31, 2022 | 3,118,063 | |||||||
Net loss | (10,067,193) | |||||||
Balance at May. 31, 2023 | $ 14,486 | 89,379,961 | 1,217,293 | (172,526) | (63,872,587) | 26,566,627 | (275,343) | 26,291,284 |
Balance, shares at May. 31, 2023 | 14,485,756 | |||||||
Balance at Nov. 30, 2022 | $ 3,989 | 69,171,319 | 9,382,441 | 143,828 | (57,753,902) | 20,947,675 | (262,885) | 20,684,790 |
Balance, shares at Nov. 30, 2022 | 3,989,085 | |||||||
Exercise of warrants (Cashless Exercise) | $ 116 | 282,417 | 282,533 | 282,533 | ||||
Exercise of warrants (Cashless Exercise), shares | 115,935 | |||||||
Exercise of warrants for cash | $ 131 | 130,869 | 131,000 | 131,000 | ||||
Exercise of warrants for cash, shares | 131,000 | |||||||
Share issuance for convertible debt settlement | $ 9,311 | 9,076,740 | 9,086,051 | 9,086,051 | ||||
Share issuance for convertible debt settlement, shares | 9,310,940 | |||||||
Issuance of common stock to be issued | $ 320 | 8,164,828 | (8,165,148) | |||||
Issuance of common stock to be issued, shares | 320,202 | |||||||
Foreign currency translation loss | (195,821) | (195,821) | (862) | (196,683) | ||||
Net loss | (4,621,355) | (4,621,355) | (23,807) | (4,645,162) | ||||
Fair value of stock options | 60,887 | 60,887 | 60,887 | |||||
Shares issued with convertible notes | $ 96 | 82,868 | 82,963 | 82,963 | ||||
Shares issued with convertible notes, shares | 95,500 | |||||||
Value of warrants issued with convertible notes | 86,327 | 86,327 | 86,327 | |||||
Extinguishment of derivative liability due to conversion | 1,390,380 | 1,390,380 | 1,390,380 | |||||
Balance at Feb. 28, 2023 | $ 13,963 | 88,446,635 | 1,217,293 | (51,993) | (62,375,257) | 27,250,640 | (287,554) | 26,963,086 |
Balance, shares at Feb. 28, 2023 | 13,962,662 | |||||||
Exercise of warrants for cash | $ 320 | 319,680 | 320,000 | 320,000 | ||||
Exercise of warrants for cash, shares | 320,000 | |||||||
Share issuance for convertible debt settlement | $ 108 | 100,170 | 100,278 | 100,278 | ||||
Share issuance for convertible debt settlement, shares | 107,594 | |||||||
Foreign currency translation loss | (120,533) | (120,533) | 176 | (120,357) | ||||
Net loss | (1,497,330) | (1,497,330) | 12,035 | (1,485,295) | ||||
Shares issued with convertible notes | $ 96 | 90,037 | 90,132 | 90,132 | ||||
Shares issued with convertible notes, shares | 95,500 | |||||||
Value of warrants issued with convertible notes | 93,811 | 93,811 | 93,811 | |||||
Beneficial conversion feature upon issuance of convertible debt | 66,068 | 66,068 | 66,068 | |||||
Stock option expense | 263,561 | 263,561 | 263,561 | |||||
Balance at May. 31, 2023 | $ 14,486 | 89,379,961 | 1,217,293 | (172,526) | (63,872,587) | 26,566,627 | (275,343) | 26,291,284 |
Balance, shares at May. 31, 2023 | 14,485,756 | |||||||
Balance at Aug. 31, 2023 | $ 15,760 | 90,973,316 | 1,217,293 | (357,383) | (67,033,041) | 24,815,945 | (316,870) | 24,499,075 |
Balance, shares at Aug. 31, 2023 | 15,759,325 | |||||||
Exercise of warrants (Cashless Exercise) | $ 246 | 1,323,152 | 1,323,398 | 1,323,398 | ||||
Exercise of warrants (Cashless Exercise), shares | 245,802 | |||||||
Exercise of warrants for cash | $ 240 | 240,160 | 240,400 | 240,400 | ||||
Exercise of warrants for cash, shares | 240,400 | |||||||
Share issuance for convertible debt settlement | $ 520 | 577,002 | 577,522 | 577,522 | ||||
Share issuance for convertible debt settlement, shares | 519,845 | |||||||
Issuance of common stock to be issued | $ 74 | 1,172,776 | (1,172,850) | |||||
Issuance of common stock to be issued, shares | 73,767 | |||||||
Common stock issued for services | $ 424 | 1,194,976 | 1,195,400 | 1,195,400 | ||||
Common stock issued for services, shares | 424,080 | |||||||
Reverse stock split share rounding | $ 28 | (28) | ||||||
Reverse stock split share rounding, shares | 27,973 | |||||||
Foreign currency translation loss | 110,895 | 110,895 | (1,919) | 108,976 | ||||
Net loss | (4,680,343) | (4,680,343) | 19,620 | (4,660,723) | ||||
Balance at Nov. 30, 2023 | $ 17,292 | 95,481,354 | 44,443 | (246,488) | (71,713,384) | 23,583,217 | (299,169) | 23,284,048 |
Balance, shares at Nov. 30, 2023 | 17,291,192 | |||||||
Balance at Aug. 31, 2023 | $ 15,760 | 90,973,316 | 1,217,293 | (357,383) | (67,033,041) | 24,815,945 | (316,870) | 24,499,075 |
Balance, shares at Aug. 31, 2023 | 15,759,325 | |||||||
Net loss | (21,142,583) | |||||||
Balance at May. 31, 2024 | $ 19,055 | 96,660,608 | 25,500 | 1,452,386 | (88,201,415) | 9,956,134 | (292,913) | 9,663,221 |
Balance, shares at May. 31, 2024 | 19,054,523 | |||||||
Balance at Nov. 30, 2023 | $ 17,292 | 95,481,354 | 44,443 | (246,488) | (71,713,384) | 23,583,217 | (299,169) | 23,284,048 |
Balance, shares at Nov. 30, 2023 | 17,291,192 | |||||||
Share issuance for convertible debt settlement | $ 457 | 453,616 | 454,073 | 454,073 | ||||
Share issuance for convertible debt settlement, shares | 457,128 | |||||||
Foreign currency translation loss | 749,869 | 749,869 | 198 | 750,067 | ||||
Net loss | (2,746,128) | (2,746,128) | 568 | (2,745,560) | ||||
Fair value of stock options | 147,656 | 147,656 | 147,656 | |||||
Balance at Feb. 29, 2024 | $ 17,749 | 96,082,626 | 44,443 | 503,381 | (74,459,512) | 22,188,687 | (298,403) | 21,890,284 |
Balance, shares at Feb. 29, 2024 | 17,748,320 | |||||||
Share issuance for convertible debt settlement | $ 1,306 | 577,982 | 579,288 | 579,288 | ||||
Share issuance for convertible debt settlement, shares | 1,306,203 | |||||||
Foreign currency translation loss | 949,005 | 949,005 | (113) | 948,892 | ||||
Net loss | (13,741,903) | (13,741,903) | 5,603 | (13,736,300) | ||||
Cancellation of agreement | (18,943) | (18,943) | (18,943) | |||||
Balance at May. 31, 2024 | $ 19,055 | $ 96,660,608 | $ 25,500 | $ 1,452,386 | $ (88,201,415) | $ 9,956,134 | $ (292,913) | $ 9,663,221 |
Balance, shares at May. 31, 2024 | 19,054,523 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||
May 31, 2024 | Nov. 30, 2023 | May 31, 2023 | Nov. 30, 2022 | May 31, 2024 | May 31, 2023 | Aug. 31, 2023 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||
Net loss | $ (13,736,300) | $ (4,660,723) | $ (1,485,295) | $ (3,936,736) | $ (21,142,583) | $ (10,067,193) | |
Adjustments for non-cash items: | |||||||
Depreciation and amortization | 556,704 | 579,591 | 1,697,317 | 1,718,388 | |||
Fair value of vested stock options | 147,656 | 385,335 | |||||
Change in fair value of derivative liability | 6,724,690 | 5,765,822 | |||||
Cashless exercise of warrants | 1,323,398 | 1,421,583 | |||||
Common stock issued for services | 1,195,400 | ||||||
Operating lease expense | 466,276 | 624,246 | |||||
Amortization of debt discount | 2,904,830 | 156,037 | 5,095,331 | 4,386,899 | |||
Foreign currency transaction losses | 1,406,915 | (48,333) | 1,485,861 | (12,652) | |||
Changes in operating assets and liabilities: | |||||||
Accounts receivable | (797,692) | (308,907) | |||||
Inventory | (12,548) | (92,260) | |||||
Prepaid expenses and other current assets | 130,015 | 333,724 | |||||
Accounts payable | 408,067 | 154,542 | |||||
Accrued expenses | 76,428 | 104,004 | |||||
Accrued interest | 103,605 | (67,634) | |||||
Operating lease liability | (466,276) | (594,618) | |||||
Net cash used in operating activities | (4,523,923) | (2,014,543) | |||||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||
Purchase of property and equipment | (2,005) | (18,870) | |||||
Net cash used in investing activities | (2,005) | (18,870) | |||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||
(Repayments to) proceeds from related parties | (267,756) | (56,649) | |||||
Proceeds from notes payable | 274 | 222,000 | |||||
Repayments of notes payable | (184,125) | ||||||
Repayments of finance leases | (7,350) | (6,435) | |||||
Proceeds from issuance of convertible notes, net | 8,649,153 | 925,306 | |||||
Repayment of convertible notes | (3,311,536) | (3,033,888) | |||||
Proceeds from the sale of common stock, net of offering costs | 1,795,000 | ||||||
Proceeds from exercise of warrants | 240,400 | 451,000 | |||||
Net cash provided by financing activities | 5,119,060 | 296,334 | |||||
Effect of exchange rate changes on cash and cash equivalents | 530,316 | 22,403 | |||||
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 1,123,448 | (1,714,676) | |||||
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | $ 416,323 | $ 2,178,687 | 416,323 | 2,178,687 | $ 2,178,687 | ||
CASH AND CASH EQUIVALENTS, END OF PERIOD | $ 1,539,771 | $ 464,011 | 1,539,771 | 464,011 | $ 416,323 | ||
CASH PAID FOR: | |||||||
Interest | 190,491 | 343,878 | |||||
Income taxes | |||||||
SUPPLEMENTAL NON-CASH INVESTING AND FINANCING ACTIVITIES: | |||||||
Common stock issued for convertible debt settlement | 1,610,883 | 9,186,329 | |||||
Beneficial conversion feature upon issuance of convertible notes | 66,068 | ||||||
Debt discount recognized on derivative liability | 1,390,380 | ||||||
Debt discount recognized on convertible note | 639,993 | ||||||
Extinguishment of derivative liability due to conversion | 1,390,380 | ||||||
Common stock issued with convertible notes | 173,095 | ||||||
Warrants issued with convertible notes | $ 180,138 |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) | 3 Months Ended | 9 Months Ended | ||
May 31, 2024 | May 31, 2023 | May 31, 2024 | May 31, 2023 | |
Pay vs Performance Disclosure [Table] | ||||
Net Income (Loss) | $ (13,741,903) | $ (1,497,330) | $ (21,168,374) | $ (10,054,098) |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
May 31, 2024 | |
Insider Trading Arrangements [Line Items] | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
Organization and Basis of Prese
Organization and Basis of Presentation | 9 Months Ended |
May 31, 2024 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Basis of Presentation | Note 1 - Organization and Basis of Presentation Organization and Line of Business Novo Integrated Sciences, Inc. (“Novo Integrated”) was incorporated in Delaware on November 27, 2000, under the name Turbine Truck Engines, Inc. On February 20, 2008, the Company was re-domiciled to the State of Nevada. Effective July 12, 2017, the Company’s name was changed to Novo Integrated Sciences, Inc. When used herein, the terms the “Company,” “we,” “us” and “our” refer to Novo Integrated and its consolidated subsidiaries. The Company owns Canadian and U.S. subsidiaries which provide, or intend to provide, essential and differentiated solutions to the delivery of multidisciplinary primary care and related wellness products through the integration of medical technology, interconnectivity, advanced therapeutics, diagnostic solutions, unique personalized product offerings, and rehabilitative science. We believe that “decentralizing” healthcare, through the integration of medical technology and interconnectivity, is an essential solution to the rapidly evolving fundamental transformation of how non-catastrophic healthcare is delivered now and how it will be delivered in the future. Specific to non-critical care, ongoing advancements in both medical technology and inter-connectivity are allowing for a shift of the patient/practitioner relationship to the patient’s home and away from on-site visits to primary medical centers with mass-services. This acceleration of “ease-of-access” in the patient/practitioner interaction for non-critical care diagnosis and subsequent treatment minimizes the degradation of non-critical health conditions to critical conditions as well as allowing for more cost-effective and efficient healthcare distribution. The Company’s decentralized healthcare business model is centered on three primary pillars to best support the transformation of non-catastrophic healthcare delivery to patients and consumers: ● First Pillar – Service Networks: Deliver multidisciplinary primary care services through (i) an affiliate network of clinic facilities, (ii) small and micro footprint sized clinic facilities primarily located within the footprint of box-store commercial enterprises, (iii) clinic facilities operated through a franchise relationship with the Company, and (iv) corporate operated clinic facilities. ● Second Pillar – Technology: Develop, deploy, and integrate sophisticated interconnected technology, interfacing the patient to the healthcare practitioner thus expanding the reach and availability of the Company’s services, beyond the traditional clinic location, to geographic areas not readily providing advanced, peripheral based healthcare services, including the patient’s home. ● Third Pillar – Products: Develop and distribute effective, personalized health and wellness product solutions allowing for the customization of patient preventative care remedies and ultimately a healthier population. The Company’s science-first approach to product innovation further emphasizes our mandate to create and provide over-the-counter preventative and maintenance care solutions. On April 25, 2017 (the “Effective Date”), we entered into a Share Exchange Agreement (the “Share Exchange Agreement”) by and between (i) Novo Integrated; (ii) Novo Healthnet Limited (“NHL”), (iii) ALMC-ASAP Holdings Inc. (“ALMC”); (iv) Michael Gaynor Family Trust (the “MGFT”); (v) 1218814 Ontario Inc. (“1218814”); and (vi) Michael Gaynor Physiotherapy Professional Corp. (“MGPP,” and together with ALMC, MGFT and 1218814, the “NHL Shareholders”). Pursuant to the terms of the Share Exchange Agreement, Novo Integrated agreed to acquire, from the NHL Shareholders, all of the shares of both common and preferred stock of NHL held by the NHL Shareholders in exchange for the issuance, by Novo Integrated to the NHL Shareholders, of shares of Novo Integrated common stock such that following the closing of the Share Exchange Agreement, the NHL Shareholders would own 1,677,974 85 On May 9, 2017, the Exchange closed and, as a result, NHL became a wholly owned subsidiary of Novo Integrated. The Exchange was accounted for as a reverse acquisition under the purchase method of accounting since NHL obtained control of Novo Integrated Sciences, Inc. Accordingly, the Exchange was recorded as a recapitalization of NHL, and not as a business combination, with NHL being treated as the continuing entity. The historical financial statements presented are the financial statements of NHL. At the closing date of the Exchange, the net assets of the legal acquirer, Novo Integrated Sciences, Inc., were $ 6,904 Reverse Stock Split On November 7, 2023, the Company effectuated a 1-for-10 reverse stock split 1-for-10 reverse stock split Basis of Presentation The accompanying unaudited condensed consolidated financial statements were prepared pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”) and in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information and the instructions to Form 10-Q and Article 10 of Regulation S-X. The information furnished herein reflects all adjustments, consisting only of normal recurring adjustments, which in the opinion of management, are necessary to fairly state the Company’s financial position, the results of its operations, and cash flows for the periods presented. Certain information and footnote disclosures normally present in annual financial statements prepared in accordance with U.S. GAAP were omitted pursuant to such rules and regulations. The financial information contained in this report should be read in conjunction with our Annual Report on Form 10-K for the fiscal year ended August 31, 2023, that the Company filed on December 14, 2023. The results of operations for the nine months ended May 31, 2024 are not necessarily indicative of the results for the fiscal year ending August 31, 2024. The Company’s Canadian subsidiaries’ functional currency is the Canadian Dollar (“CAD”) and the parent company’s functional currency is the United States Dollar (“$” or “USD”); however, the accompanying unaudited condensed consolidated financial statements were translated and presented in USD. Going Concern The Company evaluated whether there are any conditions and events, considered in the aggregate, that raise substantial doubt about its ability to continue as a going concern within one year after the date the condensed consolidated financial statements are issued. The Company has incurred recurring losses from operations, has negative cash flows from operating activities, and has an accumulated deficit as of May 31, 2024. The Company believes that its cash and other available resources may not be sufficient to meet its operating needs and the payment of obligations related to various business acquisitions as they come due within one year after the date the unaudited condensed consolidated financial statements are issued. In an effort to alleviate these conditions, the Company has considered equity and/or debt financing and/or asset monetization. There can be no assurance that funding would be available, or that the terms of such funding would be on favorable terms if available. Even if the Company is able to obtain additional financing, it may contain undue restrictions on our operations, in the case of debt financing, or cause substantial dilution for our stockholders, in the case of equity financing. These conditions, along with the matters noted above, raise substantial doubt about the Company’s ability to continue as a going concern within one year after the date the unaudited condensed consolidated financial statements are issued. While management has developed and is in process to implement plans that management believes could alleviate in the future the substantial doubt that was raised, management concluded at the date of the issuance of the unaudited condensed consolidated financial statements that substantial doubt exists as those plans are not completely within the control of management. These unaudited condensed consolidated financial statements do not reflect the adjustments to the carrying values of assets and liabilities and the reported expenses and consolidated balance sheets classifications that would be necessary if the Company were unable to realize its assets and settle its liabilities as a going concern in the normal course of operations. Such adjustments could be material. Foreign Currency Translation The accounts of the Company’s Canadian subsidiaries are maintained in CAD. The accounts of these subsidiaries are translated into USD in accordance with the Financial Accounting Standards Board (the “FASB”) Accounting Standards Codification (“ASC”) Topic 830, Foreign Currency Transaction Comprehensive Income Schedule of Foreign Currency Translation, Exchange Rate Used May 31, 2024 May 31, 2023 August 31, 2023 Period end: CAD to USD exchange rate $ 0.7333 $ 0.7351 $ 0.7390 Average period: CAD to USD exchange rate $ 0.7365 $ 0.7400 $ 0.7426 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 9 Months Ended |
