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5. CONTRACTS PAYABLE | 12 Months Ended
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Aug. 31, 2019
Other Liabilities Disclosure [Abstract] |
CONTRACTS PAYABLE | NOTE 5: CONTRACTS PAYABLE DILIsym Acquisition Liabilities: On June 1, 2017, the Company acquired DILIsym Services, Inc. The agreement provided for a working capital adjustment, an eighteen-month $1,000,000 holdback provision against certain representations and warrantees, and an Earn-out agreement of up to an additional $5,000,000 in Earn-out payments based on earnings over the next three years. The Earn-out liability has been recorded at an estimated fair value. Payments under the Earn-out liability will be due starting in FY 2018. In September 2018, $1,556,644 was paid out under the first earn-out payment, a second earn-out payment was made in August 2019 in the amount of $1,682,329 it is estimated that a final payment of approximately $1,761,028 will be paid in August 2020. As of August 31, 2019 and 2018 the following liabilities have been recorded:
|  | 2019 |  |  | 2018 |
Working Capital Liability |  | $ | – |  |  | $ | – |
Holdback Liability |  |  | – |  |  |  | 1,000,000 |
Earn-out Liability |  |  | 1,761,028 |  |  |  | 4,890,940 |
Sub Total |  | $ | 1,761,028 |  |  | $ | 5,890,940 |
Less: Current Portion |  |  | 1,761,028 |  |  |  | 2,556,644 |
Long-Term |  | $ | – |  |  | $ | 3,334,296 |

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- Definition The entire disclosure for other liabilities. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -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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