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2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 9 Months Ended
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May 31, 2020
Accounting Policies [Abstract] |
Property and Equipment estimated useful lives | 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
Right to use asset | Following assets and liabilities as of September 1, 2019:
Right of use assets |  | $ | 902,553 |
Lease Liabilities, Current |  | $ | 537,017 |
Lease Liabilities, Long-term |  | $ | 365,536 |
Supplemental balance sheet information related to operating leases was as follows as of May 31, 2020:
Right of use asset |  | $ | 1,019,408 |
Lease Liabilities, Current |  | $ | 525,454 |
Lease Liabilities, Long-term |  | $ | 489,463 |
Operating lease costs |  | $ | 438,269 |
Weighted Average remaining lease term |  |  | 2.31 years |
Weighted Average Discount rate |  |  | 4.28% |
Reconciliation of goodwill |
|  | Cognigen |  |  | DILIsym |  |  | Lixoft |  |  | Total |
Balance, August 31, 2019 |  | $ | 4,789,248 |  |  | $ | 5,597,950 |  |  | $ | – |  |  | $ | 10,387,198 |
Addition |  |  | – |  |  |  | – |  |  |  | 2,404,973 |  |  |  | 2,404,973 |
Impairments |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |
Balance, May 31, 2020 |  | $ | 4,789,248 |  |  | $ | 5,597,950 |  |  | $ | 2,404,973 |  |  | $ | 12,792,171 |
Fair value measurements | The following table summarizes fair value measurements at May 31, 2020 and August 31, 2019 for assets and liabilities measured at fair value on a recurring basis: May 31, 2020:
|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Cash and cash equivalents |  | $ | 7,354,496 |  |  | $ | – |  |  | $ | – |  |  | $ | 7,354,496 |
Acquisition-related contingent consideration obligations |  | $ | – |  |  | $ | – |  |  | $ | 6,370,028 |  |  | $ | 6,370,028 |
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 |
Reconciliation of contingent consideration value | The following is a reconciliation of contingent consideration value.
Value at August 31, 2019 |  | $ | 1,761,028 |
Contingent consideration for Lixoft |  |  | 4,609,000 |
Value at May 31, 2020 |  | $ | 6,370,028 |
Schedule of intangible assets |
|  | Amortization Period |  | Acquisition Value |  |  | Accumulated Amortization |  |  | Net book value |
Customer relationships-Cognigen |  | Straight line 8 years |  | $ | 1,100,000 |  |  | $ | 790,625 |  |  | $ | 309,375 |
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 |  |  |  | 60,000 |  |  |  | 20,000 |
Trade Name-DILIsym |  | None |  |  | 860,000 |  |  |  | 0 |  |  |  | 860,000 |
Customer relationships-DILIsym |  | Straight line 10 years |  |  | 1,900,000 |  |  |  | 570,000 |  |  |  | 1,330,000 |
Customer relationships-Lixoft |  | Straight line 14 years |  |  | 2,550,000 |  |  |  | 30,356 |  |  |  | 2,519,644 |
Trade Name-Lixoft |  | None |  |  | 1,550,000 |  |  |  | 0 |  |  |  | 1,550,000 |
Covenants not to compete-Lixoft |  | Straight line 4 years |  |  | 60,000 |  |  |  | 2,500 |  |  |  | 57,500 |
|  |  |  | $ | 8,650,000 |  |  | $ | 1,503,481 |  |  | $ | 7,146,519 |
Earnings per share |
|  | Three months ended |  |  | Nine months ended |
|  | 5/31/2020 |  |  | 5/31/2019 |  |  | 5/31/2020 |  |  | 5/31/2019 |
Numerator: |  |  |  |  |  |  |  |  |  |  |  |
Net income attributable to common shareholders |  | $ | 2,935,569 |  |  | $ | 2,888,706 |  |  | $ | 7,143,925 |  |  | $ | 6,524,102 |
Denominator: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Weighted-average number of common shares outstanding during the period |  |  | 17,735,354 |  |  |  | 17,519,849 |  |  |  | 17,661,189 |  |  |  | 17,472,922 |
Dilutive effect of stock options |  |  | 691,518 |  |  |  | 576,346 |  |  |  | 672,407 |  |  |  | 535,414 |
Common stock and common stock equivalents used for diluted earnings per share |  |  | 18,426,872 |  |  |  | 18,096,195 |  |  |  | 18,333,596 |  |  |  | 18,008,336 |

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