May 31, 2024 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Note 2 – Summary of Significant Accounting Policies Use of Estimates The preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. The Company regularly evaluates estimates and assumptions. The Company bases its estimates and assumptions on current facts, historical experience and various other factors that it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the accrual of costs and expenses that are not readily apparent from other sources. This applies in particular to the going concern assessment, useful lives of non-current assets, impairment of non-current assets, allowance for doubtful receivables, allowance for slow moving and obsolete inventory, valuation of share-based compensation and warrants, valuation of derivative liability, and valuation allowance for deferred tax assets. The actual results experienced by the Company may differ materially and adversely from the Company’s estimates. To the extent there are material differences between the estimates and the actual results, future results of operations will be affected. Principles of Consolidation The accompanying unaudited condensed consolidated financial statements include the accounts of the Company and entities it controls, including its wholly owned subsidiaries, NHL, Acenzia Inc. (“Acenzia”), Novomerica Health Group, Inc. (“NHG”), Novo Healthnet Rehab Limited, Novo Assessments Inc., PRO-DIP, LLC (“PRO-DIP”), a 91 50.1 80 70 All intercompany transactions have been eliminated. An entity is controlled when the Company has the ability to direct the relevant activities of the entity, has exposure or rights to variable returns from its involvement with the entity, and is able to use its power over the entity to affect its returns from the entity. Income or loss and each component of OCI are attributed to the shareholders of the Company and to the noncontrolling interests. Total comprehensive income is attributed to the shareholders of the Company and to the noncontrolling interests even if this results in the non-controlling interests having a deficit balance on consolidation. Noncontrolling Interest The Company follows FASB ASC Topic 810, Consolidation, The net income (loss) attributed to the NCI is separately designated in the accompanying condensed consolidated statements of operations and comprehensive loss. Cash Equivalents For the purpose of the condensed consolidated statements of cash flows, cash equivalents include time deposits, certificate of deposits, and all highly liquid debt instruments with original maturities of three months or less. Accounts Receivable Accounts receivable consist of amounts due to the Company from customers as a result of the Company’s normal business activities. Accounts receivable is reported on the balance sheets net of an estimated allowance for doubtful accounts. The Company establishes an allowance for doubtful accounts for estimated uncollectible receivables based on historical experience, assessment of specific risk, review of outstanding invoices, and various assumptions and estimates that are believed to be reasonable under the circumstances, and recognizes the provision as a component of selling, general and administrative expenses. Uncollectible accounts are written off against the allowance after appropriate collection efforts have been exhausted and when it is deemed that a balance is uncollectible. The company records the allowance based on past history and if there are doubts on the recoverability. As of May 31, 2024, the Company has recorded an allowance for those balances which it expects to be not recoverable. Inventory Inventories are valued at the lower of cost (determined by the first in, first out method) and net realizable value. Management compares the cost of inventories with the net realizable value and allowance is made for writing down their inventories to net realizable value, if lower. Inventory is segregated into three areas: raw materials, work-in-process and finished goods. The Company periodically assessed its inventory for slow moving and/or obsolete items and any change in the allowance is recorded in cost of revenue in the accompanying condensed consolidated statements of operations and comprehensive loss. If any are identified an appropriate allowance for those items is made and/or the items are deemed to be impaired. Other Receivables Other receivables are recorded at cost and presented as current or long-term based on the terms of the agreements. Management reviews the collectability of other receivables and writes off the portion that is deemed to be uncollectible. During the nine months ended May 31, 2024 and the nine months ended May 31, 2023, the Company wrote off $ nil nil Property and Equipment Property and equipment are stated at cost less depreciation and impairment. Expenditures for maintenance and repairs are charged to earnings as incurred; additions, renewals and betterments are capitalized. When property and equipment are retired or otherwise disposed of, the related cost and accumulated depreciation are removed from the respective accounts, and any gain or loss is included in operations. Depreciation of property and equipment is provided using the declining balance method for substantially all assets with estimated lives as follows: Schedule of Estimated Useful Lives of Assets Building 30 Leasehold improvements 5 Clinical equipment 5 Computer equipment 3 Office equipment 5 Furniture and fixtures 5 Leases The Company applies the provisions of ASC Topic 842, Leases Long-Lived Assets The Company applies the provisions of ASC Topic 360, Property, Plant, and Equipment Intangible Assets The Company’s intangible assets are being amortized over their estimated useful lives as follows: Schedule of Intangible Assets Amortized Estimated Useful Lives Land use rights 50 Intellectual property 7 Customer relationships 5 Brand names 7 The intangible assets with finite useful lives are reviewed for impairment when indicators of impairment are present and the undiscounted cash flows estimated to be generated by those assets are less than the assets’ carrying amounts. In that event, a loss is recognized based on the amount by which the carrying amount exceeds the fair value of the long-lived assets. Based on its review at May 31, 2024, the Company believes there was no Right-of-use Assets The Company’s right-of-use assets consist of leased assets recognized in accordance with ASC 842, Leases, which 12 Goodwill Goodwill represents the excess of purchase price over the underlying net assets of businesses acquired. Under U.S. GAAP, goodwill is not amortized but is subject to annual impairment tests. The Company recorded goodwill related to its acquisition of APKA Health, Inc. (“APKA”) during the fiscal year ended August 31, 2017, Executive Fitness Leaders (“EFL”) during the fiscal year ended August 31, 2018, Action Plus Physiotherapy Rockland (“Rockland”) during the fiscal year ended August 31, 2019, Acenzia during the fiscal year ended August 31, 2021, and 1285 Canada during the fiscal year ended August 31, 2022. Based on its review at May 31, 2024, the Company believes there was no Summary of changes in goodwill by acquired businesses is as follows: Schedule of Changes in Goodwill APKA EFL Rockland Acenzia 1285 Total Balance, August 31, 2022 $ 190,678 $ 125,088 $ 221,188 $ 7,288,307 $ 583 $ 7,825,844 Foreign currency translation adjustment (5,928 ) (3,892 ) (6,878 ) (226,645 ) (18 ) (243,361 ) Balance, August 31, 2023 $ 184,750 $ 121,196 $ 214,310 $ 7,061,662 $ 565 $ 7,582,483 Foreign currency translation adjustment (1,425 ) (935 ) (1,653 ) (54,468 ) (4 ) (58,485 ) Balance, May 31, 2024 $ 183,325 $ 120,261 $ 212,657 $ 7,007,194 $ 561 $ 7,523,998 Fair Value of Financial Instruments For certain of the Company’s financial instruments, including cash and cash equivalents, accounts receivable, other receivables, accounts payable, accrued expenses, current portion of finance and operating lease liability, current portion of government loans and notes payable, debentures, convertible notes payable, and due to related parties, the carrying amounts approximate their fair values due to their short-term maturities. ASC Topic 820, Fair Value Measurements and Disclosures Financial Instruments ● Level 1 inputs to the valuation methodology are quoted prices for identical assets or liabilities in active markets. ● Level 2 inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets in inactive markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument. ● Level 3 inputs to the valuation methodology use one or more unobservable inputs which are significant to the fair value measurement. The Company analyzes all financial instruments with features of both liabilities and equity under ASC Topic 480, Distinguishing Liabilities from Equity Derivatives and Hedging For certain financial instruments, the carrying amounts reported in the condensed consolidated balance sheets for cash and cash equivalents, accounts receivable, other receivables, and current liabilities, including accounts payable, accrued expenses, current portion of finance and operating lease liability, current portion of government loans and notes payable, debentures, convertible notes payable, and due to related parties, each qualify as a financial instrument, and are a reasonable estimate of their fair values because of the short period of time between the origination of such instruments and their expected realization and their current market rate of interest. The carrying value of notes payable approximates their fair values due to current market rate on such debt. As of May 31, 2024, and August 31, 2023, respectively, the Company did not identify any financial assets and liabilities required to be presented on the condensed consolidated balance sheet at fair value, except for contingent liability which is carried at fair value using Level 1 inputs and derivative liability which is carried at fair value using Level 3 inputs. Derivative Financial Instruments Fair value accounting requires bifurcation of embedded derivative instruments such as conversion features in convertible debt or equity instruments and measurement of their fair value for accounting purposes. In assessing the convertible debt instruments, management determines if the convertible debt host instrument is conventional convertible debt and further if there is a beneficial conversion feature requiring measurement. If the instrument is not considered conventional convertible debt under ASC 470, the Company will continue its evaluation process of these instruments as derivative financial instruments under ASC 815. The Company applies the guidance in ASC 815-40-35-12 to determine the order in which each convertible instrument would be evaluated for derivative classification. Once determined, derivative liabilities are adjusted to reflect fair value at each reporting period end, with any increase or decrease in the fair value being recorded in results of operations as an adjustment to the fair value of derivatives. Revenue Recognition The Company’s revenue recognition reflects the updated accounting policies as per the requirements of the FASB’s Accounting Standards Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers Revenue from providing healthcare and healthcare related services and product sales are recognized under Topic 606 ● Executed contracts with the Company’s customers that it believes are legally enforceable; ● Identification of performance obligations in the respective contract; ● Determination of the transaction price for each performance obligation in the respective contract; ● Allocation of the transaction price to each performance obligation; and ● Recognition of revenue only when the Company satisfies each performance obligation. These five elements, as applied to the Company’s revenue category, are summarized below: ● Healthcare and healthcare related services – gross service revenue is recorded in the accounting records at the time the services are provided (point-in-time) on an accrual basis at the provider’s established rates. The Company reserves a provision for contractual adjustment and discounts that are deducted from gross service revenue. The Company reports revenues net of any sales, use and value added taxes. ● Product sales – revenue is recorded at the point of time of delivery. In arrangements where another party is involved in providing specified services to a customer, the Company evaluates whether it is the principal or agent. In this evaluation, the Company considers if the Company obtains control of the specified goods or services before they are transferred to the customer, as well as other indicators such as the party primarily responsible for fulfillment, inventory risk, and discretion in establishing price. For product sales where the Company is not the principal, the Company recognizes revenue on a net basis. For the periods presented, revenue for arrangements where the Company is the agent was not material. Payments received before all of the relevant criteria for revenue recognition are satisfied are recorded as unearned revenue. Unearned revenue is included with accrued expenses in the accompanying condensed consolidated balance sheets. Sales returns and allowances were insignificant for the nine months ended May 31, 2024, and the nine months ended May 31, 2023. The Company does not provide unconditional right of return, price protection or any other concessions to its customers. Income Taxes The Company accounts for income taxes in accordance with ASC Topic 740, Income Taxes Under ASC 740, a tax position is recognized as a benefit only if it is “more likely than not” that the tax position would be sustained in a tax examination, with a tax examination being presumed to occur. The amount recognized is the largest amount of tax benefit that is greater than 50% likely of being realized on examination. For tax positions not meeting the “more likely than not” test, no tax benefit is recorded. The Company has no material uncertain tax positions for any of the reporting periods presented. Stock-Based Compensation The Company records stock-based compensation in accordance with ASC Topic 718, Compensation – Stock Compensation Basic and Diluted Earnings Per Share Earnings per share is calculated in accordance with ASC Topic 260, Earnings Per Share 836,616 1,226,617 16,470,201 1,700 Due to the net loss incurred, potentially dilutive instruments would be anti-dilutive. Accordingly, diluted loss per share is the same as basic loss per share for all periods presented. Foreign Currency Transactions and Comprehensive Income U.S. GAAP generally requires recognized revenue, expenses, gains and losses be included in net income. Certain statements, however, require entities to report specific changes in assets and liabilities, such as gain or loss on foreign currency translation, as a separate component of the equity section of the balance sheet. Such items, along with net income, are components of comprehensive income. The functional currency of the Company’s Canadian subsidiaries is the CAD. Translation gain and losses are classified as an item of other comprehensive loss in the stockholders’ equity section of the condensed consolidated balance sheet. Condensed Consolidated Statements of Cash Flows Cash flows from the Company’s operations are calculated based upon the local currencies using the average translation rates. As a result, amounts related to assets and liabilities reported on the condensed consolidated statements of cash flows will not necessarily agree with changes in the corresponding balances on the condensed consolidated balance sheets. Segment Reporting ASC Topic 280, Segment Reporting Reclassifications Certain prior period amounts were reclassified to conform to the manner of presentation in the current period. These reclassifications had no effect on the net loss or shareholders’ equity. Recent Accounting Pronouncements From time to time, new accounting pronouncements are issued by FASB or other standard setting bodies that are adopted by the Company as of the specified effective date. ASU 2016-13 Current Expected Credit Loss (ASC326) In December 2021, the FASB issued an update to ASU No. 2016-13 the Current Expected Credit Losses (CECL) standard (ASC 326), which is designed to provide greater transparency and understanding of credit risk by incorporating estimated, forward-looking data when measuring lifetime Estimated Credit Losses (ECL) and requires enhanced financial statement disclosures. This guidance was adopted during the nine months period ended May 31, 2024, and as a result no increase in the allowance is recorded. |
Related Party Transactions
Related Party Transactions | 9 Months Ended |
May 31, 2024 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Note 3 – Related Party Transactions Due to related parties Amounts loaned to the Company by stockholders and officers of the Company are payable upon demand and unsecured. At May 31, 2024 and August 31, 2023, the amount due to related parties was $ 262,295 533,001 At May 31, 2024, $ 181,061 nil 6.00 81,234 13.75 At August 31, 2023, $ 451,137 21,267 6.00 60,597 13.75 |
Accounts Receivables, Net
Accounts Receivables, Net | 9 Months Ended |
May 31, 2024 | |
Receivables [Abstract] | |
Accounts Receivables, Net | Note 4 – Accounts Receivables, Net Accounts receivables, net at May 31, 2024 and August 31, 2023 consisted of the following: Schedule of Accounts Receivable, Net May 31, August 31, 2024 2023 Trade receivables $ 3,040,932 $ 2,223,243 Amounts earned but not billed 49,273 108,000 Accounts receivables gross 3,090,205 2,331,243 Allowance for doubtful accounts (838,677 ) (864,215 ) Accounts receivable, net $ 2,251,528 $ 1,467,028 |
Inventory
Inventory | 9 Months Ended |
May 31, 2024 | |
Inventory Disclosure [Abstract] | |
Inventory | Note 5 – Inventory Inventory at May 31, 2024 and August 31, 2023 consisted of the following: Schedule of Inventory May 31, August 31, 2024 2023 Raw materials $ 439,667 $ 388,391 Work in process 197,729 81,696 Finished goods 474,672 636,896 Inventory Gross 1,112,068 1,106,983 Allowance for slow-moving and obsolete inventory – – Inventory, net $ 1,112,068 $ 1,106,983 During the nine months period ended May 31, 2024, the inventory was written off by $ 1,444,317 |
Other Receivables
Other Receivables | 9 Months Ended |
May 31, 2024 | |
Receivables [Abstract] | |
Other Receivables | Note 6 – Other Receivables Other receivables at May 31, 2024 and August 31, 2023 consisted of the following: Schedule of Other Receivables May 31, 2024 August 31, 2023 Advance to corporation; accrues interest at 12 June 1, 2024 $ 73,330 $ 73,900 Advance to corporation; accrues interest at 12 June 1, 2024 530,264 534,386 Advance to corporation; accrues interest at 10 June 1, 2024 439,879 443,298 Total other receivables 1,043,473 1,051,584 Current portion (1,043,473 ) (1,051,584 ) Long-term portion $ – $ – |
Property and Equipment
Property and Equipment | 9 Months Ended |
May 31, 2024 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment | Note 7 – Property and Equipment Property and equipment at May 31, 2024 and August 31, 2023 consisted of the following: Schedule of Property and Equipment May 31, August 31, 2024 2023 Land $ 439,980 $ 443,400 Building 3,299,850 3,325,500 Leasehold improvements 834,881 841,371 Clinical equipment 1,901,898 1,916,681 Computer equipment 35,241 33,504 Office equipment 44,286 44,502 Furniture and fixtures 37,993 38,289 Property and Equipment gross 6,594,129 6,643,247 Accumulated depreciation (1,436,348 ) (1,253,209 ) Total $ 5,157,781 $ 5,390,038 Depreciation expense for the nine months ended May 31, 2024 and May 31, 2023 was $ 194,458 212,579 Certain property and equipment have been used to secure notes payable (See Note 10). |
Intangible Assets
Intangible Assets | 9 Months Ended |
May 31, 2024 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets | Note 8 – Intangible Assets Intangible assets at May 31, 2024 and August 31, 2023 consisted of the following: Schedule of Intangible Assets May 31, August 31, 2024 2023 Land use rights $ 11,573,321 $ 11,573,321 Intellectual property 7,988,550 7,497,746 Customer relationships 2,284,066 2,291,058 Brand names 1,913,546 1,928,421 Finite lived intangible assets, gross 23,759,483 23,290,546 Accumulated amortization (9,069,445 ) (7,072,007 ) Total $ 14,690,038 $ 16,218,539 Amortization expense for the nine months ended May 31, 2024 and May 31, 2023 was $ 1,502,859 1,505,809 Expected amortization expense of intangible assets over the next 5 years and thereafter is as follows: Schedule of Expected Amortization Expense of intangible Assets Twelve Months Ending May 31, 2025 $ 2,000,212 2026 1,583,305 2027 1,360,814 2028 1,060,742 2029 222,046 Thereafter 8,462,919 Total $ 14,690,038 |
Accrued Expenses
Accrued Expenses | 9 Months Ended |
May 31, 2024 | |
Payables and Accruals [Abstract] | |
Accrued Expenses | Note 9 – Accrued Expenses Accrued expenses at May 31, 2024 and August 31, 2023 consisted of the following: Schedule of Accrued Expenses May 31, August 31, 2024 2023 Accrued liabilities $ 1,047,587 $ 961,897 Accrued payroll 284,898 236,218 Unearned revenue – 35,434 Accrued expense $ 1,332,485 $ 1,233,549 |
Government Loans and Notes Paya
Government Loans and Notes Payable | 9 Months Ended |
May 31, 2024 | |
Government Loans And Notes Payable | |
Government Loans and Notes Payable | Note 10 – Government Loans and Notes Payable Notes payable at May 31, 2024 and August 31, 2023 consisted of the following: Schedule of Governmental Loans and Note Payable May 31, August 31, 2024 2023 Government loans issued under the Government of Canada’s Canada Emergency Business Account (“CEBA”) program (A) 87,996 88,680 Note payable to the Small Business Administration. The note bears interest at 3.75 190 40,320 40,320 Note payable dated December 3, 2018; accrues interest at 4.53 4,000 28,744 28,693 Note payable received May 25, 2023, accruing interest at 18 – 73,900 Note payable received May 10, 2023, accruing interest at 15 – 110,850 Total government loans and notes payable 157,060 342,443 Less current portion (93,488 ) (277,405 ) Long-term portion $ 63,572 $ 65,038 (A) The Government of Canada launched CEBA loan to ensure that small businesses have access to the capital that they need during the current challenges faced due to the COVID-19 virus. The Company obtained CAD$ 80,000 58,664 January 18, 2024 25 75 5 60,000 20,000 29,332 Future scheduled maturities of outstanding government loans and notes payable are as follows: Schedule of Future Maturities Outstanding of Government Loans and Notes Payable Twelve Months Ending May 31, 2025 $ 93,488 2026 6,590 2027 6,590 2028 6,590 2029 6,590 Thereafter 37,212 Total $ 157,060 |
Convertible Notes Payable
Convertible Notes Payable | 9 Months Ended |
May 31, 2024 | |
Convertible Notes Payable | |
