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2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended
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Aug. 31, 2016
Property and Equipment estimated useful lives |
Equipment | 5 years
Computer equipment | 3 to 7 years
Furniture and fixtures | 5 to 7 years
Leasehold improvements | Shorter of life of asset or lease
Reconciliation of Goodwill |
Balance, August 31, 2014 |  | $ | – |
Addition |  |  | 4,789,248 |
Impairments |  |  | – |
Balance, August 31, 2015 |  | $ | 4,789,248 |
Addition |  |  | – |
Impairments |  |  | – |
Balance, August 31, 2016 |  | $ | 4,789,248 |
Schedule of intangible assets |
|  | Amortization Period |  | Acquisition Value |  |  | Accumulated Amortization |  |  | Net book value |
Customer relationships |  | Straight line 8 years |  | $ | 1,100,000 |  |  | $ | 275,000 |  |  | $ | 825,000 |
Trade Name-Cognigen |  | None |  |  | 500,000 |  |  |  | 0 |  |  |  | 500,000 |
Covenants not to compete |  | Straight line 5 years |  |  | 50,000 |  |  |  | 20,000 |  |  |  | 30,000 |
|  |  |  | $ | 1,650,000 |  |  | $ | 295,000 |  |  | $ | 1,355,000 |
Schedule of future amortization |
Year ending August 31, | Amount
2017 | 147,500
2018 | 147,500
2019 | 147,500
2020 | 137,500
2021 | 137,500
Earnings per share |
|  | 2016 |  |  | 2015 |
Numerator |  |  |  |  |  |
Net income attributable to common shareholders |  | $ | 4,950,136 |  |  | $ | 3,842,961 |
Denominator |  |  |  |  |  |  |  |
Weighted-average number of common shares outstanding during the year |  |  | 17,028,566 |  |  |  | 16,864,670 |
Dilutive effect of stock options |  |  | 180,940 |  |  |  | 167,488 |
Common stock and common stock equivalents used for diluted earnings per share |  |  | 17,209,506 |  |  |  | 17,032,158 |
Other Intangible Assets |
Schedule of intangible assets |
|  | Amortization Period |  | Acquisition Value |  |  | Accumulated Amortization |  |  | Net book value |
Customer relationships |  | Straight line 8 years |  | $ | 1,100,000 |  |  | $ | 275,000 |  |  | $ | 825,000 |
Trade Name-Cognigen |  | None |  |  | 500,000 |  |  |  | 0 |  |  |  | 500,000 |
Covenants not to compete |  | Straight line 5 years |  |  | 50,000 |  |  |  | 20,000 |  |  |  | 30,000 |
|  |  |  | $ | 1,650,000 |  |  | $ | 295,000 |  |  | $ | 1,355,000 |
Intellectual Property [Member] |
Schedule of intangible assets |
Year ending August 31, | TSRL | Enslien | Total
2017 | $ 600,000 | $ 7,500 | $ 607,500
2018 | $ 600,000 | $ 7,500 | $ 607,500
2019 | $ 600,000 | $ 7,500 | $ 607,500
2020 | $ 600,000 | $ 7,500 | $ 607,500
2021 | $ 600,000 | $ 7,500 | $ 607,500

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