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物業及設備

資產和設備以減去累計折舊和累計減值損失的成本列示。成本包括直接歸因於資產取得的支出。

折舊是記錄的用於認可資產成本在其預期壽命內。預期壽命和折舊方法在每個報告期結束時進行審核，任何估計變更的影響將被前瞻性地納入考慮。

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任何財產和設備項目在處置或不再預期從資產的繼續使用中產生未來經濟利益時將被取消確認。處置或退役資產產生的利潤或虧損的差額確定爲出售款項和收益與資產賬面價值之間的差額，並在損益中確認。

無法改善或延長壽命的維修和保養成本將在發生成本的期間確認爲盈利或虧損。

無形資產和商譽

研究活動的支出在發生時計入淨收益。

開發支出僅在支出能夠可靠計量、產品或工藝在技術上和商業上可行、未來經濟效益可能且公司有意願並有足夠資源完成開發並使用或賣出該資產的情況下資本化。否則，它在發生時計入淨收益。公司沒有資本化任何開發成本。當獲得政府贈款和所得稅抵免時，公司將收入計入淨損失，抵消相關費用，或在與資本化開發支出相關時作爲成本的減少。

企業合併產生的商譽在公司獲得的可單獨識別的資產的公允價值和公司承擔的負債低於支付的對價[包括已確認的非控股權益金額（如有）]時初步確認。如果轉移的對價的公允價值低於可單獨識別的資產和負債的公允價值，公司立即將差額在綜合損失聲明中確認作爲收益。

其他無形資產，包括知識產權、軟件、商標、訂單積壓和具有有限使用壽命的網站，按成本減去累計攤銷和累計減值損失進行計量。

攤銷是基於資產成本減去其殘值計算的。攤銷在可供使用的日期從無形資產的估計使用壽命中按直線法在淨收益中確認。估計的使用壽命如下：

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在每個報告日，攤銷方法、有效使用壽命和殘值都會進行審核，並在適當時進行調整。

非金融資產減值

非金融資產，除商譽外

在每個報告期結束時，公司會審查其非金融資產的賬面價值，除了商譽，以判斷是否存在任何減值跡象。如果存在任何此類跡象，則會估計該資產的可回收金額。如果無法估計單項資產的可回收金額，則將資產組合成產生現金流入且大部分獨立於其他資產或資產組現金流入的最小資產組[即「現金產生單元」或「CGU」]。

可回收金額爲公允價值減去出售成本與使用價值中的較大者。在評估使用價值時，估計未來現金流的現值是通過折現率來折現，該折現率反映了當前市場對資金時間價值和與資產或CGU相關的特定風險的評估。如果資產或CGU的可回收金額低於其賬面價值，則將賬面價值降低至其可回收金額。減值損失立即在綜合損失的合併報表中確認。

如果減值損失隨後被逆轉，則資產或CGU的賬面價值增加到修訂後的可回收金額，但前提是賬面價值不會超過在未確認減值損失的情況下應確定的賬面價值。減值損失的逆轉會立即在綜合損失的合併報表中確認。

應付賬款及其他

這些金額代表在財務年度結束之前提供給實體的商品和服務的負債，且尚未支付。由於其短期性質，它們按攤餘成本計量，並且不進行折現。這些金額是無擔保的，通常在確認後30天內支付。

備用金

當公司因過去事件而具有當前義務、公司很可能需要履行該義務，並且可以可靠地估計義務金額時，確認準備金。確認的準備金金額是截至報告日履行當前義務所需對價的最佳估計，考慮與該義務相關的風險和不確定性。如果貨幣的時間價值重大，準備金會使用與負債特定的當前稅前利率進行折現。由於時間的推移而導致的準備金增加被確認爲財務成本。

繁重合同

有損合同是指不可避免的成本（即公司無法避免因合同而產生的成本）大於根據合同預計獲得的經濟利益的合同。合同下的不可避免成本反映了退出合同的最低淨成本，即履行合同的成本和因未能履行合同而產生的任何補償或處罰中的較低者。履行合同的成本包括直接與合同相關的成本（即增量成本和直接與合同活動相關成本的分攤）。