Convertible Notes Payable | Note 11 – Convertible Notes Payable Novo Integrated December 2021 Notes, SPA, and Warrants On December 14, 2021, Novo Integrated issued two convertible notes payable for a total of $ 16,666,666 8,333,333 5 June 14, 2023 20 In connection with the $16.66m+ convertible notes, the Company issued the note holders warrants to purchase a total of 583,334 20 December 14, 2025 7,680,156 ● Expected life of 4.0 ● Volatility of 275 ● Dividend yield of 0 ● Risk free interest rate of 1.23 The face amount of the $16.66m+ convertible notes of $ 16,666,666 11,409,200 5,257,466 5,257,466 1,666,666 1,140,000 8,064,132 On November 14, 2022, the $16.66m+ convertible notes were amended to provide the holders with conversion rights consisting of a conversion price to the first $ 1,000,000 (i) the conversion price in effect at such time and (ii) 82.0% of the lowest VWAP during the five (5) trading days immediately prior to a conversion date. The Company determined that the conversion features of these notes represented embedded derivatives since the notes are convertible into a variable number of shares upon conversion. derivative liability 1,390,380 ● Expected life of 0.58 ● Volatility of 148.20 ● Dividend yield of 0 ● Risk free interest rate of 4.55 The derivative was recorded as a discount on the convertible notes, but only for an amount not in excess of and thus capped by the otherwise undiscounted amount of the convertible notes. During the year ended August 31, 2023, an aggregate of $ 8,396,666 32,559 8,527,835 1,000,000 1,390,380 During the year ended August 31, 2023, the Company amortized $ 4,241,429 nil During the year ended August 31, 2023, the Company made cash payments in the aggregate amount of $ 3,001,442 2,833,888 167,554 nil Terragenx November 2021 Notes, SPA, and Warrants On November 17, 2021, Terragenx, a 91 1,875,000 937,500 1 May 17, 2022 33.50 In connection with the $1.875m convertible notes, the Company issued the note holders warrants to purchase a total of 22,388 33.50 November 17, 2024 351,240 ● Expected life of 3.0 ● Volatility of 300 ● Dividend yield of 0 ● Risk free interest rate of 0.85 The face amount of the $1.875m convertible notes of $ 1,875,000 1,579,176 295,824 295,824 375,000 90,000 760,824 On June 1, 2022, the Company paid the balance owed on one of two Terragenx $ 1.875 948,874 1.875 192,188 November 29, 2022 937,500 On June 1, 2022, the Company and one of the two Terragenx $ 1.875 186,719 Effective February 16, 2023, aside from the Liquidated Damages Charge, the Jefferson Note was paid in full. On August 21, 2023, Jefferson converted the additional Liquidated Damages Charge and the interest thereon. On August 21, 2023, as a result of the conversion, the Company issued 236,511 Novo Integrated – Mast Hill Fund, L.P. February 2023 Note, SPA, and Warrant On February 23, 2023, the Company entered into a securities purchase agreement (the “Mast Hill SPA”) with Mast Hill Fund, L.P. (“Mast Hill”), pursuant to which the Company issued an 12 February 23, 2024 573,000 100,000 12 57,300 515,700 1.75 Pursuant to the terms of the Mast Hill Note, the Company agreed to pay accrued interest monthly as well as the Mast Hill Principal Sum as follows: (i) $ 57,300 57,300 57,300 100,000 100,000 100,000 85 The Company may prepay the Mast Hill Note at any time prior to the date that an Event of Default (as defined in the Mast Hill Note) occurs at an amount equal to the Mast Hill Principal Sum then outstanding plus accrued and unpaid interest (no prepayment premium) plus $ 750 Upon the occurrence of any Event of Default, the Mast Hill Note shall become immediately due and payable and the Company shall pay to Mast Hill, in full satisfaction of its obligations hereunder, an amount equal to the Mast Hill Principal Sum then outstanding plus accrued interest multiplied by 125 16 The Mast Hill Warrant is exercisable for five years from February 23, 2023, at an exercise price of $ 2.50 86,327 ● Expected life of 5.0 ● Volatility of 252 ● Dividend yield of 0 ● Risk free interest rate of 4.09 As additional consideration for the purchase of the Mast Hill Note and pursuant to the terms of the Mast Hill SPA, on February 24, 2023, the Company issued 95,500 19.99 2,772,045 The principal amount of the $ 573,000 403,710 82,963 86,327 57,300 70,465 297,055 During the year ended August 31, 2023, the principal amount of $ 573,000 6,028 1,750 522,777 nil On September 18, 2023, Mast Hill fully exercised all warrants granted under the terms and conditions of the $ 573,000 53,567 Novo Integrated – FirstFire Global Opportunities Fund, LLC March 2023 Note, SPA, and Warrant On March 21, 2023, the Company entered into a securities purchase agreement (the “SPA”) with FirstFire Global Opportunities Fund, LLC (“FirstFire”) pursuant to which the Company issued an 12 March 21, 2024 573,000 100,000 12 57,300 515,700 1.75 Pursuant to the terms of the 2023 FirstFire Note, the Company agreed to pay accrued interest monthly as well as the Principal Sum as follows: (i) $ 57,300 57,300 57,300 100,000 100,000 100,000 85 The Company may prepay the 2023 FirstFire Note at any time prior to the date that an event of default (as provided in the 2023 FirstFire Note) occurs at an amount equal to the Principal Sum then outstanding plus accrued and unpaid interest (no prepayment premium) plus $ 750 Upon the occurrence of any event of default, the 2023 FirstFire Note shall become immediately due and payable and the Company shall pay to FirstFire, in full satisfaction of its obligations hereunder, an amount equal to the Principal Sum then outstanding plus accrued interest multiplied by 125 16 The 2023 FirstFire Warrant is exercisable for five years from March 21, 2023, at an exercise price of $ 2.50 93,811 ● Expected life of 5.0 ● Volatility of 251 ● Dividend yield of 0 ● Risk free interest rate of 3.73 As additional consideration for the purchase of the 2023 FirstFire Note and pursuant to the terms of the SPA, on March 22, 2023, the Company issued 95,500 1,000,000 The principal amount of the $ 573,000 389,057 90,132 93,811 57,300 35,628 The effective conversion price was determined to be $ 1.188 1.390 66,068 The combined total discount is $ 342,938 190,209 nil During the nine months ended May 31, 2024, the principal amount of $ 573,000 4,521 519,845 nil On October 12, 2023, FirstFire fully exercised all warrants granted under the terms and conditions of the $ 573,000 53,532 Novo Integrated – Mast Hill June 2023 $445,000 Note, SPA, and Warrant On June 20, 2023, the Company entered into a securities purchase agreement (the “MH $445,000 SPA”) with Mast Hill, pursuant to which the Company issued an 12 June 20, 2024 445,000 77,662 12 44,500 400,500 1.75 Pursuant to the terms of the MH $445,000 Note, the Company agreed to pay accrued interest monthly as well as the MH $445,000 Principal Sum as follows: (i) $ 44,500 44,500 44,500 77,661 77,661 77,661 85 The Company may prepay the MH $445,000 Note at any time prior to the date that an Event of Default (as defined in the Note) (each an “MH $445,000 Event of Default”) occurs at an amount equal to the MH $445,000 Principal Sum then outstanding plus accrued and unpaid interest (no prepayment premium) plus $ 750 Upon the occurrence of any MH $445,000 Event of Default, the MH $445,000 Note shall become immediately due and payable and the Company shall pay to Mast Hill, in full satisfaction of its obligations hereunder, an amount equal to the MH $445,000 Principal Sum then outstanding plus accrued interest multiplied by 125 The MH $445,000 Warrant is exercisable for five years from June 20, 2023, at an exercise price of $ 2.50 77,856 ● Expected life of 5.0 ● Volatility of 251 ● Dividend yield of 0 ● Risk free interest rate of 3.96 As additional consideration for the purchase of the MH $445,000 Note and pursuant to the terms of the MH $445,000 SPA, the Company issued 74,167 1,772,045 The principal amount of the MH $445,000 Note was proportionately allocated to the convertible note, common stock issued, and the warrants in the amount of $ 292,351 74,793 77,856 44,500 39,904 The effective conversion price was determined to be $ 1.150 1.535 97,978 The combined total discount is $ 335,031 105,523 Specific to the MH $445,000 Note, on July 20, 2023, the Company made a monthly interest payment of $ 4,243 4,535 4,535 4,389 On October 23, 2023, Mast Hill fully exercised all warrants granted under the terms and conditions of the $ 445,000 138,703 On December 21, 2023, the principal amount of $ 445,000 9,071 457,128 nil Novo Integrated - Mast Hill September 2023 Note and SPA On September 12, 2023, the Company entered into a securities purchase agreement (the “September 2023 Mast Hill SPA”) with Mast Hill Fund, L.P. (“Mast Hill”), pursuant to which the Company issued an 12 September 12, 2024 3,500,000 12 350,000 3,150,000 4.50 91.5 Pursuant to the terms of the September 2023 Mast Hill Note, the Company agreed to pay the principal sum and accrued interest as follows: (i) all accrued interest on December 12, 2023, (ii) $ 350,000 350,000 350,000 595,000 595,000 595,000 85 The Company may prepay the September 2023 Mast Hill Note at any time prior to the date that an Event of Default (as defined in the Note) occurs at an amount equal to the principal sum then outstanding plus accrued and unpaid interest (no prepayment premium) plus $ 750 Upon the occurrence of any Event of Default, the September 2023 Mast Hill Note shall become immediately due and payable and the Company will pay to Mast Hill an amount equal to the principal sum then outstanding plus accrued interest multiplied by 125 16 The September 2023 Mast Hill SPA contains customary representations, warranties, and covenants of the Company, including, among other things and subject to certain exceptions, piggy-back registration rights with respect to the common stock underlying the September 2023 Mast Hill Note. Further, pursuant to the September 2023 Mast Hill SPA, the Company agreed to transfer its rights to the charges/mortgages evidenced by Instrument Nos. CE925256 (in the amount of CDN$ 1,600,000 1,800,000 1,772,045 The Company’s subsidiary, Acenzia Inc. (“Acenzia”), entered into a guaranty with Mast Hill on September 12, 2023. Acenzia guaranteed the repayment of the September 2023 Mast Hill Note and granted Mast Hill a security interest in Acenzia’s assets, including but not limited to, the property located at 1580 Rossi Drive, Tecumseh, Ontario, Canada. The Company determined that the conversion features of these notes represented embedded derivatives since the notes are convertible into a variable number of shares upon conversion. On September 12, 2023, the Company recorded a derivative liability of $ 3,071,653 ● Expected life of 1 ● Volatility of 182.17 ● Dividend yield of 0 ● Risk free interest rate of 5.42 The derivative was recorded as a discount on the convertible notes, but only for an amount not in excess of and thus capped by the otherwise undiscounted amount of the convertible note. the fair value of the derivative liability was $ nil 4,046,797 ● Expected life of 0.48 0.44 ● Volatility of 189 186 ● Dividend yield of 0 ● Risk free interest rate of 5.01 5.00 The September 2023 Mast Hill Note contained a discount on note of $ 3,500,000 During the nine months ended May 31, 2024, the Company amortized the full balance of $ 3,500,000 nil Pursuant to the terms of the September 2023 Mast Hill Note, on December 12, 2023, the Company made an interest-only payment of $ 104,712 826,203 271,226 104,712 375,938 On April 9, 2024, the Company paid the full balance owed on the September 2023 Mast Hill Note in the principal amount of $ 3,228,774 30,571.28 nil Novo Integrated - FirstFire September 2023 Note and SPA On September 18, 2023, the Company entered into a securities purchase agreement (the “September 2023 FirstFire SPA”) with FirstFire Global Opportunities Fund, L.P. (“FirstFire”), pursuant to which the Company issued an 12 September 18, 2024 277,778 12 27,778 250,000 4.50 91.5 Pursuant to the terms of the September 2023 FirstFire Note, the Company agreed to pay the principal sum and accrued interest as follows: (i) all accrued interest on December 18, 2023, (ii) $ 27,778 27,778 27,778 47,222 47,222 47,222 85 The Company may prepay the September 2023 FirstFire Note at any time prior to the date that an event of default occurs at an amount equal to the principal sum then outstanding plus accrued and unpaid interest (no prepayment premium) plus $ 750 Upon the occurrence of any event of default, the September 2023 FirstFire Note shall become immediately due and payable and the Company shall pay to FirstFire, in full satisfaction of its obligations hereunder, an amount equal to the principal sum then outstanding plus accrued interest multiplied by 125 16 The September 2023 FirstFire SPA contains customary representations, warranties, and covenants of the Company, including, among other things and subject to certain exceptions, piggy-back registration rights with respect to the common stock underlying the September 2023 FirstFire Note. In addition to the beneficial ownership limitations provided in the September 2023 FirstFire Note, the sum of the number of shares of common stock that may be issued under the September 2023 FirstFire SPA and September 2023 FirstFire Note shall be limited to 480,156 Acenzia entered into a guaranty with FirstFire on September 18, 2023. Acenzia guaranteed the repayment of the September 2023 FirstFire Note and granted FirstFire a security interest in Acenzia’s assets, including but not limited to the property located at 1580 Rossi Drive, Tecumseh, Ontario, Canada, which is junior in priority to the security interest granted by Acenzia to FirstFire. The Company determined that the conversion features of these notes represented embedded derivatives since the notes are convertible into a variable number of shares upon conversion. On September 18, 2023, the Company recorded a derivative liability of $ 200,136 ● Expected life of 1 ● Volatility of 180.36 ● Dividend yield of 0 ● Risk free interest rate of 5.44 The derivative was recorded as a discount on the convertible notes, but only for an amount not in excess of and thus capped by the otherwise undiscounted amount of the convertible note. As at May 31, 2024, the fair value of the derivative liability was $ nil 200,135 ● Expected life of 0.46 ● Volatility of 186 ● Dividend yield of 0 ● Risk free interest rate of 5.00 The September 2023 FirstFire Note contained a discount on note of $ 235,414 During the nine months ended May 31, 2024, the Company amortized $ 235,414 nil Pursuant to the terms of the September 2023 FirstFire Note, on December 18, 2023, the Company made an interest-only payment of $ 8,333 480,000 195,016 8,333 203,349 On April 9, 2024, the Company paid the full balance owed on the September 2023 FirstFire Note in the principal amount of $ 82,761 1,552 nil Novo Integrated - Streeterville Capital, LLC April 2024 Note and SPA On April 5, 2024, the Company entered into a securities purchase agreement (the “Streeterville SPA”) with Streeterville Capital, LLC (“Streeterville”), pursuant to which the Company issued a secured convertible promissory note (the “Streeterville Note”) with a maturity date of April 8, 2025 6,210,000 10.9 660,000 50,000 5,500,000 3,500,000 277,777.77 Streeterville may convert the Streeterville Note into the Company’s common stock on any trading day (and the following trading day) that any intraday trade price of the common stock is 10% greater than the closing trade price on the previous trading day (each a “Voluntary Conversion”). With respect to any Voluntary Conversion, the conversion price is equal to 85 Beginning on October 8, 2024, Streeterville shall have the right to redeem up to $ 950,000 The Company may prepay the Note at any time prior to the date that an Event of Default (as defined in the Streeterville Note) (each an “Event of Default”) occurs at an amount equal to 105% of the Outstanding Balance (as defined below). “Outstanding Balance” means the Streeterville Principal Sum then outstanding plus accrued and unpaid interest. Upon the occurrence of any Event of Default, the Streeterville Note shall become immediately due and payable and the Company shall pay to Streeterville, in full satisfaction of its obligations hereunder, an amount equal to the Outstanding Balance plus the Trigger Effect (as defined herein). The “Trigger Effect” means 20% of the Outstanding Balance upon the occurrence of any Major Trigger Event (as defined in the Streeterville Note) and 5% of the Outstanding Balance upon the occurrence of any Minor Trigger Event (as defined in the Streeterville Note). The Trigger Effect for any Minor Trigger Event may occur up to three times. Upon the occurrence of an Event of Default, additional interest will accrue from the date of the Event of Default at the rate equal to the lower of 22% per annum or the highest rate permitted by law. In addition to the beneficial ownership limitations provided in the Streeterville Note, the sum of the number of shares of common stock that may be issued under the Streeterville SPA and Streeterville Note shall be limited to 19.99 The Streeterville SPA contains customary representations, warranties, and covenants of the Company, including, among other things and subject to certain exceptions, registration rights with respect to the common stock underlying the Streeterville Note. The Streeterville SPA also requires the Company to file a registration statement covering Streeterville’s resale of the common stock underlying the Streeterville Note within 75 days of the closing date. In connection with the Streeterville Note and Streeterville SPA, the Company and Streeterville also entered into a security agreement (the “Streeterville Security Agreement”). Pursuant to the Streeterville Security Agreement, the Company granted Streeterville a security interest in all of the assets of the Company. Acenzia, a wholly owned subsidiary of the Company, entered into a guaranty with Streeterville on April 5, 2024 (the “Acenzia Guaranty”). Acenzia guaranteed the repayment of the Streeterville Note and granted Streeterville a security interest in the assets of Acenzia, including but not limited to the property located at 1580 Rossi Drive, Tecumseh, Ontario, Canada. Further, NHL, a wholly owned subsidiary of the Company, entered into a guaranty with Streeterville on April 5, 2024 (the “NHL Guaranty”). NHL guaranteed the repayment of the Streeterville Note and granted a security interest in the assets of NHL. The Company determined that the conversion features of these notes represented embedded derivatives since the notes are convertible into a variable number of shares upon conversion. On April 5, 2024, the Company recorded a derivative liability of $ 5,010,966 ● Expected life of 1 ● Volatility of 186 ● Dividend yield of 0 ● Risk free interest rate of 5.05 The derivative was recorded as a discount on the convertible notes, but only for an amount not in excess of and thus capped by the otherwise undiscounted amount of the convertible note. As at May 31, 2024, the fair value of the derivative liability was $ 14,048,576 9,037,610 ● Expected life of 0.85 ● Volatility of 206 ● Dividend yield of 0 ● Risk free interest rate of 5.18 The Streeterville Note contained a discount on note of $ 235,414 During the nine months ended May 31, 2024, the Company amortized $ 900,585 4,985,381 |
Debentures, Related Parties
Debentures, Related Parties | 9 Months Ended |
May 31, 2024 | |
Debt Disclosure [Abstract] | |
Debentures, Related Parties | Note 12 – Debentures, Related Parties On September 30, 2013, the Company issued five debentures totaling CAD$ 6,402,512 6,225,163 8 September 30, 2016 September 30, 2019 September 30, 2021 December 1, 2023 During the nine months ended May 31, 2024, the Company could not make repayments to the debenture holders in accordance with the revised agreed repayment schedule, and is therefore in breach of the loan agreement as at period end. Consequently, the Company has reclassified the entire outstanding balance of the loan to current liabilities. At of the date of this filing, the Company is in discussions to formalize the arrangements to make the payment to the holders. On January 31, 2018, the debenture holders converted 75 3,894,809 414,965 1,047,588 4.11 the average price of the five trading days immediately preceding the date of conversion with a 10% premium added to the calculated per share price. On July 21, 2020, the Company made a partial repayment of a debenture due to a related party of $ 267,768 At May 31, 2024 and August 31, 2023, the amount of debentures outstanding was $ 909,753 916,824 |
Leases
Leases | 9 Months Ended |
May 31, 2024 | |
Leases | |
Leases | Note 13 – Leases Operating leases The Company determines whether a contract is or contains a lease at inception of the contract and whether that lease meets the classification criteria of a finance or operating lease. When available, the Company uses the rate implicit in the lease to discount lease payments to present value; however, most of the Company’s leases do not provide a readily determinable implicit rate. Therefore, the Company discounts lease payments based on an estimate of its incremental borrowing rate. The Company leases its corporate office space and certain facilities under long-term operating leases expiring through fiscal year 2031. The table below presents the lease related assets and liabilities recorded on the Company’s condensed consolidated balance sheets as of May 31, 2024 and August 31, 2023: Schedule of Lease Related Assets and Liabilities May 31, August 31, 2024 2023 Classification on Balance Sheet Assets Operating lease assets Operating lease right of use assets $ 1,793,907 $ 1,983,898 Total lease assets $ 1,793,907 $ 1,983,898 Liabilities Current liabilities Operating lease liability Current operating lease liability $ 409,516 $ 415,392 Noncurrent liabilities Operating lease liability Long-term operating lease liability 1,534,078 1,693,577 Total lease liability $ 1,943,594 $ 2,108,969 Future minimum operating lease payments are as follows: Schedule of Operating Lease Payments Twelve Months Ending May 31, 2025 $ 561,953 2026 540,470 2027 533,653 2028 335,219 2029 212,370 Thereafter 196,310 Total payments 2,379,975 Amount representing interest (436,381 ) Lease obligation, net 1,943,594 Less lease obligation, current portion 409,516 Lease obligation, long-term portion $ 1,534,078 During the nine months ended May 31, 2024, the Company entered into two new leases. The lease expense for the nine months ended May 31, 2024 and May 31, 2023 was $ 466,276 624,246 440,585 604,387 3.85 8.69 Finance Leases The Company leases certain equipment under lease contracts that are accounted for as finance leases. If the contracts meet the criteria for a finance lease, the related equipment underlying the lease contract is capitalized and amortized over its estimated useful life. If the cost of the equipment is not available, the Company calculates the cost by taking the present value of the lease payments using an implicit borrowing rate of 5 The net book value of equipment under finance leases included in property and equipment on the accompanying condensed consolidated balance sheets at May 31, 2024 and August 31, 2023 was as follows: Schedule of Finance Leases May 31, August 31, 2024 2023 Cost $ 209,457 $ 209,457 Accumulated amortization (209,457 ) (209,457 ) Net book value $ – $ – Future minimum finance lease payments were as follows: Schedule of Future Minimum Lease Payments Twelve Months Ending May 31, 2025 $ 4,401 Total payments 4,401 Amount representing interest (65 ) Lease obligation, net 4,336 Less lease obligation, current portion (4,336 ) Lease obligation, long-term portion $ – |
Stockholders_ Equity
Stockholders’ Equity | 9 Months Ended |
May 31, 2024 | |
Equity [Abstract] | |
