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2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended
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Aug. 31, 2019
Property and Equipment estimated useful lives | Depreciation and amortization are provided using the straight-line method over the estimated useful lives as follows:
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 |
|  | Cognigen |  |  | DILIsym |  |  | Total |
Balance, August 31, 2016 |  | $ | 4,789,248 |  |  | $ | – |  |  | $ | 4,789,248 |
Addition |  |  | – |  |  |  | 5,597,950 |  |  |  | 5,597,950 |
Impairments |  |  | – |  |  |  | – |  |  |  | – |
Balance, August 31, 2017 |  |  | 4,789,248 |  |  |  | 5,597,950 |  |  |  | 10,387,198 |
Addition |  |  | – |  |  |  | – |  |  |  | – |
Impairments |  |  | – |  |  |  | – |  |  |  | – |
Balance, August 31, 2018 |  |  | 4,789,248 |  |  |  | 5,597,950 |  |  |  | 10,387,198 |
Addition |  |  | – |  |  |  | – |  |  |  | – |
Impairments |  |  | – |  |  |  | – |  |  |  | – |
Balance, August 31, 2019 |  | $ | 4,789,248 |  |  | $ | 5,597,950 |  |  | $ | 10,387,198 |
Schedule of intangible assets | The following table summarizes other intangible assets as of August 31, 2019:
|  | Amortization Period |  | Acquisition Value |  |  | Accumulated Amortization |  |  | Net book value |
Customer relationships-Cognigen |  | Straight line 8 years |  | $ | 1,100,000 |  |  | $ | 687,500 |  |  | $ | 412,500 |
Trade Name-Cognigen |  | None |  |  | 500,000 |  |  |  | 0 |  |  |  | 500,000 |
Covenants not to compete-Cognigen |  | Straight line 5 years |  |  | 50,000 |  |  |  | 50,000 |  |  |  | 0 |
Covenants not to compete-DILIsym |  | Straight line 4 years |  |  | 80,000 |  |  |  | 45,000 |  |  |  | 35,000 |
Trade Name-DILIsym |  | None |  |  | 860,000 |  |  |  | 0 |  |  |  | 860,000 |
Customer relationships-DILIsym |  | Straight line 8 years |  |  | 1,900,000 |  |  |  | 427,500 |  |  |  | 1,472,500 |
|  |  |  | $ | 4,490,000 |  |  | $ | 1,210,500 |  |  | $ | 3,280,000 |
Summarizes fair value measurements | The following table summarizes fair value measurements at August 31, 2019 and August 31, 2018 for assets and liabilities measured at fair value on a recurring basis: August 31, 2019:
|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Cash and cash equivalents |  | $ | 11,435,499 |  |  | $ | – |  |  | $ | – |  |  | $ | 11,435,499 |
Acquisition-related contingent consideration obligations |  | $ | – |  |  | $ | – |  |  | $ | 1,761,028 |  |  | $ | 1,761,028 |
August 31, 2018:
|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Cash and cash equivalents |  | $ | 9,400,701 |  |  | $ | – |  |  | $ | – |  |  | $ | 9,400,701 |
Acquisition-related contingent consideration obligations |  | $ | – |  |  | $ | – |  |  | $ | 4,890,940 |  |  | $ | 4,890,940 |
Reconciliation of contingent consideration value | The following is a reconciliation of contingent consideration value.
Value at August 31, 2018 |  | $ | 4,890,940 |
Purchase price contingent consideration |  |  | – |
Contingent consideration payments |  |  | (3,238,972 | )
Change in value of contingent consideration |  |  | 109,060 |
Value at August 31, 2019 |  | $ | 1,761,028 |
Earnings per share | The components of basic and diluted earnings per share for the years ended August 31, 2019, 2018 and 2017 were as follows:
|  | 2019 |  |  | 2018 |  |  | 2017 |
Numerator |  |  |  |  |  |  |  |  |  |  |  |
Net income attributable to common shareholders |  | $ | 8,583,329 |  |  | $ | 8,934,812 |  |  | $ | 5,787,897 |
Denominator |  |  |  |  |  |  |  |  |  |  |  |
Weighted-average number of common shares outstanding during the year |  |  | 17,492,258 |  |  |  | 17,328,707 |  |  |  | 17,239,490 |
Dilutive effect of stock options |  |  | 565,173 |  |  |  | 531,685 |  |  |  | 276,427 |
Common stock and common stock equivalents used for diluted earnings per share |  |  | 18,057,431 |  |  |  | 17,860,392 |  |  |  | 17,515,917 |
Other Intangible Assets |
Schedule of future amortization | Future amortization for the next five years is as follows:
Year ending August 31, |  | Amount |
2020 |  | $ | 347,500 |
2021 |  | $ | 342,500 |
2022 |  | $ | 327,500 |
2023 |  | $ | 190,000 |
2024 |  | $ | 190,000 |
Intellectual Property [Member] |
Schedule of future amortization | Future amortization for the next five years is as follows:
Years ending August 31, |  | TSRL |  |  | Enslein |  |  | DILI-Acquired Developed Technologies |  |  | Entelos |  |  | Total |
2020 |  | $ | 600,000 |  |  | $ | 7,500 |  |  | $ | 316,667 |  |  | $ | 5,000 |  |  | $ | 929,167 |
2021 |  | $ | 600,000 |  |  | $ | 7,500 |  |  | $ | 316,667 |  |  | $ | 5,000 |  |  | $ | 929,167 |
2022 |  | $ | 600,000 |  |  | $ | 3,750 |  |  | $ | 316,667 |  |  | $ | 5,000 |  |  | $ | 925,417 |
2023 |  | $ | 600,000 |  |  |  | – |  |  | $ | 316,667 |  |  | $ | 5,000 |  |  | $ | 921,667 |
2024 |  | $ | 425,000 |  |  |  | – |  |  | $ | 316,667 |  |  | $ | 5,000 |  |  | $ | 746,667 |

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