當公司有一份有損合同時，該合同下的當前義務被確認並計量爲準備金。然而，在爲有損合同建立單獨準備金之前，公司會確認在履行合同所使用資產上發生的任何減值損失。

公允價值衡量

當資產或負債，無論是金融還是非金融，在確認或披露時按公允價值計量時，公允價值是基於在計量日期市場參與者之間有序交易中出售資產所收的價格或轉移負債時所支付的價格；並假設交易將發生在：主要市場中；或者在沒有主要市場的情況下，在最有利的市場中。

公允價值的計量是基於市場參與者在定價資產或負債時將使用的假設，假設他們是在其經濟最佳利益下進行行動的。對於非金融資產，公允價值計量是基於其最高和最佳用途。使用在特定情況下適當的估值技術，並且有足夠的數據可用於測量公允價值，最大限度地利用相關可觀察輸入，並最小化對不可觀察輸入的使用。

按公允價值計量的資產和負債被分爲三個等級，使用反映在計量中使用的輸入重要性的公允價值等級結構。分類在每個報告日期進行審核，並根據對對公允價值計量具有重大意義的最低輸入等級的重新評估來決定等級之間的轉移。

基本報表註釋

財務工具的分類和計量

公司在初次確認時將其金融資產和金融負債按公允價值計量，通常是交易價格，除非金融工具包含重大融資成分。後續計量取決於金融工具的分類，對於金融資產，取決於公司業務模式的背景和金融資產的合同現金流特徵。金融資產分爲兩類：[1]以攤銷成本計量和[2]按公允價值計入損益[「FVTPL」]。金融負債按有效利率的攤銷成本後續計量，除了按FVTPL計量或指定爲FVTPL的金融負債，在這種情況下，由於實體自身信用風險導致的公允價值變動記錄爲其他全面收入[「OCI」]。

公司對購買公司普通股權證的分類進行評估，即已發行的權證是否符合權益工具的標準（即這些權證將以固定的行使價格發行公司的普通股權）。由於這些權證的行使價格以美元計價，而公司的功能貨幣是加幣，因此權證行使時所得款項的價值並非固定，將隨着匯率的波動而變化。因此，公司將權證分類爲衍生負債，根據首次確認和每個報告期的公允價值進行計量，除用於對貨物和服務的補償的權證之外。公允價值變動之處作爲 consolidated statement of comprehensive loss 中的收益或損失記錄。有關截至2024年8月31日年末已發行和未償還的權證、記錄的衍生負債以及用於確定公允價值所使用的假設的詳細信息，請參閱附註20和26。

公司對公司的A和B系列可轉換優先股的分類進行評估，即這些證券是否符合權益工具的標準（即這些證券在轉換時以固定數量的公司普通股發行）。由於這些證券的轉換價格以美元計價，而公司的功能貨幣是加幣，因此在轉換時發行的普通股數量並非固定，將隨着匯率的波動而變化。因此，公司將A和B系列可轉換優先股分類爲衍生負債，根據首次確認和每個報告期的公允價值進行計量。在這些證券的首次確認日期確定的公允價值收益或損失會在首次確認日期和強制轉換日期之間的期間進行攤銷。任何後續的公允價值變動都作爲綜合損益表中的收益或損失記錄。有關截至2024年8月31日年末已發行和未償還的A和B系列可轉換優先股、記錄的衍生負債以及用於確定公允價值所使用的假設的詳細信息，請參閱附註17和26。

攤銷成本

公司將交易和其他應收款項、其他金融資產、交易及其他應付款項、其他金融負債、長期債務和與關聯方往來的預付款或借款分類爲按攤銷成本計量的金融工具。從金融資產收到的契約現金流僅爲本金和利息支付，並且被納入其業務模式，其目標是收取契約現金流。

公允價值變動計入損益

公司將公司債券分類爲按公允價值計量並計入損益的金融工具，因爲從金融資產收到的契約現金流不僅僅是本金和利息支付。

金融資產減值

公司對按攤銷成本計量的金融資產預計信用損失確認損失準備金。損失準備金的計量取決於公司在每個報告期末的評估，以判斷自初始確認以來金融工具的信用風險是否顯著增加，基於可得到的合理且可支持的信息，且獲得該等信息無需耗費過多成本或努力。如果未顯著增加信用風險暴露，將會確認預期信用損失的12個月的損失。

Revenue recognition

Revenue is recognized at an amount that reflects the consideration to which the Company is expected to be entitled in exchange for transferring goods or services to a customer. For each contract with a customer, the Company:

The Company enters into contracts with customers, as well as distributor agreements with specific distributors for the sale of boats.