Stockholders’ Equity | Note 14 – Stockholders’ Equity Reverse Stock Split On November 6, 2023, the Company effectuated a 1-for-10 reverse stock split Convertible Preferred Stock The Company has authorized 1,000,000 0.001 nil Common Stock The Company has authorized 499,000,000 0.001 19,054,523 15,759,325 During the nine-month period ended May 31, 2024, the Company issued common stock as follows: ● 80,200 3 80,200 ● 160,200 5 160,200 ● 75,000 September 5, 2023 ● 53,567 573,000 September 18, 2023 ● 75,000 September 18, 2023 ● 519,845 573,000 4,521 577,521 September 21, 2023 ● 75,000 October 3, 2023 ● 73,767 October 9, 2023 ● 53,532 573,000 October 12, 2023 ● 75,000 October 18, 2023 ● 138,703 445,000 October 23, 2023 ● 75,000 November 8, 2023 ● 30,675 November 21, 2023 ● 18,405 November 21, 2023 ● 27,973 1-for-10 reverse stock split ● 457,128 445,000 9,071 454,071 December 21, 2023 ● 826,203 271,226 104,712 375,938 between March 14, 2024 and April 4, 2024 ● 480,000 195,016 8,333 203,350 April 4, 2024 Common Stock to be Issued As of May 31, 2024, in connection with the acquisition of 1285 Canada and Poling Taddeo Hovius Physiotherapy Professional Corp, the Company has allotted and is obligated to issue 1,700 25,500 Stock Options On September 8, 2015, the Company’s Board of Directors and stockholders holding a majority of the Company’s outstanding common stock approved the Novo Integrated Sciences, Inc. 2015 Incentive Compensation Plan (the “2015 Plan”), which authorizes the issuance of up to 50,000 On January 16, 2018, the Company’s Board of Directors and stockholders holding a majority of the Company’s outstanding common stock approved the Novo Integrated Sciences, Inc. 2018 Incentive Compensation Plan (the “2018 Plan”). Under the 2018 Plan, 100,000 86,490 On February 9, 2021, the Company’s Board of Directors and stockholders holding a majority of the Company’s outstanding common stock approved the Novo Integrated Sciences, Inc. 2021 Equity Incentive Plan (the “2021 Plan”). Under the 2021 Plan, a total of 450,000 the maximum aggregate number of shares that may be issued under the 2021 Plan may be cumulatively increased on January 1, 2022 and on each subsequent January 1 through and including January 1, 2024, by a number of shares equal to the smaller of (i) 3% of the number of shares of common stock issued and outstanding on the immediately preceding December 31, or (ii) an amount determined by our Board of Directors. The Company chose not to cumulatively increase the shares authorized for issuance under the 2021 Plan, effective January 1, 2022, January 1, 2023, and January 1, 2024. As of May 31, 2024, the 2021 Plan had 75,463 On July 26, 2023 and September 29, 2023, the Company’s Board of Directors and stockholders, respectively, approved the Novo Integrated Sciences, Inc. 2023 Equity Incentive Plan (the “2023 Plan”). Under the 2023 Plan, a total of 2,500,000 2,300,000 The following is a summary of stock options activity: Schedule of Stock Option Activity Weighted Weighted Average Average Remaining Aggregate Options Exercise Contractual Intrinsic Outstanding Price Life Value Outstanding, August 31, 2023 371,423 11.44 3.98 $ 16,000 Granted 200,000 0.78 Expired (23,000 ) 16.74 Exercised – Outstanding, May 31, 2024 548,423 7.33 3.57 $ — Exercisable, May 31, 2024 548,423 $ 7.33 3.57 $ — The exercise price for stock options outstanding at May 31, 2024: Schedule of Options Outstanding and Exercisable Outstanding Exercisable Number of Exercise Number of Exercise Options Price Options Price 22,715 $ 13.30 22,715 $ 13.30 31,700 16.00 31,700 16.00 4,800 18.70 4,800 18.70 77,500 30.00 77,500 30.00 7,260 38.00 7,260 38.00 500 50.00 500 50.00 3,948 19.00 3,948 19.00 200,000 1.32 200,000 1.32 200,000 0.78 200,000 0.78 548,423 548,423 200,000 200,000 The fair value of the stock options is being amortized to stock option expense over the vesting period. The Company recorded stock option expense of $ 147,656 385,335 nil Warrants The following is a summary of warrant activity: Schedule of Warrant Activity Weighted Weighted Average Average Remaining Aggregate Warrants Exercise Contractual Intrinsic Outstanding Price Life Value Outstanding, August 31, 2023 806,254 $ 12.05 3.71 $ 106,960 Granted – Forfeited – Exercised (518,061 ) Outstanding, May 31, 2024 288,193 $ 30.46 2.96 $ – Exercisable, May 31, 2024 288,193 $ 30.46 2.96 $ – The exercise price for warrants outstanding at May 31, 2024: Schedule of Warrants Outstanding Outstanding and Exercisable Number of Warrants Exercise Price 261,193 $ 33.50 27,000 1.00 288,193 |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
May 31, 2024 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 15 – Commitments and Contingencies Litigation The Company is party to certain legal proceedings from time-to-time incidental to the conduct of its business. These proceedings could result in fines, penalties, compensatory or treble damages or non-monetary relief. The nature of legal proceedings is such that the Company cannot assure the outcome of any particular matter, and an unfavorable ruling or development could have a materially adverse effect on our condensed consolidated financial position, results of operations and cash flows in the period in which a ruling or settlement occurs. However, based on information available to the Company’s management to date, the Company’s management does not expect that the outcome of any matter pending against the Company is likely to have a materially adverse effect on the Company’s unaudited condensed consolidated financial position as of May 31, 2024, results of operations, cash flows or liquidity of the Company. During the period ended May 31, 2024, the Company incurred $ 652,174 |
Segment Reporting
Segment Reporting | 9 Months Ended |
May 31, 2024 | |
Segment Reporting [Abstract] | |
Segment Reporting | Note 16 – Segment Reporting ASC Topic 280, Segment Reporting The following tables summarize the Company’s segment information for the three and nine months ended May 31, 2024 and May 31, 2023: Schedule of Segment Reporting Information May 31, 2024 May 31, 2023 May 31, 2024 May 31, 2023 Three Months Ended Nine Months Ended May 31, 2024 May 31, 2023 May 31, 2024 May 31, 2023 Sales Healthcare services $ 2,183,334 $ 2,019,869 $ 6,331,439 $ 6,075,237 Product manufacturing and development 968,517 1,273,064 3,803,971 2,576,196 Corporate — — 78,251 617,289 Sales $ 3,151,851 $ 3,292,933 $ 10,213,661 $ 9,268,722 Gross profit Healthcare services $ 690,625 $ 684,575 $ 2,150,433 $ 2,238,875 Product manufacturing and development 206,268 629,519 1,936,314 1,168,366 Corporate — — 78,250 617,289 Gross profit $ 896,893 $ 1,314,094 $ 4,164,997 $ 4,024,530 (Loss) income from operations Healthcare services $ (109,334 ) $ (145,364 ) $ (186,962 ) $ (516,064 ) Product manufacturing and development (867,873 ) (430,322 ) (1,301,241 ) (1,574,441 ) Corporate (1,542,996 ) (854,732 ) (5,889,405 ) (3,368,683 ) (Loss) income from operations $ (2,520,203 ) $ (1,430,418 ) $ (7,377,608 ) $ (5,459,188 ) Depreciation and amortization Healthcare services $ 30,087 $ 31,776 $ 90,608 $ 95,338 Product manufacturing and development 247,175 268,374 768,383 784,724 Corporate 279,442 279,441 838,326 838,326 Depreciation and amortization $ 556,704 $ 579,591 $ 1,697,317 $ 1,718,388 Capital expenditures — Healthcare services $ — $ — $ — $ — Product manufacturing and development 2,005 18,870 2,005 18,870 Corporate — — — — Capital expenditures $ 2,005 $ 18,870 $ 2,005 $ 18,870 Interest expenses Healthcare services $ 20,674 $ 2,605 $ 62,217 $ 70,109 Product manufacturing and development 6,298 6,965 7,073 11,596 Corporate 151,473 — 391,213 158,815 Interest expenses $ 178,445 $ 9,570 $ 460,503 $ 240,520 Net loss Healthcare services $ (776,721 ) $ (145,731 ) $ (891,195 ) $ (579,411 ) Product manufacturing and development (1,609,603 ) (387,468 ) (2,431,455 ) (1,563,088 ) Corporate (11,349,976 ) (952,096 ) (17,819,933 ) (7,924,694 ) Net loss $ (13,736,300 ) $ (1,485,295 ) $ (21,142,583 ) $ (10,067,193 ) As of As of 31-May August 31, 2024 2023 Total assets Healthcare services $ 4,969,491 $ 5,158,851 Product Sales 17,757,832 17,993,652 Corporate 12,599,677 12,410,544 $ 35,327,000 $ 35,563,047 Accounts receivable Healthcare services $ 681,310 $ 697,440 Product Sales 1,475,272 765,388 Corporate 94,946 4,200 $ 2,251,528 $ 1,467,028 Intangible assets Healthcare services $ 93,685 $ 120,163 Product Sales 3,154,618 3,818,313 Corporate 11,441,735 12,280,063 $ 14,690,038 $ 16,218,539 Goodwill Healthcare services $ 516,804 $ 520,821 Product Sales 7,007,194 7,061,662 Corporate — — $ 7,523,998 $ 7,582,483 |
Subsequent Events
Subsequent Events | 9 Months Ended |
May 31, 2024 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note 17 – Subsequent Events RC Consulting Consortium Group LLC Amendment On April 26, 2023, the Company entered into a securities purchase agreement with RC Consulting Consortium Group LLC (“RC”) in favor of SCP Tourbillion Monaco or registered assigns (the “Holder”), pursuant to which the Company issued an unsecured 15-year promissory note to the Holder (the “RC Note”) with a maturity date of April 26, 2038 70,000,000 57,000,000 1.52 On June 3, 2024, the Company and RC Consulting Consortium Group LLC entered into an amendment (the “June 2024 Amendment”) to the RC Note. Pursuant to the terms of the June 2024 Amendment, at any time after 12 months and no later than 60 months from the commencement of the term and prior to an event of default, if the Company’s listed common stock closes over $ 15 50 15 15 Except as set forth in the June 2024 Amendment, all other provisions and conditions of the Note remain in full force and effect, including the Company’s right, on 15 days’ prior written notice, to prepay the Note at any time prior to an event of default. Robert Mattacchione Executive Agreement Amendment As previously disclosed, on June 18, 2021, the Company entered into an executive agreement (the “June 2021 Mattacchione Agreement”) with GPE Global Holdings Inc., an entity controlled by Robert Mattacchione and through which Mr. Mattacchione agreed to provide services to the Company (“GPE”). Pursuant to the terms of the June 2021 Mattacchione Agreement, Mr. Mattacchione agreed to serve as the Company’s Chief Executive Officer in exchange for the compensation set forth therein, and consistent with the terms thereof. Mr. Mattacchione also serves as the Company’s Chairman of the Board. On June 18, 2024, the Company and GPE entered into an amendment to the June 2021 Mattacchione Agreement (the “Mattacchione Amendment”), pursuant to which the parties agreed to extend the term of the June 2021 Mattacchione Agreement by one year, such that the term of the June 2021 Mattacchione Agreement will continue until June 18, 2025. Except as set forth in the Mattacchione Amendment, the June 2021 Mattacchione Agreement remains in full force and effect. Christopher David Executive Agreement Amendment As previously disclosed, on June 18, 2021, the Company entered into an executive agreement (the “June 2021 David Agreement”) with Christopher David. Mr. David serves as the Company’s Chief Operating Officer. On June 18, 2024, the Company and Mr. David entered into an amendment to the June 2021 David Agreement (the “David Amendment”), pursuant to which the parties agreed to extend the term of the June 2021 David Agreement by one year, such that the term of the June 2021 David Agreement will continue until June 18, 2025. Additionally, the parties agreed to update Mr. David’s title to Chief Operating Officer of the Company, as opposed to President and Chief Operating Officer. Except as set forth in the David Amendment, the June 2021 David Agreement remains in full force and effect. Streeterville Capital LLC SPA Amendment No. 1 On April 5, 2024, the Company entered into a securities purchase agreement (the “Streeterville SPA”) with Streeterville pursuant to which the Company issued a secured convertible promissory note (the “Streeterville Note”) with a maturity date of April 8, 2025 6,210,000 3,500,000 On June 23, 2024, the Company and Streeterville entered into the First Amendment to the Transaction Documents (the “First Amendment”), pursuant to which (i) the Streeterville SPA was amended to provide that the Registration Statement may be filed on Form S-1 or S-3 and the Registration Statement will be filed on or before July 3, 2024, and (ii) Streeterville waived any breach or default that occurred under the Streeterville Note as of the June 23, 2024, if any, as a result of any breach by the Company relating to its failure to timely file the Registration Statement. Resale Registration Statement on Form S-1 On July 8, 2024, the Company filed a registration statement on Form S-1 relating to the resale of up to 3,500,000 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
May 31, 2024 | |
Accounting Policies [Abstract] | |
Use of Estimates | Use of Estimates The preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. The Company regularly evaluates estimates and assumptions. The Company bases its estimates and assumptions on current facts, historical experience and various other factors that it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the accrual of costs and expenses that are not readily apparent from other sources. This applies in particular to the going concern assessment, useful lives of non-current assets, impairment of non-current assets, allowance for doubtful receivables, allowance for slow moving and obsolete inventory, valuation of share-based compensation and warrants, valuation of derivative liability, and valuation allowance for deferred tax assets. The actual results experienced by the Company may differ materially and adversely from the Company’s estimates. To the extent there are material differences between the estimates and the actual results, future results of operations will be affected. |
Principles of Consolidation | Principles of Consolidation The accompanying unaudited condensed consolidated financial statements include the accounts of the Company and entities it controls, including its wholly owned subsidiaries, NHL, Acenzia Inc. (“Acenzia”), Novomerica Health Group, Inc. (“NHG”), Novo Healthnet Rehab Limited, Novo Assessments Inc., PRO-DIP, LLC (“PRO-DIP”), a 91 50.1 80 70 All intercompany transactions have been eliminated. An entity is controlled when the Company has the ability to direct the relevant activities of the entity, has exposure or rights to variable returns from its involvement with the entity, and is able to use its power over the entity to affect its returns from the entity. Income or loss and each component of OCI are attributed to the shareholders of the Company and to the noncontrolling interests. Total comprehensive income is attributed to the shareholders of the Company and to the noncontrolling interests even if this results in the non-controlling interests having a deficit balance on consolidation. |
Noncontrolling Interest | Noncontrolling Interest The Company follows FASB ASC Topic 810, Consolidation, The net income (loss) attributed to the NCI is separately designated in the accompanying condensed consolidated statements of operations and comprehensive loss. |
Cash Equivalents | Cash Equivalents For the purpose of the condensed consolidated statements of cash flows, cash equivalents include time deposits, certificate of deposits, and all highly liquid debt instruments with original maturities of three months or less. |
Accounts Receivable | Accounts Receivable Accounts receivable consist of amounts due to the Company from customers as a result of the Company’s normal business activities. Accounts receivable is reported on the balance sheets net of an estimated allowance for doubtful accounts. The Company establishes an allowance for doubtful accounts for estimated uncollectible receivables based on historical experience, assessment of specific risk, review of outstanding invoices, and various assumptions and estimates that are believed to be reasonable under the circumstances, and recognizes the provision as a component of selling, general and administrative expenses. Uncollectible accounts are written off against the allowance after appropriate collection efforts have been exhausted and when it is deemed that a balance is uncollectible. The company records the allowance based on past history and if there are doubts on the recoverability. As of May 31, 2024, the Company has recorded an allowance for those balances which it expects to be not recoverable. |
Inventory | Inventory Inventories are valued at the lower of cost (determined by the first in, first out method) and net realizable value. Management compares the cost of inventories with the net realizable value and allowance is made for writing down their inventories to net realizable value, if lower. Inventory is segregated into three areas: raw materials, work-in-process and finished goods. The Company periodically assessed its inventory for slow moving and/or obsolete items and any change in the allowance is recorded in cost of revenue in the accompanying condensed consolidated statements of operations and comprehensive loss. If any are identified an appropriate allowance for those items is made and/or the items are deemed to be impaired. |
Other Receivables | Other Receivables Other receivables are recorded at cost and presented as current or long-term based on the terms of the agreements. Management reviews the collectability of other receivables and writes off the portion that is deemed to be uncollectible. During the nine months ended May 31, 2024 and the nine months ended May 31, 2023, the Company wrote off $ nil nil |
Property and Equipment | Property and Equipment Property and equipment are stated at cost less depreciation and impairment. Expenditures for maintenance and repairs are charged to earnings as incurred; additions, renewals and betterments are capitalized. When property and equipment are retired or otherwise disposed of, the related cost and accumulated depreciation are removed from the respective accounts, and any gain or loss is included in operations. Depreciation of property and equipment is provided using the declining balance method for substantially all assets with estimated lives as follows: Schedule of Estimated Useful Lives of Assets Building 30 Leasehold improvements 5 Clinical equipment 5 Computer equipment 3 Office equipment 5 Furniture and fixtures 5 |
Leases | Leases The Company applies the provisions of ASC Topic 842, Leases |
Long-Lived Assets | Long-Lived Assets The Company applies the provisions of ASC Topic 360, Property, Plant, and Equipment |
Intangible Assets | Intangible Assets The Company’s intangible assets are being amortized over their estimated useful lives as follows: Schedule of Intangible Assets Amortized Estimated Useful Lives Land use rights 50 Intellectual property 7 Customer relationships 5 Brand names 7 The intangible assets with finite useful lives are reviewed for impairment when indicators of impairment are present and the undiscounted cash flows estimated to be generated by those assets are less than the assets’ carrying amounts. In that event, a loss is recognized based on the amount by which the carrying amount exceeds the fair value of the long-lived assets. Based on its review at May 31, 2024, the Company believes there was no |
Right-of-use Assets | Right-of-use Assets The Company’s right-of-use assets consist of leased assets recognized in accordance with ASC 842, Leases, which 12 |
Goodwill | Goodwill Goodwill represents the excess of purchase price over the underlying net assets of businesses acquired. Under U.S. GAAP, goodwill is not amortized but is subject to annual impairment tests. The Company recorded goodwill related to its acquisition of APKA Health, Inc. (“APKA”) during the fiscal year ended August 31, 2017, Executive Fitness Leaders (“EFL”) during the fiscal year ended August 31, 2018, Action Plus Physiotherapy Rockland (“Rockland”) during the fiscal year ended August 31, 2019, Acenzia during the fiscal year ended August 31, 2021, and 1285 Canada during the fiscal year ended August 31, 2022. Based on its review at May 31, 2024, the Company believes there was no Summary of changes in goodwill by acquired businesses is as follows: Schedule of Changes in Goodwill APKA EFL Rockland Acenzia 1285 Total Balance, August 31, 2022 $ 190,678 $ 125,088 $ 221,188 $ 7,288,307 $ 583 $ 7,825,844 Foreign currency translation adjustment (5,928 ) (3,892 ) (6,878 ) (226,645 ) (18 ) (243,361 ) Balance, August 31, 2023 $ 184,750 $ 121,196 $ 214,310 $ 7,061,662 $ 565 $ 7,582,483 Foreign currency translation adjustment (1,425 ) (935 ) (1,653 ) (54,468 ) (4 ) (58,485 ) Balance, May 31, 2024 $ 183,325 $ 120,261 $ 212,657 $ 7,007,194 $ 561 $ 7,523,998 |
Fair Value of Financial Instruments | Fair Value of Financial Instruments For certain of the Company’s financial instruments, including cash and cash equivalents, accounts receivable, other receivables, accounts payable, accrued expenses, current portion of finance and operating lease liability, current portion of government loans and notes payable, debentures, convertible notes payable, and due to related parties, the carrying amounts approximate their fair values due to their short-term maturities. ASC Topic 820, Fair Value Measurements and Disclosures Financial Instruments ● Level 1 inputs to the valuation methodology are quoted prices for identical assets or liabilities in active markets. ● Level 2 inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets in inactive markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument. ● Level 3 inputs to the valuation methodology use one or more unobservable inputs which are significant to the fair value measurement. The Company analyzes all financial instruments with features of both liabilities and equity under ASC Topic 480, Distinguishing Liabilities from Equity Derivatives and Hedging For certain financial instruments, the carrying amounts reported in the condensed consolidated balance sheets for cash and cash equivalents, accounts receivable, other receivables, and current liabilities, including accounts payable, accrued expenses, current portion of finance and operating lease liability, current portion of government loans and notes payable, debentures, convertible notes payable, and due to related parties, each qualify as a financial instrument, and are a reasonable estimate of their fair values because of the short period of time between the origination of such instruments and their expected realization and their current market rate of interest. The carrying value of notes payable approximates their fair values due to current market rate on such debt. As of May 31, 2024, and August 31, 2023, respectively, the Company did not identify any financial assets and liabilities required to be presented on the condensed consolidated balance sheet at fair value, except for contingent liability which is carried at fair value using Level 1 inputs and derivative liability which is carried at fair value using Level 3 inputs. |
