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4. CONTRACTS PAYABLE | 3 Months Ended
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Nov. 30, 2014
Other Liabilities Disclosure [Abstract] |
CONTRACT PAYABLE | TSRL Pursuant to the termination and non-assertion agreement with TSRL (See note 2), the Company will pay TSRL $2,500,000 over a three-year period. The payment schedule, by year, is below. Cognigen On September 2, 2014, the Company acquired Cognigen Corporation (See note 11). As part of the consideration the Company agreed that within three business days following the two year anniversary of July 23, 2014 (the date of the Merger Agreement) and subject to any offsets, the Company will pay the former shareholders of Cognigen a total of $1,800,000, comprised of $720,000 of cash and the issuance of 170,014 shares of stock. Future payments under the Agreements, which are non-interest-bearing, are due as follows:
Twelve month Period ending November 30 |  | TSRL |  |  | Cognigen |  |  | Total |
2015 |  | $ | 750,000 |  |  | $ | – |  |  | $ | 750,000 |
2016 |  |  | 750,000 |  |  |  | 1,854,405 |  |  |  | 2,604,405 |
2017 |  |  | 1,000,000 |  |  |  | 0 |  |  |  | 1,000,000 |
Total |  | $ | 2,500,000 |  |  | $ | 1,854,405 |  |  | $ | 4,354,405 |
Less Current portion |  |  | (750,000 | ) |  |  | – |  |  |  | (750,000 | )
Contract payable, net of current portion |  | $ | 1,750,000 |  |  | $ | 1,854,405 |  |  | $ | 3,604,405 |

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- Definition The entire disclosure for other liabilities. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 20, 24 -Article 5 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.20,24) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 + Details
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