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CONTRACTS PAYABLE | 12 Months Ended
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Aug. 31, 2022
Other Liabilities Disclosure [Abstract] |
CONTRACTS PAYABLE | CONTRACTS PAYABLE DILIsym Acquisition Liabilities: On June 1, 2017, we acquired DILIsym. The agreement provided for a working capital adjustment, an 18-month $1.0 million holdback provision against certain representations and warranties, and an earnout agreement of up to an additional $5.0 million in earnout payments based on earnings over three years following acquisition. The earnout liability was recorded at an estimated fair value. Payments under the earnout liability started in fiscal year 2019. In September 2018, $1.6 million was paid out under the first earnout payment. A second earnout payment was made in August 2019 in the amount of $1.7 million. The final payment of $1.8 million was paid in August 2020. In addition, no claims were made against the holdback and the $1.0 million holdback provision was released eighteen months after June 1, 2017. Lixoft Acquisition Liabilities: On April 1, 2020, the Company acquired Lixoft. The agreement provided for a 24-month $2.0 million holdback provision against certain representations and warranties, comprised of $1.3 million of cash and shares of common stock valued at $0.7 million issued and deposited into an escrow account at the date of the agreement. In April 2022, the shares of common stock were released from escrow and $1.3 million of cash was paid to settle the holdback liability. In addition, based on a revenue-growth formula for the two years subsequent to April 1, 2020, the agreement called for earnout payments up to $5.5 million (two-thirds' cash and one-third newly issued, unregistered shares of the Company’s common stock). The former shareholders could earn up to $2.0 million the first year and $3.5 million in year two. In June 2021, $2.0 million was paid out under the first earnout payment, which was comprised of $1.3 million of cash and shares of common stock valued at $0.7 million. In May 2022, $3.5 million was paid out under the second earnout payment, which was comprised of $2.3 million cash and shares of common stock valued at $1.2 million. As of August 31, 2022, and 2021 the following liabilities have been recorded:
(in thousands) |  | August 31, 2022 |  | August 31, 2021
Holdback liability |  | $ | — |  |  | $ | 1,333 |
Earnout liability |  | — |  |  | 3,217 |
Subtotal |  | $ | — |  |  | $ | 4,550 |
Less: Current portion |  | — |  |  | 4,550 |
Long-term |  | $ | — |  |  | $ | — |

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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=120391452&loc=d3e13212-122682 + Details
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