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SIGNIFICANT ACCOUNTING POLICIES (Tables) | 9 Months Ended
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May 31, 2021
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
Lease, Cost [Table Text Block] |
(in thousands) |  |  |  |
Right-of-use assets |  | $ | 1,405 |
Lease liabilities, current |  | $ | 426 |
Lease liabilities, long-term |  | $ | 980 |
Operating lease costs |  | $ | 455 |
Weighted average remaining lease term |  |  | 2.8 years |
Weighted average discount rate |  |  | 3.79% |
Schedule of reconciliation of goodwill |
Schedule of reconciliation of goodwill |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
(in thousands) |  | Cognigen |  |  | DILIsym |  |  | Lixoft |  |  | Total |
Balance, August 31, 2020 |  | $ | 4,789 |  |  | $ | 5,598 |  |  | $ | 2,534 |  |  | $ | 12,921 |
Addition |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |
Impairments |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |
Balance, May 31, 2021 |  | $ | 4,789 |  |  | $ | 5,598 |  |  | $ | 2,534 |  |  | $ | 12,921 |
Schedule of fair value measurements |
May 31, 2021: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Schedule of fair value measurements |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
(in thousands) |  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Cash and cash equivalents |  | $ | 58,811 |  |  | $ | – |  |  | $ | – |  |  | $ | 58,811 |
Short-term investments |  | $ | 60,948 |  |  | $ | – |  |  | $ | – |  |  | $ | 60,948 |
Acquisition-related contingent consideration obligations |  | $ | – |  |  | $ | – |  |  | $ | 5,095 |  |  | $ | 5,095 |
August 31, 2020:
(in thousands) |  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Cash and cash equivalents |  | $ | 49,207 |  |  | $ | – |  |  | $ | – |  |  | $ | 49,207 |
Short-term investments |  | $ | 66,804 |  |  | $ | – |  |  | $ | – |  |  | $ | 66,804 |
Acquisition-related contingent consideration obligations |  | $ | – |  |  | $ | – |  |  | $ | 4,731 |  |  | $ | 4,731 |
Reconciliation of contingent consideration | The following is a reconciliation of contingent consideration value: Reconciliation of contingent consideration
(in thousands) |  |  |  |
Value at August 31, 2020 |  | $ | 4,731 |
Contingent consideration payments |  |  | – |
Change in value of contingent consideration |  |  | 364 |
Value at May 31, 2021 |  | $ | 5,095 |
Schedule of Finite-Lived Intangible Assets |
The following table summarizes intellectual property as of May 31, 2021: |  |  |  |  |  |  |  |  |  |  |  |
Schedule of Finite-Lived Intangible Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |
(in thousands) |  | Amortization Period |  | Acquisition Value |  |  | Accumulated Amortization |  |  | Net Book Value |
Royalty Agreement buy out-Enslein Research |  | Straight line 10 years |  | $ | 75 |  |  | $ | 69 |  |  | $ | 6 |
Termination/nonassertion agreement-TSRL Inc. |  | Straight line 10 years |  |  | 6,000 |  |  |  | 4,225 |  |  |  | 1,775 |
Developed technologies–DILIsym acquisition |  | Straight line 9 years |  |  | 2,850 |  |  |  | 1,267 |  |  |  | 1,583 |
Intellectual rights of Entelos Holding Corp. |  | Straight line 10 years |  |  | 50 |  |  |  | 14 |  |  |  | 36 |
Developed technologies–Lixoft acquisition |  | Straight line 16 years |  |  | 8,010 |  |  |  | 584 |  |  |  | 7,426 |
|  |  |  | $ | 16,985 |  |  | $ | 6,159 |  |  | $ | 10,826 |
The following table summarizes intellectual property as of August 31, 2020:
(in thousands) |  | Amortization Period |  | Acquisition Value |  |  | Accumulated Amortization |  |  | Net Book Value |
Royalty Agreement buy out-Enslein Research |  | Straight line 10 years |  | $ | 75 |  |  | $ | 64 |  |  | $ | 11 |
Termination/nonassertion agreement-TSRL Inc. |  | Straight line 10 years |  |  | 6,000 |  |  |  | 3,775 |  |  |  | 2,225 |