Sale of boats

Revenue from the sale of boats, including incidental shipping fees, is recognized at the point in time when the customer obtains control of the goods, which is generally at the shipping point. In the context of its distributor agreements, control is passed at the shipping point to the distributor as the Company has no further performance obligations at that point. The Company concluded that it is the principal in its revenue arrangements, because it typically controls the boats before transferring them to the customer. The amount of consideration the Company receives, and the revenue recognized varies with volume rebate programs offered to distributors. When the Company offers retrospective volume rebates, it estimates the expected volume rebates based on an analysis of historical experience, to the extent that it is highly probable that a significant reversal will not occur. The Company adjusts its estimate of revenue related to volume rebates at the earlier of when the most likely amount of consideration expected to be received changes or when the consideration becomes fixed.

The Company recognizes customer deposits on the sale of boats as contract liabilities.

Boat rental and boat club membership revenue

Revenue from boat rentals is recognized at a point in time when the services are completed given the short term rental period. Boat club membership revenue is recognized over time as the service is provided. These services are typically provided, and thus revenue is typically recognized, on a monthly basis.

The Company recognizes customer prepayments on boat rentals and boat club memberships as contract liabilities.

Share-based payments

The Company has a share option plan for key employees, consultants, advisors, officers and directors from which options to purchase common stock of the Company are issued. The Company also issues warrants to non-employees granting the right to purchase common stock of the Company at a determined exercise price. Share-based compensation costs are accounted for on a fair value basis, as measured at the grant date, using the Black-Scholes option pricing model taking into account the terms and conditions upon which the options were granted. An individual is classified as an employee when the individual is an employee for legal or tax purposes or provides services similar to those performed by an employee. In situations where options or warrants have been issued to non-employees and some or all of the services received by the Company can be specifically identified, the options or warrants are measured at the fair value of the services received. If the services cannot be specifically identified, the options or warrants are measured at the fair value of the options issued.

All share-based remuneration is ultimately recognized as an expense in profit or loss with a corresponding credit to contributed surplus. If vesting periods or other vesting conditions apply, the expense is allocated over the vesting period, based on the best available estimate of the number of share options expected to vest. Any adjustment to cumulative share-based compensation resulting from a revision is recognized in the current period. The number of vested options ultimately exercised by holders does not impact the expense recorded in any period.

Foreign currency translation

The Company’s consolidated financial statements are presented in Canadian dollars, which is also the parent company’s functional currency. The functional currency of 7858078 Canada Inc. is the Canadian dollar while the functional currencies for EB Rental, Ltd., EB Rental Ventura Corp., EB Rental FL Corp., EBR Palm Beach Inc. and Vision Marine Technologies Corp. are the US dollar. The Company and its subsidiaries each determine their functional currency based on the currency of the primary economic environment in which they operate. Transactions denominated in a currency other than the functional currency of an entity are translated at the exchange rate in effect on the transaction date. The resulting exchange gains and losses are included in each entity’s net loss in the period in which they arise.

The Company’s foreign operations are translated to the Company’s presentation currency, for inclusion in the consolidated financial statements. Foreign-denominated monetary and non-monetary assets and liabilities of foreign operations are translated at exchange rates in effect at the end of the reporting period and revenue and expenses are translated at exchange rates in effect at the transaction date. The resulting translation gains and losses are included in other comprehensive income with the cumulative gain or loss reported in accumulated other comprehensive income. On disposal of a foreign operation, the component of OCI relating to that particular foreign operation is reclassified to profit or loss.

Taxes

Tax expense comprises current and deferred tax. Tax is recognized in net loss except to the extent it relates to items recognized in other comprehensive income or directly in equity.

Current tax

Current tax expense is based on the results for the period as adjusted for items that are not taxable or not deductible. Current tax is calculated using tax rates and laws that were enacted or substantively enacted at the end of the reporting period. Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation. Current income tax assets and liabilities are measured at the amount expected to be recovered from or paid to the taxation authorities.