Derivative Financial Instruments | Derivative Financial Instruments Fair value accounting requires bifurcation of embedded derivative instruments such as conversion features in convertible debt or equity instruments and measurement of their fair value for accounting purposes. In assessing the convertible debt instruments, management determines if the convertible debt host instrument is conventional convertible debt and further if there is a beneficial conversion feature requiring measurement. If the instrument is not considered conventional convertible debt under ASC 470, the Company will continue its evaluation process of these instruments as derivative financial instruments under ASC 815. The Company applies the guidance in ASC 815-40-35-12 to determine the order in which each convertible instrument would be evaluated for derivative classification. Once determined, derivative liabilities are adjusted to reflect fair value at each reporting period end, with any increase or decrease in the fair value being recorded in results of operations as an adjustment to the fair value of derivatives. |
Revenue Recognition | Revenue Recognition The Company’s revenue recognition reflects the updated accounting policies as per the requirements of the FASB’s Accounting Standards Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers Revenue from providing healthcare and healthcare related services and product sales are recognized under Topic 606 ● Executed contracts with the Company’s customers that it believes are legally enforceable; ● Identification of performance obligations in the respective contract; ● Determination of the transaction price for each performance obligation in the respective contract; ● Allocation of the transaction price to each performance obligation; and ● Recognition of revenue only when the Company satisfies each performance obligation. These five elements, as applied to the Company’s revenue category, are summarized below: ● Healthcare and healthcare related services – gross service revenue is recorded in the accounting records at the time the services are provided (point-in-time) on an accrual basis at the provider’s established rates. The Company reserves a provision for contractual adjustment and discounts that are deducted from gross service revenue. The Company reports revenues net of any sales, use and value added taxes. ● Product sales – revenue is recorded at the point of time of delivery. In arrangements where another party is involved in providing specified services to a customer, the Company evaluates whether it is the principal or agent. In this evaluation, the Company considers if the Company obtains control of the specified goods or services before they are transferred to the customer, as well as other indicators such as the party primarily responsible for fulfillment, inventory risk, and discretion in establishing price. For product sales where the Company is not the principal, the Company recognizes revenue on a net basis. For the periods presented, revenue for arrangements where the Company is the agent was not material. Payments received before all of the relevant criteria for revenue recognition are satisfied are recorded as unearned revenue. Unearned revenue is included with accrued expenses in the accompanying condensed consolidated balance sheets. Sales returns and allowances were insignificant for the nine months ended May 31, 2024, and the nine months ended May 31, 2023. The Company does not provide unconditional right of return, price protection or any other concessions to its customers. |
Income Taxes | Income Taxes The Company accounts for income taxes in accordance with ASC Topic 740, Income Taxes Under ASC 740, a tax position is recognized as a benefit only if it is “more likely than not” that the tax position would be sustained in a tax examination, with a tax examination being presumed to occur. The amount recognized is the largest amount of tax benefit that is greater than 50% likely of being realized on examination. For tax positions not meeting the “more likely than not” test, no tax benefit is recorded. The Company has no material uncertain tax positions for any of the reporting periods presented. |
Stock-Based Compensation | Stock-Based Compensation The Company records stock-based compensation in accordance with ASC Topic 718, Compensation – Stock Compensation |
Basic and Diluted Earnings Per Share | Basic and Diluted Earnings Per Share Earnings per share is calculated in accordance with ASC Topic 260, Earnings Per Share 836,616 1,226,617 16,470,201 1,700 Due to the net loss incurred, potentially dilutive instruments would be anti-dilutive. Accordingly, diluted loss per share is the same as basic loss per share for all periods presented. |
Foreign Currency Transactions and Comprehensive Income | Foreign Currency Transactions and Comprehensive Income U.S. GAAP generally requires recognized revenue, expenses, gains and losses be included in net income. Certain statements, however, require entities to report specific changes in assets and liabilities, such as gain or loss on foreign currency translation, as a separate component of the equity section of the balance sheet. Such items, along with net income, are components of comprehensive income. The functional currency of the Company’s Canadian subsidiaries is the CAD. Translation gain and losses are classified as an item of other comprehensive loss in the stockholders’ equity section of the condensed consolidated balance sheet. |
Condensed Consolidated Statements of Cash Flows | Condensed Consolidated Statements of Cash Flows Cash flows from the Company’s operations are calculated based upon the local currencies using the average translation rates. As a result, amounts related to assets and liabilities reported on the condensed consolidated statements of cash flows will not necessarily agree with changes in the corresponding balances on the condensed consolidated balance sheets. |
Segment Reporting | Segment Reporting ASC Topic 280, Segment Reporting |
Reclassifications | Reclassifications Certain prior period amounts were reclassified to conform to the manner of presentation in the current period. These reclassifications had no effect on the net loss or shareholders’ equity. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements From time to time, new accounting pronouncements are issued by FASB or other standard setting bodies that are adopted by the Company as of the specified effective date. ASU 2016-13 Current Expected Credit Loss (ASC326) In December 2021, the FASB issued an update to ASU No. 2016-13 the Current Expected Credit Losses (CECL) standard (ASC 326), which is designed to provide greater transparency and understanding of credit risk by incorporating estimated, forward-looking data when measuring lifetime Estimated Credit Losses (ECL) and requires enhanced financial statement disclosures. This guidance was adopted during the nine months period ended May 31, 2024, and as a result no increase in the allowance is recorded. |
Organization and Basis of Pre_2
Organization and Basis of Presentation (Tables) | 9 Months Ended |
May 31, 2024 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of Foreign Currency Translation, Exchange Rate Used | Schedule of Foreign Currency Translation, Exchange Rate Used May 31, 2024 May 31, 2023 August 31, 2023 Period end: CAD to USD exchange rate $ 0.7333 $ 0.7351 $ 0.7390 Average period: CAD to USD exchange rate $ 0.7365 $ 0.7400 $ 0.7426 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 9 Months Ended |
May 31, 2024 | |
Accounting Policies [Abstract] | |
Schedule of Estimated Useful Lives of Assets | Schedule of Estimated Useful Lives of Assets Building 30 Leasehold improvements 5 Clinical equipment 5 Computer equipment 3 Office equipment 5 Furniture and fixtures 5 |
Schedule of Intangible Assets Amortized Estimated Useful Lives | The Company’s intangible assets are being amortized over their estimated useful lives as follows: Schedule of Intangible Assets Amortized Estimated Useful Lives Land use rights 50 Intellectual property 7 Customer relationships 5 Brand names 7 |
Schedule of Changes in Goodwill | Summary of changes in goodwill by acquired businesses is as follows: Schedule of Changes in Goodwill APKA EFL Rockland Acenzia 1285 Total Balance, August 31, 2022 $ 190,678 $ 125,088 $ 221,188 $ 7,288,307 $ 583 $ 7,825,844 Foreign currency translation adjustment (5,928 ) (3,892 ) (6,878 ) (226,645 ) (18 ) (243,361 ) Balance, August 31, 2023 $ 184,750 $ 121,196 $ 214,310 $ 7,061,662 $ 565 $ 7,582,483 Foreign currency translation adjustment (1,425 ) (935 ) (1,653 ) (54,468 ) (4 ) (58,485 ) Balance, May 31, 2024 $ 183,325 $ 120,261 $ 212,657 $ 7,007,194 $ 561 $ 7,523,998 |
Accounts Receivables, Net (Tabl
Accounts Receivables, Net (Tables) | 9 Months Ended |
May 31, 2024 | |
Receivables [Abstract] | |
Schedule of Accounts Receivable, Net | Accounts receivables, net at May 31, 2024 and August 31, 2023 consisted of the following: Schedule of Accounts Receivable, Net May 31, August 31, 2024 2023 Trade receivables $ 3,040,932 $ 2,223,243 Amounts earned but not billed 49,273 108,000 Accounts receivables gross 3,090,205 2,331,243 Allowance for doubtful accounts (838,677 ) (864,215 ) Accounts receivable, net $ 2,251,528 $ 1,467,028 |
Inventory (Tables)
Inventory (Tables) | 9 Months Ended |
May 31, 2024 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory | Inventory at May 31, 2024 and August 31, 2023 consisted of the following: Schedule of Inventory May 31, August 31, 2024 2023 Raw materials $ 439,667 $ 388,391 Work in process 197,729 81,696 Finished goods 474,672 636,896 Inventory Gross 1,112,068 1,106,983 Allowance for slow-moving and obsolete inventory – – Inventory, net $ 1,112,068 $ 1,106,983 |
Other Receivables (Tables)
Other Receivables (Tables) | 9 Months Ended |
May 31, 2024 | |
Receivables [Abstract] | |
Schedule of Other Receivables | Other receivables at May 31, 2024 and August 31, 2023 consisted of the following: Schedule of Other Receivables May 31, 2024 August 31, 2023 Advance to corporation; accrues interest at 12 June 1, 2024 $ 73,330 $ 73,900 Advance to corporation; accrues interest at 12 June 1, 2024 530,264 534,386 Advance to corporation; accrues interest at 10 June 1, 2024 439,879 443,298 Total other receivables 1,043,473 1,051,584 Current portion (1,043,473 ) (1,051,584 ) Long-term portion $ – $ – |
Property and Equipment (Tables)
Property and Equipment (Tables) | 9 Months Ended |
May 31, 2024 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property and Equipment | Property and equipment at May 31, 2024 and August 31, 2023 consisted of the following: Schedule of Property and Equipment May 31, August 31, 2024 2023 Land $ 439,980 $ 443,400 Building 3,299,850 3,325,500 Leasehold improvements 834,881 841,371 Clinical equipment 1,901,898 1,916,681 Computer equipment 35,241 33,504 Office equipment 44,286 44,502 Furniture and fixtures 37,993 38,289 Property and Equipment gross 6,594,129 6,643,247 Accumulated depreciation (1,436,348 ) (1,253,209 ) Total $ 5,157,781 $ 5,390,038 |
Intangible Assets (Tables)
Intangible Assets (Tables) | 9 Months Ended |
May 31, 2024 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Intangible Assets | Intangible assets at May 31, 2024 and August 31, 2023 consisted of the following: Schedule of Intangible Assets May 31, August 31, 2024 2023 Land use rights $ 11,573,321 $ 11,573,321 Intellectual property 7,988,550 7,497,746 Customer relationships 2,284,066 2,291,058 Brand names 1,913,546 1,928,421 Finite lived intangible assets, gross 23,759,483 23,290,546 Accumulated amortization (9,069,445 ) (7,072,007 ) Total $ 14,690,038 $ 16,218,539 |
Schedule of Expected Amortization Expense of intangible Assets | Expected amortization expense of intangible assets over the next 5 years and thereafter is as follows: Schedule of Expected Amortization Expense of intangible Assets Twelve Months Ending May 31, 2025 $ 2,000,212 2026 1,583,305 2027 1,360,814 2028 1,060,742 2029 222,046 Thereafter 8,462,919 Total $ 14,690,038 |
Accrued Expenses (Tables)
Accrued Expenses (Tables) | 9 Months Ended |
May 31, 2024 | |
Payables and Accruals [Abstract] | |
Schedule of Accrued Expenses | Accrued expenses at May 31, 2024 and August 31, 2023 consisted of the following: Schedule of Accrued Expenses May 31, August 31, 2024 2023 Accrued liabilities $ 1,047,587 $ 961,897 Accrued payroll 284,898 236,218 Unearned revenue – 35,434 Accrued expense $ 1,332,485 $ 1,233,549 |
Government Loans and Notes Pa_2
Government Loans and Notes Payable (Tables) | 9 Months Ended |
May 31, 2024 | |
Government Loans And Notes Payable | |
Schedule of Governmental Loans and Note Payable | Notes payable at May 31, 2024 and August 31, 2023 consisted of the following: Schedule of Governmental Loans and Note Payable May 31, August 31, 2024 2023 Government loans issued under the Government of Canada’s Canada Emergency Business Account (“CEBA”) program (A) 87,996 88,680 Note payable to the Small Business Administration. The note bears interest at 3.75 190 40,320 40,320 Note payable dated December 3, 2018; accrues interest at 4.53 4,000 28,744 28,693 Note payable received May 25, 2023, accruing interest at 18 – 73,900 Note payable received May 10, 2023, accruing interest at 15 – 110,850 Total government loans and notes payable 157,060 342,443 Less current portion (93,488 ) (277,405 ) Long-term portion $ 63,572 $ 65,038 (A) The Government of Canada launched CEBA loan to ensure that small businesses have access to the capital that they need during the current challenges faced due to the COVID-19 virus. The Company obtained CAD$ 80,000 58,664 January 18, 2024 25 75 5 60,000 20,000 29,332 |
Schedule of Future Maturities Outstanding of Government Loans and Notes Payable | Future scheduled maturities of outstanding government loans and notes payable are as follows: Schedule of Future Maturities Outstanding of Government Loans and Notes Payable Twelve Months Ending May 31, 2025 $ 93,488 2026 6,590 2027 6,590 2028 6,590 2029 6,590 Thereafter 37,212 Total $ 157,060 |
Leases (Tables)
Leases (Tables) | 9 Months Ended |
May 31, 2024 | |
Leases | |
Schedule of Lease Related Assets and Liabilities | The table below presents the lease related assets and liabilities recorded on the Company’s condensed consolidated balance sheets as of May 31, 2024 and August 31, 2023: Schedule of Lease Related Assets and Liabilities May 31, August 31, 2024 2023 Classification on Balance Sheet Assets Operating lease assets Operating lease right of use assets $ 1,793,907 $ 1,983,898 Total lease assets $ 1,793,907 $ 1,983,898 Liabilities Current liabilities Operating lease liability Current operating lease liability $ 409,516 $ 415,392 Noncurrent liabilities Operating lease liability Long-term operating lease liability 1,534,078 1,693,577 Total lease liability $ 1,943,594 $ 2,108,969 |
Schedule of Operating Lease Payments | Future minimum operating lease payments are as follows: Schedule of Operating Lease Payments Twelve Months Ending May 31, 2025 $ 561,953 2026 540,470 2027 533,653 2028 335,219 2029 212,370 Thereafter 196,310 Total payments 2,379,975 Amount representing interest (436,381 ) Lease obligation, net 1,943,594 Less lease obligation, current portion 409,516 Lease obligation, long-term portion $ 1,534,078 |
Schedule of Finance Leases | The net book value of equipment under finance leases included in property and equipment on the accompanying condensed consolidated balance sheets at May 31, 2024 and August 31, 2023 was as follows: Schedule of Finance Leases May 31, August 31, 2024 2023 Cost $ 209,457 $ 209,457 Accumulated amortization (209,457 ) (209,457 ) Net book value $ – $ – |
Schedule of Future Minimum Lease Payments | Future minimum finance lease payments were as follows: Schedule of Future Minimum Lease Payments Twelve Months Ending May 31, 2025 $ 4,401 Total payments 4,401 Amount representing interest (65 ) Lease obligation, net 4,336 Less lease obligation, current portion (4,336 ) Lease obligation, long-term portion $ – |
Stockholders_ Equity (Tables)
Stockholders’ Equity (Tables) | 9 Months Ended |
May 31, 2024 | |
Equity [Abstract] | |
Schedule of Stock Option Activity | The following is a summary of stock options activity: Schedule of Stock Option Activity Weighted Weighted Average Average Remaining Aggregate Options Exercise Contractual Intrinsic Outstanding Price Life Value Outstanding, August 31, 2023 371,423 11.44 3.98 $ 16,000 Granted 200,000 0.78 Expired (23,000 ) 16.74 Exercised – Outstanding, May 31, 2024 548,423 7.33 3.57 $ — Exercisable, May 31, 2024 548,423 $ 7.33 3.57 $ — |
Schedule of Options Outstanding and Exercisable | The exercise price for stock options outstanding at May 31, 2024: Schedule of Options Outstanding and Exercisable Outstanding Exercisable Number of Exercise Number of Exercise Options Price Options Price 22,715 $ 13.30 22,715 $ 13.30 31,700 16.00 31,700 16.00 4,800 18.70 4,800 18.70 77,500 30.00 77,500 30.00 7,260 38.00 7,260 38.00 500 50.00 500 50.00 3,948 19.00 3,948 19.00 200,000 1.32 200,000 1.32 200,000 0.78 200,000 0.78 548,423 548,423 |
Schedule of Warrant Activity | The following is a summary of warrant activity: Schedule of Warrant Activity Weighted Weighted Average Average Remaining Aggregate Warrants Exercise Contractual Intrinsic Outstanding Price Life Value Outstanding, August 31, 2023 806,254 $ 12.05 3.71 $ 106,960 Granted – Forfeited – Exercised (518,061 ) Outstanding, May 31, 2024 288,193 $ 30.46 2.96 $ – Exercisable, May 31, 2024 288,193 $ 30.46 2.96 $ – |
Schedule of Warrants Outstanding | The exercise price for warrants outstanding at May 31, 2024: Schedule of Warrants Outstanding Outstanding and Exercisable Number of Warrants Exercise Price 261,193 $ 33.50 27,000 1.00 288,193 |
Segment Reporting (Tables)
Segment Reporting (Tables) | 9 Months Ended |
May 31, 2024 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information | The following tables summarize the Company’s segment information for the three and nine months ended May 31, 2024 and May 31, 2023: Schedule of Segment Reporting Information May 31, 2024 May 31, 2023 May 31, 2024 May 31, 2023 Three Months Ended Nine Months Ended May 31, 2024 May 31, 2023 May 31, 2024 May 31, 2023 Sales Healthcare services $ 2,183,334 $ 2,019,869 $ 6,331,439 $ 6,075,237 Product manufacturing and development 968,517 1,273,064 3,803,971 2,576,196 Corporate — — 78,251 617,289 Sales $ 3,151,851 $ 3,292,933 $ 10,213,661 $ 9,268,722 Gross profit Healthcare services $ 690,625 $ 684,575 $ 2,150,433 $ 2,238,875 Product manufacturing and development 206,268 629,519 1,936,314 1,168,366 Corporate — — 78,250 617,289 Gross profit $ 896,893 $ 1,314,094 $ 4,164,997 $ 4,024,530 (Loss) income from operations Healthcare services $ (109,334 ) $ (145,364 ) $ (186,962 ) $ (516,064 ) Product manufacturing and development (867,873 ) (430,322 ) (1,301,241 ) (1,574,441 ) Corporate (1,542,996 ) (854,732 ) (5,889,405 ) (3,368,683 ) (Loss) income from operations $ (2,520,203 ) $ (1,430,418 ) $ (7,377,608 ) $ (5,459,188 ) Depreciation and amortization Healthcare services $ 30,087 $ 31,776 $ 90,608 $ 95,338 Product manufacturing and development 247,175 268,374 768,383 784,724 Corporate 279,442 279,441 838,326 838,326 Depreciation and amortization $ 556,704 $ 579,591 $ 1,697,317 $ 1,718,388 Capital expenditures — Healthcare services $ — $ — $ — $ — Product manufacturing and development 2,005 18,870 2,005 18,870 Corporate — — — — Capital expenditures $ 2,005 $ 18,870 $ 2,005 $ 18,870 Interest expenses Healthcare services $ 20,674 $ 2,605 $ 62,217 $ 70,109 Product manufacturing and development 6,298 6,965 7,073 11,596 Corporate 151,473 — 391,213 158,815 Interest expenses $ 178,445 $ 9,570 $ 460,503 $ 240,520 Net loss Healthcare services $ (776,721 ) $ (145,731 ) $ (891,195 ) $ (579,411 ) Product manufacturing and development (1,609,603 ) (387,468 ) (2,431,455 ) (1,563,088 ) Corporate (11,349,976 ) (952,096 ) (17,819,933 ) (7,924,694 ) Net loss $ (13,736,300 ) $ (1,485,295 ) $ (21,142,583 ) $ (10,067,193 ) As of As of 31-May August 31, 2024 2023 Total assets Healthcare services $ 4,969,491 $ 5,158,851 Product Sales 17,757,832 17,993,652 Corporate 12,599,677 12,410,544 $ 35,327,000 $ 35,563,047 Accounts receivable Healthcare services $ 681,310 $ 697,440 Product Sales 1,475,272 765,388 Corporate 94,946 4,200 $ 2,251,528 $ 1,467,028 Intangible assets Healthcare services $ 93,685 $ 120,163 Product Sales 3,154,618 3,818,313 Corporate 11,441,735 12,280,063 $ 14,690,038 $ 16,218,539 Goodwill Healthcare services $ 516,804 $ 520,821 Product Sales 7,007,194 7,061,662 Corporate — — $ 7,523,998 $ 7,582,483 |
Schedule of Foreign Currency Tr
Schedule of Foreign Currency Translation, Exchange Rate Used (Details) | May 31, 2024 | Aug. 31, 2023 | May 31, 2023 |
Period End [Member] | |||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||
Foreign currency exchange rate | 0.7333 | 0.7390 | 0.7351 |
Average Period [Member] | |||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||
Foreign currency exchange rate | 0.7365 | 0.7426 | 0.7400 |
Organization and Basis of Pre_3
Organization and Basis of Presentation (Details Narrative) - USD ($) | 9 Months Ended | ||||
Nov. 07, 2023 | Nov. 06, 2023 | May 09, 2017 | Apr. 25, 2017 | May 31, 2024 | |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||
Reverse stock split | 1-for-10 reverse stock split | 1-for-10 reverse stock split | |||
