Quarterly report pursuant to Section 13 or 15(d)

Revenues

v3.20.4
Revenues
 3 Months Ended
Nov. 30, 2020
Revenues [Abstract]  
Revenues

14.

Revenues
 

 

 

November 30

 2020

$

 

 

November 30

 2019

$

 

Product sales

 

 

 164,990

 

 

 

 10,015

 

Licensing revenue

 

 

 130,584

 

 

 

 —

 

Freight revenue

 

 

 82

 

 

 

 317

 

Income from ongoing operations

 

 

 295,656

 

 

 

 10,332

 

Income from discontinued operations

 

 

 3,000

 

 

 

 51,750

 

 

 

 

 298,656

 

 

 

 62,082

 

 

During the three months ended November 30, 2020, the Company recognized $3,138 of Intellectual Property Licensing fees and $127,446 of usage fees from ongoing operations and $3,000 of income from discontinued operations (November 2019 - $33,750 licensing and $18,000 usage fees all relating to discontinued operations). Revenues are significantly concentrated on one customer.

 

There was an increase in our intermediate product sales and licensing revenues in the current year compared to the prior year, which began in the second quarter of fiscal 2020, with increasing volume to customers. Intermediate products are typically a DehydraTECH enabled powder that companies can purchase to include in their products. Intermediate product sales and licensing revenue constituted the majority of our revenue. The licensing fees consist of intellectual property licensing fees for transfer of the Technology with the signing of definitive agreements for the DehydraTECH technology and usage fees.