Quarterly report pursuant to Section 13 or 15(d)

Revenues

v3.20.1
Revenues
6 Months Ended
Feb. 28, 2019
Revenues [Abstract]  
Revenues

14.        Revenues

 

 

 

February 29

2020

$

 

 

February 28

2019

$

 

Product sales

 

 

99,191

 

 

 

5,436

 

Licensing revenue

 

 

69,750

 

 

 

32,000

 

Freight revenue

 

 

440

 

 

 

122

 

 

 

 

169,381

 

 

 

37,558

 

 

During the six months ended February 29, 2020, the Company recognized $37,750 of Intellectual Property Licensing fees and $36,000 of Usage Fees (February 2019 -$Nil and $32,000). Licensing revenues are significantly concentrated on a customer.

 

There was an increase in product sales in the current year compared to the previous years as the Company was able to solve some payment processing issues late in fiscal 2019, allowing for improved ability to conduct online retail transactions. Intermediate products sales began during the second quarter, which typically is a DehydraTECH enabled powder that companies can purchase to include in their products. Intermediate product sales constituted the majority of our product sales segment revenue and is a new form of revenue for the current fiscal year. The Licensing fees consist of IP licensing fees for transfer of the Technology with the signing of definitive agreements for the DehydraTECH technology and usage fees. The Licensing fees include payments due upon transfer of the Technology and installment payments that are receivable within 12 months (Note 7).