Parent Company [Member] | |||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||
Common stock issued in connection with reverse merger transaction | $ 6,904 | ||||
Share Exchange Agreement [Member] | |||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||
Number of restricted shares of common stock, shares | 73,767 | ||||
Share Exchange Agreement [Member] | NHL [Member] | |||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||
Number of restricted shares of common stock, shares | 1,677,974 | ||||
Percentage of common stock issued and outstanding | 85% |
Schedule of Estimated Useful Li
Schedule of Estimated Useful Lives of Assets (Details) | May 31, 2024 |
Building [Member] | |
Property, Plant and Equipment [Line Items] | |
Property and equipment, estimated lives | 30 years |
Leasehold Improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Property and equipment, estimated lives | 5 years |
Clinical Equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Property and equipment, estimated lives | 5 years |
Computer Equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Property and equipment, estimated lives | 3 years |
Office Equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Property and equipment, estimated lives | 5 years |
Furniture and Fixtures [Member] | |
Property, Plant and Equipment [Line Items] | |
Property and equipment, estimated lives | 5 years |
Schedule of Intangible Assets A
Schedule of Intangible Assets Amortized Estimated Useful Lives (Details) | May 31, 2024 |
Land Use Rights [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Intangible assets, estimated lives | 50 years |
Intellectual Property [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Intangible assets, estimated lives | 7 years |
Customer Relationships [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Intangible assets, estimated lives | 5 years |
Brand Names [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Intangible assets, estimated lives | 7 years |
Schedule of Changes in Goodwill
Schedule of Changes in Goodwill (Details) - USD ($) | 9 Months Ended | 12 Months Ended |
May 31, 2024 | Aug. 31, 2023 | |
Balance, August 31, 2023 | $ 7,582,483 | $ 7,825,844 |
Foreign currency translation adjustment | (58,485) | (243,361) |
Balance, May 31, 2024 | 7,523,998 | 7,582,483 |
APKA Health, Inc. [Member] | ||
Balance, August 31, 2023 | 184,750 | 190,678 |
Foreign currency translation adjustment | (1,425) | (5,928) |
Balance, May 31, 2024 | 183,325 | 184,750 |
EFL [Member] | ||
Balance, August 31, 2023 | 121,196 | 125,088 |
Foreign currency translation adjustment | (935) | (3,892) |
Balance, May 31, 2024 | 120,261 | 121,196 |
Rockland [Member] | ||
Balance, August 31, 2023 | 214,310 | 221,188 |
Foreign currency translation adjustment | (1,653) | (6,878) |
Balance, May 31, 2024 | 212,657 | 214,310 |
Acenzia Inc [Member] | ||
Balance, August 31, 2023 | 7,061,662 | 7,288,307 |
Foreign currency translation adjustment | (54,468) | (226,645) |
Balance, May 31, 2024 | 7,007,194 | 7,061,662 |
1285 Canada [Member] | ||
Balance, August 31, 2023 | 565 | 583 |
Foreign currency translation adjustment | (4) | (18) |
Balance, May 31, 2024 | $ 561 | $ 565 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies (Details Narrative) - USD ($) | 9 Months Ended | |
May 31, 2024 | May 31, 2023 | |
Other receivable written off | ||
Impairment of intangible assets | $ 0 | |
Contract lease term | 12 months | |
Goodwill impairment charge | ||
Common Stock [Member] | ||
Debt conversion, converted instrument, shares issued | 16,470,201 | |
Common Stock To Be Issued [Member] | ||
Debt conversion, converted instrument, shares issued | 1,700 | |
Options Or Warrants Outstanding [Member] | ||
Potentially dilutive common stock options and warrants outstanding, shares | 836,616 | 1,226,617 |
Terragenx Inc [Member] | ||
Equity method investment, ownership percentage | 91% | |
1285 Canada [Member] | ||
Equity method investment, ownership percentage | 50.10% | |
Novo Healthnet Kemptville Centre Inc [Member] | ||
Equity method investment, ownership percentage | 80% | |
Novo Earth Therapeutics Inc [Member] | ||
Equity method investment, ownership percentage | 70% |
Related Party Transactions (Det
Related Party Transactions (Details Narrative) - Related Party [Member] - USD ($) | 9 Months Ended | 12 Months Ended |
May 31, 2024 | Aug. 31, 2023 | |
Related Party Transaction [Line Items] | ||
Due to related parties | $ 262,295 | $ 533,001 |
Non Interest Bearing [Member] | ||
Related Party Transaction [Line Items] | ||
Due to related parties | 181,061 | 451,137 |
Six Percent Interest Rate [Member] | ||
Related Party Transaction [Line Items] | ||
Due to related parties | $ 21,267 | |
Bearing interest rate | 6% | 6% |
Thirteen Point Seven Five Percent Interest Rate [Member] | ||
Related Party Transaction [Line Items] | ||
Due to related parties | $ 81,234 | $ 60,597 |
Bearing interest rate | 13.75% | 13.75% |
Schedule of Accounts Receivable
Schedule of Accounts Receivable, Net (Details) - USD ($) | May 31, 2024 | Aug. 31, 2023 |
Receivables [Abstract] | ||
Trade receivables | $ 3,040,932 | $ 2,223,243 |
Amounts earned but not billed | 49,273 | 108,000 |
Accounts receivables gross | 3,090,205 | 2,331,243 |
Allowance for doubtful accounts | (838,677) | (864,215) |
Accounts receivable, net | $ 2,251,528 | $ 1,467,028 |
Schedule of Inventory (Details)
Schedule of Inventory (Details) - USD ($) | May 31, 2024 | Aug. 31, 2023 |
Inventory Disclosure [Abstract] | ||
Raw materials | $ 439,667 | $ 388,391 |
Work in process | 197,729 | 81,696 |
Finished goods | 474,672 | 636,896 |
Inventory Gross | 1,112,068 | 1,106,983 |
Allowance for slow-moving and obsolete inventory | ||
Inventory, net | $ 1,112,068 | $ 1,106,983 |
Inventory (Details Narrative)
Inventory (Details Narrative) | May 31, 2024 USD ($) |
Inventory Disclosure [Abstract] | |
Inventory written off | $ 1,444,317 |
Schedule of Other Receivables (
Schedule of Other Receivables (Details) - USD ($) | May 31, 2024 | Aug. 31, 2023 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total other receivables | $ 1,043,473 | $ 1,051,584 |
Current portion | (1,043,473) | (1,051,584) |
Long-term portion | ||
Advance To Corporation One [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total other receivables | 73,330 | 73,900 |
Advance To Corporation Two [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total other receivables | 530,264 | 534,386 |
Advance To Corporation Three [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total other receivables | $ 439,879 | $ 443,298 |
Schedule of Other Receivables_2
Schedule of Other Receivables (Details) (Parenthetical) | 9 Months Ended | 12 Months Ended |
May 31, 2024 | Aug. 31, 2023 | |
Advance To Corporation One [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Percentage of interest accrued per annum | 12% | 12% |
Notes receivable due date | Jun. 01, 2024 | Jun. 01, 2024 |
Advance To Corporation Two [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Percentage of interest accrued per annum | 12% | 12% |
Notes receivable due date | Jun. 01, 2024 | Jun. 01, 2024 |
Advance To Corporation Three [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Percentage of interest accrued per annum | 10% | 10% |
Notes receivable due date | Jun. 01, 2024 | Jun. 01, 2024 |
Schedule of Property and Equipm
Schedule of Property and Equipment (Details) - USD ($) | May 31, 2024 | Aug. 31, 2023 |
Property, Plant and Equipment [Line Items] | ||
Property and Equipment gross | $ 6,594,129 | $ 6,643,247 |
Accumulated depreciation | (1,436,348) | (1,253,209) |
Total | 5,157,781 | 5,390,038 |
Land [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and Equipment gross | 439,980 | 443,400 |
Building [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and Equipment gross | 3,299,850 | 3,325,500 |
Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and Equipment gross | 834,881 | 841,371 |
Clinical Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and Equipment gross | 1,901,898 | 1,916,681 |
Computer Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and Equipment gross | 35,241 | 33,504 |
Office Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and Equipment gross | 44,286 | 44,502 |
Furniture and Fixtures [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and Equipment gross | $ 37,993 | $ 38,289 |
Property and Equipment (Details
Property and Equipment (Details Narrative) - USD ($) | 9 Months Ended | |
May 31, 2024 | May 31, 2023 | |
Property, Plant and Equipment [Abstract] | ||
Depreciation expense | $ 194,458 | $ 212,579 |
Schedule of Intangible Assets (
Schedule of Intangible Assets (Details) - USD ($) | May 31, 2024 | Aug. 31, 2023 |
Finite-Lived Intangible Assets [Line Items] | ||
Finite lived intangible assets, gross | $ 23,759,483 | $ 23,290,546 |
Accumulated amortization | (9,069,445) | (7,072,007) |
Total | 14,690,038 | 16,218,539 |
Land Use Rights [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite lived intangible assets, gross | 11,573,321 | 11,573,321 |
Intellectual Property [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite lived intangible assets, gross | 7,988,550 | 7,497,746 |
Customer Relationships [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite lived intangible assets, gross | 2,284,066 | 2,291,058 |
Brand Names [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite lived intangible assets, gross | $ 1,913,546 | $ 1,928,421 |
Schedule of Expected Amortizati
Schedule of Expected Amortization Expense of intangible Assets (Details) - USD ($) | May 31, 2024 | Aug. 31, 2023 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
2025 | $ 2,000,212 | |
2026 | 1,583,305 | |
2027 | 1,360,814 | |
2028 | 1,060,742 | |
2029 | 222,046 | |
Thereafter | 8,462,919 | |
Total | $ 14,690,038 | $ 16,218,539 |
Intangible Assets (Details Narr
Intangible Assets (Details Narrative) - USD ($) | 9 Months Ended | |
May 31, 2024 | May 31, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Amortization of intangible assets | $ 1,502,859 | $ 1,505,809 |
Schedule of Accrued Expenses (D
Schedule of Accrued Expenses (Details) - USD ($) | May 31, 2024 | Aug. 31, 2023 |
Payables and Accruals [Abstract] | ||
Accrued liabilities | $ 1,047,587 | $ 961,897 |
Accrued payroll | 284,898 | 236,218 |
Unearned revenue | 35,434 | |
Accrued expense | $ 1,332,485 | $ 1,233,549 |
Schedule of Governmental Loans
Schedule of Governmental Loans and Note Payable (Details) - USD ($) | May 31, 2024 | Aug. 31, 2023 | |
Short-Term Debt [Line Items] | |||
Total government loans and notes payable | $ 157,060 | $ 342,443 | |
Less current portion | (93,488) | (277,405) | |
Long-term portion | 63,572 | 65,038 | |
Notes Payable One [Member] | |||
Short-Term Debt [Line Items] | |||
Total government loans and notes payable | [1] | 87,996 | 88,680 |
Notes Payable Two [Member] | |||
Short-Term Debt [Line Items] | |||
Total government loans and notes payable | 40,320 | 40,320 | |
Notes Payable Three [Member] | |||
Short-Term Debt [Line Items] | |||
Total government loans and notes payable | 28,744 | 28,693 | |
Notes Payable Four [Member] | |||
Short-Term Debt [Line Items] | |||
Total government loans and notes payable | 73,900 | ||
Notes Payable Five [Member] | |||
Short-Term Debt [Line Items] | |||
Total government loans and notes payable | $ 110,850 | ||
[1]The Government of Canada launched CEBA loan to ensure that small businesses have access to the capital that they need during the current challenges faced due to the COVID-19 virus. The Company obtained CAD$ 80,000 58,664 January 18, 2024 25 75 5 60,000 20,000 29,332 |
Schedule of Governmental Loan_2
Schedule of Governmental Loans and Note Payable (Details) (Parenthetical) | 9 Months Ended | 12 Months Ended | ||
May 31, 2024 USD ($) | May 31, 2024 CAD ($) | Aug. 31, 2023 USD ($) | May 31, 2024 CAD ($) | |
Short-Term Debt [Line Items] | ||||
Default in repayment rate | 75% | 75% | ||
Interest rate during fixed rate | 5% | 5% | ||
Canada Emergency Business Account Loan [Member] | ||||
Short-Term Debt [Line Items] | ||||
Debt instrument, maturity date | Jan. 18, 2024 | Jan. 18, 2024 | ||
Forgiveness percentage | 25% | 25% | ||
Canada Emergency Business Account Loan [Member] | Terragenx [Member] | ||||
Short-Term Debt [Line Items] | ||||
Notes payable | $ 29,332 | $ 60,000 | ||
Repayment of debt | $ 20,000 | |||
Notes Payable Two [Member] | ||||
Short-Term Debt [Line Items] | ||||
Debt instrument, interest rate during period | 3.75% | 3.75% | 3.75% | |
Periodic payment | $ 190 | $ 190 | ||
Notes Payable Three [Member] | ||||
Short-Term Debt [Line Items] | ||||
Debt instrument, interest rate during period | 4.53% | 4.53% | 4.53% | |
Periodic payment | $ 4,000 | $ 4,000 | ||
Notes Payable Four [Member] | ||||
Short-Term Debt [Line Items] | ||||
Debt instrument, interest rate during period | 18% | 18% | 18% | |
Notes Payable Five [Member] | ||||
Short-Term Debt [Line Items] | ||||
Debt instrument, interest rate during period | 15% | 15% | 15% | |
Canada Emergency Business Account Loan [Member] | ||||
Short-Term Debt [Line Items] | ||||
Notes payable | $ 58,664 | $ 80,000 |
Schedule of Future Maturities O
Schedule of Future Maturities Outstanding of Government Loans and Notes Payable (Details) | May 31, 2024 USD ($) |
Government Loans And Notes Payable | |
2025 | $ 93,488 |
2026 | 6,590 |
2027 | 6,590 |
2028 | 6,590 |
2029 | 6,590 |
Thereafter | 37,212 |
Total | $ 157,060 |
Convertible Notes Payable (Deta
Convertible Notes Payable (Details Narrative) | 1 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Aug. 18, 2024 USD ($) | Aug. 12, 2024 USD ($) | Aug. 08, 2024 USD ($) | Jul. 18, 2024 USD ($) | Jul. 12, 2024 USD ($) | Jun. 18, 2024 USD ($) | Jun. 12, 2024 USD ($) | May 18, 2024 USD ($) | May 12, 2024 USD ($) | Apr. 20, 2024 USD ($) | Apr. 18, 2024 USD ($) | Apr. 12, 2024 USD ($) | Apr. 05, 2024 USD ($) | Mar. 20, 2024 USD ($) | Mar. 18, 2024 USD ($) | Mar. 12, 2024 USD ($) | Feb. 21, 2024 USD ($) | Feb. 20, 2024 USD ($) | Jan. 23, 2024 USD ($) | Jan. 21, 2024 USD ($) | Jan. 20, 2024 USD ($) | Dec. 23, 2023 USD ($) | Dec. 21, 2023 USD ($) shares | Dec. 20, 2023 USD ($) | Dec. 18, 2023 USD ($) | Dec. 12, 2023 USD ($) | Nov. 23, 2023 USD ($) | Nov. 21, 2023 USD ($) | Oct. 23, 2023 USD ($) shares | Oct. 21, 2023 USD ($) | Oct. 20, 2023 USD ($) | Oct. 12, 2023 USD ($) shares | Sep. 23, 2023 USD ($) | Sep. 21, 2023 USD ($) | Sep. 18, 2023 USD ($) $ / shares shares | Sep. 12, 2023 USD ($) $ / shares shares | Aug. 23, 2023 USD ($) | Aug. 21, 2023 USD ($) shares | Jul. 20, 2023 USD ($) | Jun. 20, 2023 USD ($) $ / shares shares | May 20, 2023 USD ($) | Mar. 21, 2023 USD ($) $ / shares shares | Feb. 24, 2023 shares | Feb. 23, 2023 USD ($) $ / shares shares | Nov. 14, 2022 USD ($) | Jun. 01, 2022 USD ($) | Dec. 14, 2021 USD ($) $ / shares shares | Nov. 17, 2021 USD ($) $ / shares shares | Apr. 04, 2024 USD ($) shares | May 31, 2024 USD ($) | May 31, 2023 USD ($) | Nov. 30, 2022 shares | May 31, 2024 USD ($) shares | May 31, 2023 USD ($) | Aug. 31, 2023 USD ($) shares | Apr. 09, 2024 USD ($) | Feb. 09, 2024 USD ($) | Sep. 12, 2023 CAD ($) | Dec. 29, 2022 USD ($) | Nov. 07, 2021 | |
Debt amortized discount | $ 2,904,830 | $ 156,037 | $ 5,095,331 | $ 4,386,899 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Event of default description | The Company may prepay the Note at any time prior to the date that an Event of Default (as defined in the Streeterville Note) (each an “Event of Default”) occurs at an amount equal to 105% of the Outstanding Balance (as defined below). “Outstanding Balance” means the Streeterville Principal Sum then outstanding plus accrued and unpaid interest. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Trigger effect description | The “Trigger Effect” means 20% of the Outstanding Balance upon the occurrence of any Major Trigger Event (as defined in the Streeterville Note) and 5% of the Outstanding Balance upon the occurrence of any Minor Trigger Event (as defined in the Streeterville Note). The Trigger Effect for any Minor Trigger Event may occur up to three times. Upon the occurrence of an Event of Default, additional interest will accrue from the date of the Event of Default at the rate equal to the lower of 22% per annum or the highest rate permitted by law. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mast Hill Securities Purchase Agreement [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt instrument, face value | $ 271,226 | $ 445,000 | $ 573,000 | 445,000 | 445,000 | $ 3,500,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Maturity date | Sep. 12, 2024 | Jun. 20, 2024 | Feb. 23, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt conversion price | $ / shares | $ 4.50 | $ 1.75 | $ 1.75 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Exercise price of warrants or rights | $ / shares | $ 2.50 | $ 2.50 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Estimated value warrants | $ 86,327 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt instrument, unamortized discount | $ 350,000 | $ 44,500 | 57,300 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loan fees | $ 39,904 | 70,465 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt amortized discount | $ 297,055 | 3,500,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair value of the derivative liability | 3,071,653 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accrued interest | 104,712 | $ 104,712 | 9,071 | 9,071 | $ 6,028 | 30,571.28 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt converted into common stock | shares | 826,203 | 522,777 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt instrumment converted amount | 3,150,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Periodic payment | $ 104,712 | $ 4,389 | $ 4,535 | $ 4,535 | $ 4,243 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt instrument aggregate principal amount | $ 3,500,000 | $ 271,226 | $ 573,000 | 3,228,774 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accrued liabilities | $ 595,000 | $ 595,000 | $ 595,000 | $ 350,000 | $ 77,661 | $ 350,000 | $ 77,661 | $ 350,000 | $ 44,500 | $ 100,000 | $ 44,500 | $ 100,000 | $ 44,500 | $ 100,000 | $ 57,300 | $ 57,300 | $ 57,300 | $ 77,661 | ||||||||||||||||||||||||||||||||||||||||||
Debt instrument, interest rate, effective percentage | 12% | 12% | 12% | 12% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class of warrant or right, number of shares | shares | 1,772,045 | 2,772,045 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Percentage of stock price trigger | 85% | 85% | 85% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Administrative fees expense | $ 750 | $ 750 | $ 750 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Variable interest, percentage rate | 125% | 125% | 125% | 125% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Number of restricted shares | shares | 74,167 | 95,500 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Percentage of issued and outstanding common stock | 19.99% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other fees | 1,750 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt instrument, effective conversion price | $ / shares | $ 1.150 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share price | $ / shares | $ 1.535 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Beneficial conversion feature | $ 97,978 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Original issue discount | 44,500 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Estimated value of the warrants | $ 77,856 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Percentage of stock price trigger | 91.50% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares new issues | shares | 1,772,045 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Change in fair value of derivative liability | 4,046,797 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mast Hill Securities Purchase Agreement [Member] | Maximum [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class of warrant or right, number of shares | shares | 77,662 | 100,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Variable interest, percentage rate | 16% | 16% | 16% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mast Hill Note And Mast Hill Warrant [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt instrumment converted amount | $ 400,500 | $ 515,700 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mast Hill Warrant Agreement [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt instrument, unamortized discount | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accrued interest | $ 9,071 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt converted into common stock | shares | 457,128 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt instrument aggregate principal amount | $ 445,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Number of restricted shares | shares | 138,703 | 53,567 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Proceeds from warrant exercises | $ 445,000 | $ 573,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