Deferred tax

Deferred taxes are the taxes expected to be payable or recoverable on differences between the carrying amounts of assets in the statement of financial position and their corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognized for all taxable temporary differences between the carrying amounts of assets and their corresponding tax bases. Deferred tax assets are recognized to the extent that it is probable that taxable profits will be available against which deductible temporary differences, and the carry forward of unused tax credits and unused tax losses can be utilized. Such assets and liabilities are not recognized if the temporary difference arises from the initial recognition of goodwill or from the initial recognition [other than in a business combination] of other assets in a transaction that affects neither the taxable profit nor the accounting profit.

The Company offsets deferred tax assets and deferred tax liabilities if and only if it has a legally enforceable right to set off current tax assets and current tax liabilities and the deferred tax assets and deferred tax liabilities relate to income taxes levied by the same taxation authority on either the same taxable entity or different taxable entities which intend either to settle current tax liabilities and assets on a net basis, or to realize the assets and settle the liabilities simultaneously, in each future period in which significant amounts of deferred tax liabilities or assets are expected to be settled or recovered.

Earnings per share

Basic earnings per share is calculated by dividing the profit or loss attributable to equity holders of the Company by the weighted average number of common stock outstanding during the year.

Diluted income per share is calculated by dividing the profit attributable to equity holders of the Company by the weighted average number of common stock outstanding, adjusted for the effects of all dilutive potential common stock. For the purpose of calculating diluted earnings per share, the Company assumes the exercise of dilutive options and warrants of the entity. The assumed proceeds from these instruments are regarded as having been received from the issue of common stock at the average market price of common shares during the period. The difference between the number of common shares issued and the number of common shares that would have been issued at the average market price of common shares during the period is treated as an issue of common shares for no consideration.

Standards issued but yet not effective

The new and amended standards and interpretations that are issued, but not yet effective, up to the date of issuance of the Company’s financial statements are disclosed below. The Company intends to adopt these new and amended standards and interpretations, if applicable, when they become effective.

Amendments to IFRS 16: Lease Liability in a Sale and Leaseback

In September 2022, the IASB issued amendments to IFRS 16, Leases, to specify the requirements that a seller- lessee uses in measuring the lease liability arising in a sale and leaseback transaction, to ensure the seller-lessee does not recognize any amount of the gain or loss that relates to the right of use it retains. The amendments are effective for annual reporting periods beginning on or after 1 January 2024 and must applied retrospectively to sale and leaseback transactions entered into after the date of initial application of IFRS 16. The amendments are not expected to have a material impact on the Company’s consolidated financial statements.

Amendments to IAS 1: Classification of Liabilities as Current or Non-current

In January 2020 and October 2022, the IASB issued amendments to paragraphs 69 to 76 of IAS 1 to specify the requirements for classifying liabilities as current or non-current. The amendments clarify:

In addition, a requirement has been introduced to require disclosure when a liability arising from a loan agreement is classified as non-current and the entity’s right to defer settlement is contingent on compliance with future covenants within twelve months. The amendments are effective for annual reporting periods beginning on or after 1 January 2024 and must be applied retrospectively.

This will result in reclassification of the Company's derivative liabilities from long-term to short-term liabilities [note 17].

Amendments to IAS 7 and IFRS 7: Supplier Finance Arrangements

The amendments clarify the characteristics of supplier finance arrangements and require additional disclosure of such arrangements. The disclosure requirements in the amendments are intended to assist users of financial statements in understanding the effects of supplier finance arrangements on an entity’s liabilities, cash flows and exposure to liquidity risk. The amendments are effective for annual reporting periods beginning on or after 1 January 2024 and must be applied retrospectively to sale and leaseback transactions entered into after the date of initial application of IFRS 16. The amendments are not expected to have a material impact on the Company’s consolidated financial statements.

Amendments to IAS 1 - Non-current liabilities with agreements

In October 2022, amendments to IAS 1 were issued to clarify that only covenants with which an entity must comply on or before the reporting date will affect a liability's classification as current or non-current. When noncurrent liabilities from loan arrangements are subject to future covenants, a company now needs to disclose information in the notes to help users of financial statements understand the risk that those liabilities could become repayable within 12 months after the reporting date. The amendments clarify that only covenants with which an entity must comply on or before the reporting date will affect a liability’s classification as current or non-current The amendments will be effective for annual reporting periods beginning on or after 1 January 2024. The amendments are not expected to have a material impact on the Company’s financial statements.