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v3.20.2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended
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Aug. 31, 2020
Accounting Policies [Abstract] |
Property and Equipment estimated useful lives |
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
Schedule of Operating assets and liabilities |
Schedule of Operating assets and liabilities |  |  |  |
Right of use assets |  | $ | 902,553 |
Lease Liabilities, Current |  | $ | 537,017 |
Lease Liabilities, Long-term |  | $ | 365,536 |
Schedule of lease cost |
Schedule of lease cost |  |  |  |
Right of use assets |  | $ | 926,600 |
Lease Liabilities, Current |  | $ | 463,465 |
Lease Liabilities, Long-term |  | $ | 463,312 |
Operating lease costs |  | $ | 600,717 |
Weighted Average remaining lease term |  |  | 2.27 years |
Weighted Average Discount rate |  |  | 4.25% |
Schedule of reconciliation of goodwill |
Schedule of reconciliation of goodwill |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Cognigen |  |  | DILIsym |  |  | Lixoft |  |  | Total |
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 |
Addition |  |  | – |  |  |  | – |  |  |  | 2,533,987 |  |  |  | 2,533,987 |
Impairments |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |
Balance, August 31, 2020 |  | $ | 4,789,248 |  |  | $ | 5,597,950 |  |  | $ | 2,533,987 |  |  | $ | 12,921,185 |
Schedule of other intangible assets |
Schedule of other intangible assets |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Amortization Period |  | Acquisition Value |  |  | Accumulated Amortization |  |  | Net book value |
Customer relationships-Cognigen |  | Straight line 8 years |  | $ | 1,100,000 |  |  | $ | 825,000 |  |  | $ | 275,000 |
Trade Name-Cognigen |  | None |  |  | 500,000 |  |  |  | – |  |  |  | 500,000 |
Covenants not to compete-Cognigen |  | Straight line 5 years |  |  | 50,000 |  |  |  | 50,000 |  |  |  | – |
Covenants not to compete-DILIsym |  | Straight line 4 years |  |  | 80,000 |  |  |  | 65,000 |  |  |  | 15,000 |
Trade Name-DILIsym |  | None |  |  | 860,000 |  |  |  | – |  |  |  | 860,000 |
Customer relationships-DILIsym |  | Straight line 10 years |  |  | 1,900,000 |  |  |  | 617,500 |  |  |  | 1,282,500 |
Customer relationships-Lixoft |  | Straight line 14 years |  |  | 2,550,000 |  |  |  | 75,892 |  |  |  | 2,474,108 |
Trade Name-Lixoft |  | None |  |  | 1,550,000 |  |  |  | – |  |  |  | 1,550,000 |
Covenants not to compete-Lixoft |  | Straight line 3 years |  |  | 60,000 |  |  |  | 8,333 |  |  |  | 51,667 |
|  |  |  | $ | 8,650,000 |  |  | $ | 1,641,725 |  |  | $ | 7,008,275 |
Schedule of future amortization |
Schedule of future amortization |  |  |
Year ending August 31, |  | Amount |
2021 |  | $ | 545,000 |
2022 |  | $ | 530,000 |
2023 |  | $ | 384,000 |
2024 |  | $ | 372,000 |
2025 |  | $ | 372,000 |
Summarizes fair value measurements |
Summarizes fair value measurements |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Cash and cash equivalents |  | $ | 49,207,314 |  |  | $ | – |  |  | $ | – |  |  | $ | 49,207,314 |
Short-term investments |  | $ | 66,803,595 |  |  | $ | – |  |  | $ | – |  |  | $ | 66,803,595 |
Acquisition-related contingent consideration obligations |  | $ | – |  |  | $ | – |  |  | $ | 4,730,500 |  |  | $ | 4,730,500 |
August 31, 2019:
|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Cash and cash equivalents |  | $ | 11,435,499 |  |  | $ | – |  |  | $ | – |  |  | $ | 11,435,499 |
Short-term investments |  | $ | – |  |  | $ | – |  |  | $ | – |  |  | $ | – |
Acquisition-related contingent consideration obligations |  | $ | – |  |  | $ | – |  |  | $ | 1,761,028 |  |  | $ | 1,761,028 |
Reconciliation of contingent consideration value |
Reconciliation of contingent consideration value |  |  |  |
Value at August 31, 2019 |  | $ | 1,761,028 |
Purchase price contingent consideration |  |  | 4,528,000 |
Contingent consideration payments |  |  | (1,761,028 | )
Change in value of contingent consideration |  |  | 202,500 |
Value at August 31, 2020 |  | $ | 4,730,500 |
Schedule of future amortization expenses |
Schedule of future amortization expenses |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Years ending August 31, |  | TSRL |  |  | Enslein |  |  | DILI-Acquired Developed Technologies |  |  | Lixoft-Acquired Developed Technologies |  |  | Entelos |  |  | Total |
2021 |  | $ | 600,000 |  |  | $ | 7,500 |  |  | $ | 316,667 |  |  | $ | 500,625 |  |  | $ | 5,000 |  |  | $ | 1,429,792 |
2022 |  | $ | 600,000 |  |  | $ | 3,750 |  |  | $ | 316,667 |  |  | $ | 500,625 |  |  | $ | 5,000 |  |  | $ | 1,426,042 |
2023 |  | $ | 600,000 |  |  | $ | – |  |  | $ | 316,667 |  |  | $ | 500,625 |  |  | $ | 5,000 |  |  | $ | 1,422,292 |
2024 |  | $ | 425,000 |  |  | $ | – |  |  | $ | 316,667 |  |  | $ | 500,625 |  |  | $ | 5,000 |  |  | $ | 1,247,292 |
2025 |  | $ | – |  |  | $ | – |  |  | $ | 316,667 |  |  | $ | 500,625 |  |  | $ | 5,000 |  |  | $ | 822,292 |
Schedule of earnings per share |
Schedule of earnings per share |  |  |  |  |  |  |  |  |  |  |  |
|  | 2020 |  |  | 2019 |  |  | 2018 |
Numerator |  |  |  |  |  |  |  |  |  |  |  |
Net income attributable to common shareholders |  | $ | 9,332,060 |  |  | $ | 8,583,329 |  |  | $ | 8,934,812 |
Denominator |  |  |  |  |  |  |  |  |  |  |  |
Weighted-average number of common shares outstanding during the year |  |  | 17,819,064 |  |  |  | 17,492,258 |  |  |  | 17,328,707 |
Dilutive effect of stock options |  |  | 719,309 |  |  |  | 565,173 |  |  |  | 531,685 |
Common stock and common stock equivalents used for diluted earnings per share |  |  | 18,538,373 |  |  |  | 18,057,431 |  |  |  | 17,860,392 |

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