First Fire Global Opportunities Fund LLC Securities Purchase Agreement [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt instrument, face value | $ 573,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Maturity date | Mar. 21, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt conversion price | $ / shares | $ 1.75 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Exercise price of warrants or rights | $ / shares | $ 2.50 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Estimated value warrants | $ 93,811 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt instrument, unamortized discount | 57,300 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loan fees | 35,628 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt amortized discount | $ 342,938 | 190,209 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accrued interest | 4,521 | $ 4,521 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt converted into common stock | shares | 519,845 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt instrument aggregate principal amount | 573,000 | $ 573,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accrued liabilities | $ 100,000 | $ 100,000 | $ 100,000 | $ 57,300 | $ 57,300 | $ 57,300 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt instrument, interest rate, effective percentage | 12% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class of warrant or right, number of shares | shares | 1,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Percentage of stock price trigger | 85% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Administrative fees expense | $ 750 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Variable interest, percentage rate | 125% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Number of restricted shares | shares | 95,500 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt instrument, effective conversion price | $ / shares | $ 1.188 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share price | $ / shares | $ 1.390 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Beneficial conversion feature | $ 66,068 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
First Fire Global Opportunities Fund LLC Securities Purchase Agreement [Member] | Maximum [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class of warrant or right, number of shares | shares | 100,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Variable interest, percentage rate | 16% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
First Fire Note And First Fire Warrant [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt instrumment converted amount | $ 515,700 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
First Fire Warrant Agreement [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt instrument, face value | 573,000 | 573,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Number of restricted shares | shares | 53,532 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Proceeds from warrant exercises | $ 573,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
FirstFire Securities Purchase Agreement [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt instrument, face value | $ 195,016 | 235,414 | 235,414 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Maturity date | Sep. 18, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt conversion price | $ / shares | $ 4.50 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt instrument, unamortized discount | $ 27,778 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt amortized discount | 235,414 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair value of the derivative liability | 200,136 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accrued interest | 8,333 | $ 8,333 | 1,552 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt converted into common stock | shares | 480,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt instrumment converted amount | 250,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Periodic payment | $ 8,333 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt instrument aggregate principal amount | $ 277,778 | $ 195,016 | $ 82,761 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accrued liabilities | $ 47,222 | $ 47,222 | $ 47,222 | $ 27,778 | $ 27,778 | $ 27,778 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt instrument, interest rate, effective percentage | 12% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Percentage of stock price trigger | 85% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Administrative fees expense | $ 750 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Variable interest, percentage rate | 125% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Percentage of stock price trigger | 91.50% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares new issues | shares | 480,156 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Change in fair value of derivative liability | 200,135 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
FirstFire Securities Purchase Agreement [Member] | Maximum [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Variable interest, percentage rate | 16% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Streeterville Securities Purchase Agreement [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt instrument, face value | $ 6,210,000 | $ 277,777.77 | $ 3,500,000 | 235,414 | 235,414 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Maturity date | Apr. 08, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt instrument, unamortized discount | 4,985,381 | 4,985,381 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt amortized discount | 900,585 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair value of the derivative liability | $ 5,010,966 | $ 14,048,576 | 14,048,576 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt instrument, interest rate, effective percentage | 10.90% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Percentage of stock price trigger | 85% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Original issue discount | $ 660,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Change in fair value of derivative liability | $ 9,037,610 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transaction costs | 50,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Repayments of debt | $ 5,500,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock percentage | 19.99% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Streeterville Securities Purchase Agreement [Member] | Subsequent Event [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Redeemable amount | $ 950,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
C E 925256 [Member] | Mast Hill Securities Purchase Agreement [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial instruments owned, mortgages | $ 1,600,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
C E 888785 [Member] | Mast Hill Securities Purchase Agreement [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial instruments owned, mortgages | $ 1,800,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Terragenx Inc [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ownership percentage | 91% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Terragenx Inc [Member] | Promissory Notes Payment [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Convertible notes payable | $ 1,875,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accrued liabilities | 948,874 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Terragenx Inc [Member] | Promissory Notes Payment And Extension [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Periodic payment | 192,188 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Convertible notes payable | $ 1,875,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Maturity date | Nov. 29, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Notes payable | $ 937,500 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Jefferson Street Capital [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt converted into common stock | shares | 236,511 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Convertible notes payable | $ 1,875,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Notes payable | $ 186,719 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Warrant [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt instrument, face value | $ 5,257,466 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Warrants and rights outstanding, term | 3 years | 3 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares new issues | shares | 80,200 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Warrant [Member] | Mast Hill Securities Purchase Agreement [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt instrument, face value | 77,856 | 86,327 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Warrant [Member] | First Fire Global Opportunities Fund LLC Securities Purchase Agreement [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt instrument, face value | 93,811 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common Stock [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt converted into common stock | shares | 16,470,201 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares new issues | shares | 400,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common Stock [Member] | Mast Hill Securities Purchase Agreement [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt instrument, face value | 74,793 | 82,963 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common Stock [Member] | First Fire Global Opportunities Fund LLC Securities Purchase Agreement [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt instrument, face value | 90,132 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Convertible Debt [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt instrument, face value | $ 11,409,200 | $ 1,579,176 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Convertible Debt [Member] | Mast Hill Securities Purchase Agreement [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt instrument, face value | $ 292,351 | $ 403,710 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Convertible Debt [Member] | First Fire Global Opportunities Fund LLC Securities Purchase Agreement [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt instrument, face value | $ 389,057 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Warrant [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt instrument, face value | $ 295,824 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Measurement Input, Expected Term [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Warrants and rights outstanding, term | 5 years | 5 years | 5 years | 4 years | 3 years | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative liability, measurement input, term | 1 year | 1 year | 6 months 29 days | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Measurement Input, Expected Term [Member] | Mast Hill Securities Purchase Agreement [Member] | Maximum [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative liability, measurement input, term | 5 months 23 days | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Measurement Input, Expected Term [Member] | Mast Hill Securities Purchase Agreement [Member] | Minimum [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative liability, measurement input, term | 5 months 8 days | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Measurement Input, Expected Term [Member] | FirstFire Securities Purchase Agreement [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative liability, measurement input, term | 5 months 15 days | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Measurement Input, Expected Term [Member] | Streeterville Securities Purchase Agreement [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative liability, measurement input, term | 1 year | 10 months 6 days | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Measurement Input, Price Volatility [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Warrants measurement input percentage | 251 | 251 | 252 | 275 | 300 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative liability measurement input percentage | 180.36 | 182.17 | 148.20 | 182.17 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Measurement Input, Price Volatility [Member] | Mast Hill Securities Purchase Agreement [Member] | Maximum [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative liability measurement input percentage | 189 | 189 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Measurement Input, Price Volatility [Member] | Mast Hill Securities Purchase Agreement [Member] | Minimum [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative liability measurement input percentage | 186 | 186 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Measurement Input, Price Volatility [Member] | FirstFire Securities Purchase Agreement [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative liability measurement input percentage | 186 | 186 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Measurement Input, Price Volatility [Member] | Streeterville Securities Purchase Agreement [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative liability measurement input percentage | 186 | 206 | 206 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Measurement Input, Expected Dividend Rate [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Warrants measurement input percentage | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative liability measurement input percentage | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Measurement Input, Expected Dividend Rate [Member] | Mast Hill Securities Purchase Agreement [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative liability measurement input percentage | 0 | 0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Measurement Input, Expected Dividend Rate [Member] | FirstFire Securities Purchase Agreement [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative liability measurement input percentage | 0 | 0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Measurement Input, Expected Dividend Rate [Member] | Streeterville Securities Purchase Agreement [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative liability measurement input percentage | 0 | 0 | 0 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Measurement Input, Risk Free Interest Rate [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Warrants measurement input percentage | 3.96 | 3.73 | 4.09 | 1.23 | 0.85 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative liability measurement input percentage | 5.44 | 5.42 | 4.55 | 5.42 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Measurement Input, Risk Free Interest Rate [Member] | Mast Hill Securities Purchase Agreement [Member] | Maximum [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative liability measurement input percentage | 5.01 | 5.01 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Measurement Input, Risk Free Interest Rate [Member] | Mast Hill Securities Purchase Agreement [Member] | Minimum [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative liability measurement input percentage | 5 | 5 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Measurement Input, Risk Free Interest Rate [Member] | FirstFire Securities Purchase Agreement [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative liability measurement input percentage | 5 | 5 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Measurement Input, Risk Free Interest Rate [Member] | Streeterville Securities Purchase Agreement [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative liability measurement input percentage | 5.05 | 5.18 | 5.18 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Two Convertible Notes [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt instrument, face value | $ 16,666,666 | 8,396,666 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest Rate, Stated Percentage | 5% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Maturity date | Jun. 14, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt conversion price | $ / shares | $ 20 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Convertible notes payable, note holders issued warrants to purchase total, shares | shares | 583,334 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Exercise price of warrants or rights | $ / shares | $ 20 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Warrant maturity date | Dec. 14, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Estimated value warrants | $ 7,680,156 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Discount on convertable note and additional paid in capital | 5,257,466 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt instrument, unamortized discount | 1,666,666 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loan fees | 1,140,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt amortized discount | 8,064,132 | 4,241,429 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Principal payment | $ 1,000,000 | 2,833,888 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt description | (i) the conversion price in effect at such time and (ii) 82.0% of the lowest VWAP during the five (5) trading days immediately prior to a conversion date. The Company determined that the conversion features of these notes represented embedded derivatives since the notes are convertible into a variable number of shares upon conversion. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Liability, Current, Statement of Financial Position [Extensible Enumeration] | Convertible notes payable, net of discount of $4,985,381 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair value of the derivative liability | $ 1,390,380 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accrued interest | $ 32,559 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt converted into common stock | shares | 8,527,835 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt instrumment converted amount | $ 1,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Extinguishment of derivative liability due to conversion | 1,390,380 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amortization payment | 3,001,442 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Periodic payment | 167,554 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt instrument aggregate principal amount | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Two Convertible Notes [Member] | Terragenx Inc [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt instrument, face value | $ 1,875,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest Rate, Stated Percentage | 1% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Maturity date | May 17, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt conversion price | $ / shares | $ 33.50 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Convertible notes payable, note holders issued warrants to purchase total, shares | shares | 22,388 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Exercise price of warrants or rights | $ / shares | $ 33.50 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Warrant maturity date | Nov. 17, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Estimated value warrants | $ 351,240 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Discount on convertable note and additional paid in capital | 295,824 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt instrument, unamortized discount | 375,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loan fees | 90,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt amortized discount | 760,824 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Convertible Debt One [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt instrument, face value | 8,333,333 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Convertible Debt One [Member] | Terragenx Inc [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt instrument, face value | 937,500 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Convertible Debt Two [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt instrument, face value | $ 8,333,333 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Convertible Debt Two [Member] | Terragenx Inc [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt instrument, face value | $ 937,500 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mast Hill Note [Member] | Mast Hill Securities Purchase Agreement [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt instrument, face value | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Convertible Notes [Member] | Mast Hill Securities Purchase Agreement [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt amortized discount | $ 335,031 | $ 105,523 |
Debentures, Related Parties (De
Debentures, Related Parties (Details Narrative) | Nov. 02, 2021 | Jul. 21, 2020 USD ($) | Sep. 27, 2019 | Jan. 31, 2018 USD ($) $ / shares shares | Dec. 02, 2017 | Sep. 30, 2013 USD ($) | May 31, 2024 USD ($) | Aug. 31, 2023 USD ($) | Sep. 30, 2013 CAD ($) |
Related Party [Member] | |||||||||
Short-Term Debt [Line Items] | |||||||||
Debentures, outstanding | $ 909,753 | $ 916,824 | |||||||
Five Debentures [Member] | |||||||||
Short-Term Debt [Line Items] | |||||||||
Debentures, outstanding | $ 3,894,809 | $ 6,225,163 | $ 6,402,512 | ||||||
Debt interest rate | 8% | 8% | |||||||
Debt due date | Dec. 01, 2023 | Sep. 30, 2021 | Sep. 30, 2019 | Sep. 30, 2016 | |||||
Percentage of debt converted | 75% | ||||||||
Accrued interest | $ 414,965 | ||||||||
Debt converted, shares issued | shares | 1,047,588 | ||||||||
Debt conversion price | $ / shares | $ 4.11 | ||||||||
Debt conversion description | the average price of the five trading days immediately preceding the date of conversion with a 10% premium added to the calculated per share price. | ||||||||
Repayment of related party debt | $ 267,768 |
Schedule of Lease Related Asset
Schedule of Lease Related Assets and Liabilities (Details) - USD ($) | May 31, 2024 | Aug. 31, 2023 |
Leases | ||
Total lease assets | $ 1,793,907 | $ 1,983,898 |
Current liabilities- Operating lease liability | 409,516 | 415,392 |
Noncurrent liabilities - Operating lease liability | 1,534,078 | 1,693,577 |
Total lease liability | $ 1,943,594 | $ 2,108,969 |
Schedule of Operating Lease Pay
Schedule of Operating Lease Payments (Details) - USD ($) | May 31, 2024 | Aug. 31, 2023 |
Leases | ||
2025 | $ 561,953 | |
2026 | 540,470 | |
2027 | 533,653 | |
2028 | 335,219 | |
2029 | 212,370 | |
Thereafter | 196,310 | |
Total payments | 2,379,975 | |
Amount representing interest | (436,381) | |
Lease obligation, net | 1,943,594 | $ 2,108,969 |
Less lease obligation, current portion | 409,516 | 415,392 |
Lease obligation, long-term portion | $ 1,534,078 | $ 1,693,577 |