Developed technologies–DILIsym acquisition |  | Straight line 9 years |  |  | 2,850 |  |  |  | 1,029 |  |  |  | 1,821 |
Intellectual rights of Entelos Holding Corp. |  | Straight line 10 years |  |  | 50 |  |  |  | 10 |  |  |  | 40 |
Developed technologies–Lixoft acquisition |  | Straight line 16 years |  |  | 8,010 |  |  |  | 209 |  |  |  | 7,801 |
|  |  |  | $ | 16,985 |  |  | $ | 5,087 |  |  | $ | 11,898 |
Schedule of other intangible assets |
The following table summarizes our other intangible assets as of May 31, 2021: |  |  |  |  |  |  |  |  |
Schedule of other intangible assets |  |  |  |  |  |  |  |  |  |  |  |  |  |
(in thousands) |  | Amortization Period |  | Acquisition Value |  |  | Accumulated Amortization |  |  | Net Book Value |
Cognigen |  |  |  |  |  |  |  |  |  |  |  |  |  |
Customer relationships |  | Straight line 8 years |  | $ | 1,100 |  |  | $ | 928 |  |  | $ | 172 |
Trade name |  | None |  |  | 500 |  |  |  | – |  |  |  | 500 |
Covenants not to compete |  | Straight line 5 years |  |  | 50 |  |  |  | 50 |  |  |  | – |
DILIsym |  |  |  |  |  |  |  |  |  |  |  |  |  |
Customer relationships |  | Straight line 10 years |  |  | 1,900 |  |  |  | 760 |  |  |  | 1,140 |
Trade name |  | None |  |  | 860 |  |  |  | – |  |  |  | 860 |
Covenants not to compete |  | Straight line 4 years |  |  | 80 |  |  |  | 80 |  |  |  | – |
Lixoft |  |  |  |  |  |  |  |  |  |  |  |  |  |
Customer relationships |  | Straight line 14 years |  |  | 2,550 |  |  |  | 213 |  |  |  | 2,337 |
Trade name |  | None |  |  | 1,550 |  |  |  | – |  |  |  | 1,550 |
Covenants not to compete |  | Straight line 3 years |  |  | 60 |  |  |  | 23 |  |  |  | 37 |
|  |  |  | $ | 8,650 |  |  | $ | 2,054 |  |  | $ | 6,596 |
The following table summarizes our other intangible assets as of August 31, 2020:
(in thousands) |  | Amortization Period |  | Acquisition Value |  |  | Accumulated Amortization |  |  | Net Book Value |
Cognigen |  |  |  |  |  |  |  |  |  |  |  |  |  |
Customer relationships |  | Straight line 8 years |  | $ | 1,100 |  |  | $ | 825 |  |  | $ | 275 |
Trade name |  | None |  |  | 500 |  |  |  | – |  |  |  | 500 |
Covenants not to compete |  | Straight line 5 years |  |  | 50 |  |  |  | 50 |  |  |  | – |
DILIsym |  |  |  |  |  |  |  |  |  |  |  |  |  |
Customer relationships |  | Straight line 10 years |  |  | 1,900 |  |  |  | 618 |  |  |  | 1,282 |
Trade name |  | None |  |  | 860 |  |  |  | – |  |  |  | 860 |
Covenants not to compete |  | Straight line 4 years |  |  | 80 |  |  |  | 65 |  |  |  | 15 |
Lixoft |  |  |  |  |  |  |  |  |  |  |  |  |  |
Customer relationships |  | Straight line 14 years |  |  | 2,550 |  |  |  | 76 |  |  |  | 2,474 |
Trade name |  | None |  |  | 1,550 |  |  |  | – |  |  |  | 1,550 |
Covenants not to compete |  | Straight line 3 years |  |  | 60 |  |  |  | 8 |  |  |  | 52 |
|  |  |  | $ | 8,650 |  |  | $ | 1,642 |  |  | $ | 7,008 |
Schedule of earnings per share |
Schedule of earnings per share |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
(in thousands) |  | Three Months ended May 31, |  |  | Nine Months Ended May 31, |
|  | 2021 |  |  | 2020 |  |  | 2021 |  |  | 2020 |
Numerator: |  |  |  |  |  |  |  |  |  |  |  |
Net income attributable to common shareholders |  | $ | 3,787 |  |  | $ | 2,936 |  |  | $ | 9,477 |  |  | $ | 7,144 |
Denominator: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Weighted-average number of common shares outstanding during the period |  |  | 20,105 |  |  |  | 17,735 |  |  |  | 20,014 |  |  |  | 17,661 |
Dilutive effect of stock options |  |  | 697 |  |  |  | 692 |  |  |  | 736 |  |  |  | 673 |
Common stock and common stock equivalents used for diluted earnings per share |  |  | 20,802 |  |  |  | 18,427 |  |  |  | 20,750 |  |  |  | 18,334 |

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