Schedule of Finance Leases (Det
Schedule of Finance Leases (Details) - USD ($) | May 31, 2024 | Aug. 31, 2023 |
Leases | ||
Cost | $ 209,457 | $ 209,457 |
Accumulated amortization | (209,457) | (209,457) |
Net book value | ||
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | Property and equipment, net | Property and equipment, net |
Schedule of Future Minimum Leas
Schedule of Future Minimum Lease Payments (Details) - USD ($) | May 31, 2024 | Aug. 31, 2023 |
Leases | ||
2025 | $ 4,401 | |
Total payments | 4,401 | |
Amount representing interest | (65) | |
Lease obligation, net | 4,336 | |
Less lease obligation, current portion | (4,336) | $ (11,744) |
Lease obligation, long-term portion |
Leases (Details Narrative)
Leases (Details Narrative) - USD ($) | 9 Months Ended | |
May 31, 2024 | May 31, 2023 | |
Leases | ||
Lease expense | $ 466,276 | $ 624,246 |
Cash paid under operating leases | $ 440,585 | $ 604,387 |
Weighted average remaning lease term | 3 years 10 months 6 days | |
Weighted average discount rate | 8.69% | |
Lease payments implicit borrowing rate | 5% |
Schedule of Stock Option Activi
Schedule of Stock Option Activity (Details) - USD ($) | 9 Months Ended | 12 Months Ended | |
May 31, 2024 | May 31, 2023 | Aug. 31, 2023 | |
Equity [Abstract] | |||
Options Outstanding, balance | 371,423 | ||
Weighted Average Exercise Price, Outstanding, balance | $ 11.44 | ||
Weighted Average Remaining Contractual Life, Outstanding | 3 years 6 months 25 days | 3 years 11 months 23 days | |
Aggregate Intrinsic Value, Outstanding, balance | $ 16,000 | ||
Options Outstanding, Granted | 200,000 | 200,000 | |
Weighted Average Exercise Price, Granted | $ 0.78 | ||
Options Outstanding, Expired | (23,000) | ||
Weighted Average Exercise Price, Expired | $ 16.74 | ||
Options Outstanding, Exercised | |||
Options Outstanding, balance | 548,423 | 371,423 | |
Weighted Average Exercise Price, Outstanding, balance | $ 7.33 | $ 11.44 | |
Aggregate Intrinsic Value, Outstanding, balance | $ 16,000 | ||
Options Outstanding, Exercisable | 548,423 | ||
Weighted Average Exercise Price, Exercisable | $ 7.33 | ||
Weighted Average Remaining Contractual Life, Exercisable | 3 years 6 months 25 days | ||
Aggregate Intrinsic Value, Exercisable |
Schedule of Options Outstanding
Schedule of Options Outstanding and Exercisable (Details) - $ / shares | May 31, 2024 | Aug. 31, 2023 |
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items] | ||
Number of Options, Outstanding | 548,423 | 371,423 |
Number of Options, Exercisable | 548,423 | |
Exercise Price Range One [Member] | ||
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items] | ||
Number of Options, Outstanding | 22,715 | |
Exercise price, outstanding | $ 13.30 | |
Number of Options, Exercisable | 22,715 | |
Exercise price, Exercisable | $ 13.30 | |
Exercise Price Range Two [Member] | ||
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items] | ||
Number of Options, Outstanding | 31,700 | |
Exercise price, outstanding | $ 16 | |
Number of Options, Exercisable | 31,700 | |
Exercise price, Exercisable | $ 16 | |
Exercise Price Range Three [Member] | ||
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items] | ||
Number of Options, Outstanding | 4,800 | |
Exercise price, outstanding | $ 18.70 | |
Number of Options, Exercisable | 4,800 | |
Exercise price, Exercisable | $ 18.70 | |
Exercise Price Range Four [Member] | ||
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items] | ||
Number of Options, Outstanding | 77,500 | |
Exercise price, outstanding | $ 30 | |
Number of Options, Exercisable | 77,500 | |
Exercise price, Exercisable | $ 30 | |
Exercise Price Range Five [Member] | ||
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items] | ||
Number of Options, Outstanding | 7,260 | |
Exercise price, outstanding | $ 38 | |
Number of Options, Exercisable | 7,260 | |
Exercise price, Exercisable | $ 38 | |
Exercise Price Range Six [Member] | ||
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items] | ||
Number of Options, Outstanding | 500 | |
Exercise price, outstanding | $ 50 | |
Number of Options, Exercisable | 500 | |
Exercise price, Exercisable | $ 50 | |
Exercise Price Range Seven [Member] | ||
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items] | ||
Number of Options, Outstanding | 3,948 | |
Exercise price, outstanding | $ 19 | |
Number of Options, Exercisable | 3,948 | |
Exercise price, Exercisable | $ 19 | |
Exercise Price Range Eight [Member] | ||
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items] | ||
Number of Options, Outstanding | 200,000 | |
Exercise price, outstanding | $ 1.32 | |
Number of Options, Exercisable | 200,000 | |
Exercise price, Exercisable | $ 1.32 | |
Exercise Price Range Nine [Member] | ||
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items] | ||
Number of Options, Outstanding | 200,000 | |
Exercise price, outstanding | $ 0.78 | |
Number of Options, Exercisable | 200,000 | |
Exercise price, Exercisable | $ 0.78 |
Schedule of Warrant Activity (D
Schedule of Warrant Activity (Details) - USD ($) | 9 Months Ended | 12 Months Ended |
May 31, 2024 | Aug. 31, 2023 | |
Equity [Abstract] | ||
Warrants Outstanding, balance | 806,254 | |
Weighted Average Exercise Price, balance | $ 12.05 | |
Weighted Average Remaining Contractual Life, Outstanding, balance | 2 years 11 months 15 days | 3 years 8 months 15 days |
Aggregate Intrinsic Value, Outstanding, balance | $ 106,960 | |
Warrants Outstanding, Granted | ||
Warrants Outstanding, Forfeited | ||
Warrants Outstanding, Exercised | (518,061) | |
Warrants Outstanding, balance | 288,193 | 806,254 |
Weighted Average Exercise Price, balance | $ 30.46 | $ 12.05 |
Aggregate Intrinsic Value, Outstanding, balance | $ 106,960 | |
Warrants Outstanding, Exercisable | 288,193 | |
Weighted Average Exercise Price, Exercisable | $ 30.46 | |
Weighted Average Remaining Contractual Life, Exercisable | 2 years 11 months 15 days | |
Aggregate Intrinsic Value, Exercisable |
Schedule of Warrants Outstandin
Schedule of Warrants Outstanding (Details) - $ / shares | May 31, 2024 | Aug. 31, 2023 |
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items] | ||
Number of Warrants, Outstanding and Exercisable | 288,193 | 806,254 |
Exercise Price, Outstanding and Exercisable | $ 30.46 | $ 12.05 |
Exercise Price Range One [Member] | ||
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items] | ||
Number of Warrants, Outstanding and Exercisable | 261,193 | |
Exercise Price, Outstanding and Exercisable | $ 33.50 | |
Exercise Price Range Two [Member] | ||
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items] | ||
Number of Warrants, Outstanding and Exercisable | 27,000 | |
Exercise Price, Outstanding and Exercisable | $ 1 |
Stockholders_ Equity (Details N
Stockholders’ Equity (Details Narrative) - USD ($) | 3 Months Ended | 9 Months Ended | ||||||||||||||||||||||||
Apr. 05, 2024 | Nov. 07, 2023 | Nov. 06, 2023 | Oct. 12, 2023 | Sep. 18, 2023 | Sep. 12, 2023 | Jun. 20, 2023 | Feb. 24, 2023 | Feb. 23, 2023 | Feb. 09, 2021 | May 31, 2024 | Feb. 29, 2024 | Nov. 30, 2023 | May 31, 2023 | Feb. 28, 2023 | May 31, 2024 | May 31, 2023 | Apr. 09, 2024 | Apr. 04, 2024 | Feb. 09, 2024 | Aug. 31, 2023 | Jul. 26, 2023 | Apr. 26, 2023 | Dec. 14, 2021 | Jan. 16, 2018 | Sep. 08, 2015 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||||||||||||||
Reverse stock split | 1-for-10 reverse stock split | 1-for-10 reverse stock split | ||||||||||||||||||||||||
Convertible preferred stock, shares authorized | 1,000,000 | 1,000,000 | 1,000,000 | |||||||||||||||||||||||
Convertible preferred stock, par value | $ 0.001 | $ 0.001 | $ 0.001 | |||||||||||||||||||||||
Convertible preferred stock, shares issued | 0 | 0 | 0 | |||||||||||||||||||||||
Convertible preferred stock, shares outstanding | 0 | 0 | 0 | |||||||||||||||||||||||
Common stock, shares authorized | 499,000,000 | 499,000,000 | 499,000,000 | |||||||||||||||||||||||
Common stock, par value | $ 0.001 | $ 0.001 | $ 0.001 | |||||||||||||||||||||||
Common stock, shares issued | 19,054,523 | 19,054,523 | 15,759,325 | |||||||||||||||||||||||
Common stock, shares outstanding | 19,054,523 | 19,054,523 | 15,759,325 | |||||||||||||||||||||||
Proceeds of warrants | $ 240,400 | $ 451,000 | ||||||||||||||||||||||||
Number of shares issued for reverse stock split | 27,973 | |||||||||||||||||||||||||
Debt instrument aggregate principal amount | $ 579,288 | $ 454,073 | $ 577,522 | $ 100,278 | $ 9,086,051 | |||||||||||||||||||||
Common stock to be issued | $ 25,500 | $ 25,500 | $ 1,217,293 | |||||||||||||||||||||||
Options granted | 200,000 | 200,000 | ||||||||||||||||||||||||
Stock option expense | $ 147,656 | $ 385,335 | ||||||||||||||||||||||||
Unamortized stock option expense | ||||||||||||||||||||||||||
Two Thousand And Fifteen Incentive Compensation Plan [Member] | Maximum [Member] | ||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||||||||||||||
Number of common stock shares authorized | 50,000 | |||||||||||||||||||||||||
Two Thousand and Eighteen Incentive Plan [Member] | ||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||||||||||||||
Number of common stock shares authorized | 100,000 | |||||||||||||||||||||||||
Number of shares available for future grant | 86,490 | 86,490 | ||||||||||||||||||||||||
Two Thousand And Twenty One Equity Incentive Plan [Member] | ||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||||||||||||||
Number of common stock shares authorized | 450,000 | |||||||||||||||||||||||||
Number of shares available for future grant | 75,463 | 75,463 | ||||||||||||||||||||||||
Term of award description | the maximum aggregate number of shares that may be issued under the 2021 Plan may be cumulatively increased on January 1, 2022 and on each subsequent January 1 through and including January 1, 2024, by a number of shares equal to the smaller of (i) 3% of the number of shares of common stock issued and outstanding on the immediately preceding December 31, or (ii) an amount determined by our Board of Directors. The Company chose not to cumulatively increase the shares authorized for issuance under the 2021 Plan, effective January 1, 2022, January 1, 2023, and January 1, 2024. As of May 31, 2024, the 2021 Plan had 75,463 shares available for award; however, the Company does not intend to issue any additional grants under the 2021 Plan. | |||||||||||||||||||||||||
Two Thousand And Twenty Three Equity Incentive Plan [Member] | ||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||||||||||||||
Number of common stock shares authorized | 2,300,000 | 2,300,000 | ||||||||||||||||||||||||
Two Thousand And Twenty Three Equity Incentive Plan [Member] | Board of Directors Chairman [Member] | ||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||||||||||||||
Number of common stock shares authorized | 2,500,000 | |||||||||||||||||||||||||
Taddeo Hovius Physiotherapy Professional Corp [Member] | ||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||||||||||||||
Shares issued for acquisition, shares | 1,700 | |||||||||||||||||||||||||
Common stock to be issued | $ 25,500 | $ 25,500 | ||||||||||||||||||||||||
Share Exchange Agreement One [Member] | ||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||||||||||||||
Number of restricted shares | 75,000 | |||||||||||||||||||||||||
Shares issuance date | Sep. 05, 2023 | |||||||||||||||||||||||||
Mast Hill Securities Purchase Agreement [Member] | ||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||||||||||||||
Units issued for cash, net of offering costs | 1,772,045 | |||||||||||||||||||||||||
Number of restricted shares | 74,167 | 95,500 | ||||||||||||||||||||||||
Shares issuance date | Sep. 18, 2023 | Dec. 21, 2023 | ||||||||||||||||||||||||
Number of warrant exercised | 53,567 | |||||||||||||||||||||||||
Debt instrument aggregate principal amount | $ 271,226 | $ 445,000 | $ 573,000 | 445,000 | $ 445,000 | $ 3,500,000 | ||||||||||||||||||||
Interest payable | 104,712 | 9,071 | $ 9,071 | 30,571.28 | 104,712 | $ 6,028 | ||||||||||||||||||||
Total amount | $ 3,150,000 | |||||||||||||||||||||||||
Debt conversion, converted instrument, shares issued | 826,203 | 457,128 | ||||||||||||||||||||||||
Debt instrument aggregate principal amount | $ 375,938 | $ 454,071 | ||||||||||||||||||||||||
Shares issuance date description | between March 14, 2024 and April 4, 2024 | |||||||||||||||||||||||||
Consulting Agreement One [Member] | ||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||||||||||||||
Number of restricted shares | 75,000 | |||||||||||||||||||||||||
Shares issuance date | Sep. 18, 2023 | |||||||||||||||||||||||||
Securities Purchase Agreement [Member] | ||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||||||||||||||
Units issued for cash, net of offering costs | 3,500,000 | |||||||||||||||||||||||||
Number of restricted shares | 519,845 | |||||||||||||||||||||||||
Shares issuance date | Sep. 21, 2023 | |||||||||||||||||||||||||
Debt instrument aggregate principal amount | $ 6,210,000 | 573,000 | $ 573,000 | $ 70,000,000 | ||||||||||||||||||||||
Interest payable | 4,521 | 4,521 | ||||||||||||||||||||||||
Total amount | $ 577,521 | |||||||||||||||||||||||||
Consulting Agreement Two [Member] | ||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||||||||||||||
Number of restricted shares | 75,000 | |||||||||||||||||||||||||
Shares issuance date | Oct. 03, 2023 | |||||||||||||||||||||||||
Share Exchange Agreement [Member] | ||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||||||||||||||
Number of restricted shares | 73,767 | |||||||||||||||||||||||||
Shares issuance date | Oct. 09, 2023 | |||||||||||||||||||||||||
First Fire Warrant Agreement [Member] | ||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||||||||||||||
Number of restricted shares | 53,532 | |||||||||||||||||||||||||
Shares issuance date | Oct. 12, 2023 | |||||||||||||||||||||||||
Number of warrant exercised | 53,532 | |||||||||||||||||||||||||
Debt instrument aggregate principal amount | 573,000 | $ 573,000 | ||||||||||||||||||||||||
Consulting Agreement Three [Member] | ||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||||||||||||||
Number of restricted shares | 75,000 | |||||||||||||||||||||||||
Shares issuance date | Oct. 18, 2023 | |||||||||||||||||||||||||
Mast Hill Securities Warrant Agreement [Member] | ||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||||||||||||||
Shares issuance date | Oct. 23, 2023 | |||||||||||||||||||||||||
Number of warrant exercised | 138,703 | |||||||||||||||||||||||||
Debt instrument aggregate principal amount | 445,000 | |||||||||||||||||||||||||
Consulting Agreement Four [Member] | ||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||||||||||||||
Number of restricted shares | 75,000 | |||||||||||||||||||||||||
Shares issuance date | Nov. 08, 2023 | |||||||||||||||||||||||||
Executive Agreement [Member] | ||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||||||||||||||
Number of restricted shares | 30,675 | |||||||||||||||||||||||||
Shares issuance date | Nov. 21, 2023 | |||||||||||||||||||||||||
Executive Agreement One [Member] | ||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||||||||||||||
Number of restricted shares | 18,405 | |||||||||||||||||||||||||
Excutive Agreement One [Member] | ||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||||||||||||||
Shares issuance date | Nov. 21, 2023 | |||||||||||||||||||||||||
FirstFire Securities Purchase Agreement [Member] | ||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||||||||||||||
Units issued for cash, net of offering costs | 480,156 | |||||||||||||||||||||||||
Shares issuance date | Apr. 04, 2024 | |||||||||||||||||||||||||
Debt instrument aggregate principal amount | $ 195,016 | $ 235,414 | $ 235,414 | |||||||||||||||||||||||
Interest payable | 8,333 | $ 1,552 | $ 8,333 | |||||||||||||||||||||||
Total amount | $ 250,000 | |||||||||||||||||||||||||
Debt conversion, converted instrument, shares issued | 480,000 | |||||||||||||||||||||||||
Debt instrument aggregate principal amount | $ 203,350 | |||||||||||||||||||||||||
Warrant [Member] | ||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||||||||||||||
Units issued for cash, net of offering costs | 80,200 | |||||||||||||||||||||||||
Warrants and rights outstanding term | 3 years | 3 years | ||||||||||||||||||||||||
Proceeds of warrants | $ 80,200 | |||||||||||||||||||||||||
Debt instrument aggregate principal amount | $ 5,257,466 | |||||||||||||||||||||||||
Warrant [Member] | Mast Hill Securities Purchase Agreement [Member] | ||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||||||||||||||
Debt instrument aggregate principal amount | $ 77,856 | $ 86,327 | ||||||||||||||||||||||||
Warrant One [Member] | ||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||||||||||||||
Units issued for cash, net of offering costs | 160,200 | |||||||||||||||||||||||||
Warrants and rights outstanding term | 5 years | 5 years | ||||||||||||||||||||||||
Proceeds of warrants | $ 160,200 |
Commitments and Contingencies (
Commitments and Contingencies (Details Narrative) | 9 Months Ended |
May 31, 2024 USD ($) | |
Commitments and Contingencies Disclosure [Abstract] | |
Other expenses | $ 652,174 |
Schedule of Segment Reporting I
Schedule of Segment Reporting Information (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||||||||
May 31, 2024 | Feb. 29, 2024 | Nov. 30, 2023 | May 31, 2023 | Feb. 28, 2023 | Nov. 30, 2022 | May 31, 2024 | May 31, 2023 | Aug. 31, 2023 | Aug. 31, 2022 | |
Segment Reporting Information [Line Items] | ||||||||||
Sales | $ 3,151,851 | $ 3,292,933 | $ 10,213,661 | $ 9,268,722 | ||||||
Gross profit | 896,893 | 1,314,094 | 4,164,997 | 4,024,530 | ||||||
(Loss) income from operations | (2,520,203) | (1,430,418) | (7,377,608) | (5,459,188) | ||||||
Depreciation and amortization | 556,704 | 579,591 | 1,697,317 | 1,718,388 | ||||||
Capital expenditures | 2,005 | 18,870 | 2,005 | 18,870 | ||||||
Interest expenses | 178,445 | 9,570 | 460,503 | 240,520 | ||||||
Net loss | (13,736,300) | $ (2,745,560) | $ (4,660,723) | (1,485,295) | $ (4,645,162) | $ (3,936,736) | (21,142,583) | (10,067,193) | ||
Total assets | 35,327,000 | 35,327,000 | $ 35,563,047 | |||||||
Accounts receivable | 2,251,528 | 2,251,528 | 1,467,028 | |||||||
Intangible assets | 14,690,038 | 14,690,038 | 16,218,539 | |||||||
Goodwill | 7,523,998 | 7,523,998 | 7,582,483 | $ 7,825,844 | ||||||
Health Care Services [Member] | ||||||||||
Segment Reporting Information [Line Items] | ||||||||||
Sales | 2,183,334 | 2,019,869 | 6,331,439 | 6,075,237 | ||||||
Gross profit | 690,625 | 684,575 | 2,150,433 | 2,238,875 | ||||||
(Loss) income from operations | (109,334) | (145,364) | (186,962) | (516,064) | ||||||
Depreciation and amortization | 30,087 | 31,776 | 90,608 | 95,338 | ||||||
Capital expenditures | ||||||||||
Interest expenses | 20,674 | 2,605 | 62,217 | 70,109 | ||||||
Net loss | (776,721) | (145,731) | (891,195) | (579,411) | ||||||
Total assets | 4,969,491 | 4,969,491 | 5,158,851 | |||||||
Accounts receivable | 681,310 | 681,310 | 697,440 | |||||||
Intangible assets | 93,685 | 93,685 | 120,163 | |||||||
Goodwill | 516,804 | 516,804 | 520,821 | |||||||
Product Manufacturing And Development [Member] | ||||||||||
Segment Reporting Information [Line Items] | ||||||||||
Sales | 968,517 | 1,273,064 | 3,803,971 | 2,576,196 | ||||||
Gross profit | 206,268 | 629,519 | 1,936,314 | 1,168,366 | ||||||
(Loss) income from operations | (867,873) | (430,322) | (1,301,241) | (1,574,441) | ||||||
Depreciation and amortization | 247,175 | 268,374 | 768,383 | 784,724 | ||||||
Capital expenditures | 2,005 | 18,870 | 2,005 | 18,870 | ||||||
Interest expenses | 6,298 | 6,965 | 7,073 | 11,596 | ||||||
Net loss | (1,609,603) | (387,468) | (2,431,455) | (1,563,088) | ||||||
Corporate Segment [Member] | ||||||||||
Segment Reporting Information [Line Items] | ||||||||||
Sales | 78,251 | 617,289 | ||||||||
Gross profit | 78,250 | 617,289 | ||||||||
(Loss) income from operations | (1,542,996) | (854,732) | (5,889,405) | (3,368,683) | ||||||
Depreciation and amortization | 279,442 | 279,441 | 838,326 | 838,326 | ||||||
Capital expenditures | ||||||||||
Interest expenses | 151,473 | 391,213 | 158,815 | |||||||
Net loss | (11,349,976) | $ (952,096) | (17,819,933) | $ (7,924,694) | ||||||
Total assets | 12,599,677 | 12,599,677 | 12,410,544 | |||||||
Accounts receivable | 94,946 | 94,946 | 4,200 | |||||||
Intangible assets | 11,441,735 | 11,441,735 | 12,280,063 | |||||||
Goodwill | ||||||||||
Product Sales [Member] | ||||||||||
Segment Reporting Information [Line Items] | ||||||||||
Total assets | 17,757,832 | 17,757,832 | 17,993,652 | |||||||
Accounts receivable | 1,475,272 | 1,475,272 | 765,388 | |||||||
Intangible assets | 3,154,618 | 3,154,618 | 3,818,313 | |||||||
Goodwill | $ 7,007,194 | $ 7,007,194 | $ 7,061,662 |
Subsequent Events (Details Narr
Subsequent Events (Details Narrative) - USD ($) | Jul. 08, 2024 | Apr. 05, 2024 | Apr. 26, 2023 | Jun. 03, 2024 | May 31, 2024 | Sep. 18, 2023 | Sep. 12, 2023 |
Securities Purchase Agreement [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Maturity date | Apr. 26, 2038 | ||||||
Debt face amount | $ 6,210,000 | $ 70,000,000 | $ 573,000 | ||||
Purchase price | $ 57,000,000 | ||||||
Debt instrument yield percentage | 1.52% | ||||||
Common stock issued for cash, net of offering costs, shares | 3,500,000 | ||||||
RC Consulting Consortium Group LLC [Member] | Subsequent Event [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Stock price per share | $ 15 | ||||||
Outstanding prepayment percent | 50% | ||||||
Average closing price percent | 15% | ||||||
Streeterville Securities Purchase Agreement [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Maturity date | Apr. 08, 2025 | ||||||
Debt face amount | $ 6,210,000 | $ 235,414 | $ 277,777.77 | $ 3,500,000 | |||
Purchase price | $ 5,500,000 | ||||||
Streeterville Securities Purchase Agreement [Member] | Subsequent Event [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Resale of shares | 3,500,000 |