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SIGNIFICANT ACCOUNTING POLICIES (Tables) | 9 Months Ended
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May 31, 2022
Accounting Policies [Abstract] |
Disaggregation of Revenue | The components of disaggregation of revenue for the three and nine months ended May 31, 2022 and 2021 were as follows:
(in thousands) |  | Three Months Ended May 31, |  | Nine Months Ended May 31,
|  | 2022 |  | 2021 |  | 2022 |  | 2021
Software licenses: |  |  |  |  |  |  |  |
Point in time |  | $ | 9,380 |  |  | $ | 8,098 |  |  | $ | 25,980 |  |  | $ | 21,570 |
Over time |  | 267 |  |  | 200 |  |  | 787 |  |  | 703 |
Consulting services: |  |  |  |  |  |  |  |
Over time |  | 5,312 |  |  | 4,479 |  |  | 15,405 |  |  | 14,352 |
Total revenue |  | $ | 14,959 |  |  | $ | 12,777 |  |  | $ | 42,172 |  |  | $ | 36,625 |
Property and Equipment Estimated Useful Lives | Property and equipment are recorded at cost, less accumulated depreciation and amortization. Depreciation and amortization are calculated 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
Lease, Cost | Supplemental information related to operating leases was as follows as of May 31, 2022:
(in thousands) |  |
Right-of-use assets |  | $ | 1,533 |
Lease liabilities, current |  | $ | 459 |
Lease liabilities, long-term |  | $ | 1,069 |
Operating lease costs |  | $ | 394 |
Weighted average remaining lease term |  | 3.30 years
Weighted average discount rate |  | 3.41 | %
Schedule of Goodwill | Reconciliation of Goodwill as of May 31, 2022:
(in thousands) |  | Cognigen |  | DILIsym |  | Lixoft |  | Total
Balance, August 31, 2021 |  | $ | 4,789 |  | $ | — |  | $ | 5,598 |  | $ | — |  | $ | 2,534 |  |  | $ | 12,921 |
Addition |  | — |  | — |  | — |  | — |  | — |  |  | — |
Impairments |  | — |  | — |  | — |  | — |  | — |  |  | — |
Balance, May 31, 2022 |  | $ | 4,789 |  |  | $ | 5,598 |  |  | $ | 2,534 |  |  | $ | 12,921 |
Fair Value, Liabilities Measured on Recurring and Nonrecurring Basis | The following table summarizes fair value measurements at May 31, 2022 and August 31, 2021 for assets and liabilities measured at fair value on a recurring basis:
May 31, 2022: |  |  |  |  |  |  |  |
(in thousands) |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
Cash and cash equivalents |  | $ | 42,353 |  |  | $ | — |  |  | $ | — |  |  | $ | 42,353 |
Short-term investments |  | $ | 79,801 |  |  | $ | — |  |  | $ | — |  |  | $ | 79,801 |
Acquisition-related contingent consideration obligations |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
August 31, 2021: |  |  |  |  |  |  |  |
(in thousands) |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
Cash and cash equivalents |  | $ | 36,984 |  |  | $ | — |  |  | $ | — |  |  | $ | 36,984 |
Short-term investments |  | $ | 86,484 |  |  | $ | — |  |  | $ | — |  |  | $ | 86,484 |
Acquisition-related contingent consideration obligations |  | $ | — |  |  | $ | — |  |  | $ | 3,217 |  |  | $ | 3,217 |
Reconciliation of Contingent Consideration | The following is a reconciliation of contingent consideration value:
(in thousands) |  |
Value at August 31, 2021 |  | $ | 3,217 |
Contingent consideration payments - cash |  | (2,334) |
Contingent consideration payments - stock |  | (1,166) |
Change in value of contingent consideration |  | 283 |
Value at May 31, 2022 |  | $ | — |
Schedule of Intellectual Property | The following table summarizes intellectual property as of May 31, 2022:
(in thousands) |  | Amortization Period |  | Acquisition Value |  | Accumulated Amortization |  | Net Book Value
Royalty Agreement buy out-Enslein Research |  | Straight line 10 years |  | $ | 75 |  |  | $ | 75 |  |  | $ | — |
Termination/nonassertion agreement-TSRL Inc. |  | Straight line 10 years |  | 6,000 |  |  | 4,825 |  |  | 1,175 |
Developed technologies–DILIsym acquisition |  | Straight line 9 years |  | 2,850 |  |  | 1,583 |  |  | 1,267 |
Intellectual rights of Entelos Holding Corp. |  | Straight line 10 years |  | 50 |  |  | 19 |  |  | 31 |
Developed technologies–Lixoft acquisition |  | Straight line 16 years |  | 8,010 |  |  | 1,083 |  |  | 6,927 |
|  |  |  | $ | 16,985 |  |  | $ | 7,585 |  |  | $ | 9,400 |
The following table summarizes intellectual property as of August 31, 2021:
(in thousands) |  | Amortization Period |  | Acquisition Value |  | Accumulated Amortization |  | Net Book Value
Royalty Agreement buy out-Enslein Research |  | Straight line 10 years |  | $ | 75 |  | $ | — |  | $ | 71 |  |  | $ | 4 |
Termination/nonassertion agreement-TSRL Inc. |  | Straight line 10 years |  | 6,000 |  | — |  | 4,375 |  |  | 1,625 |
Developed technologies–DILIsym acquisition |  | Straight line 9 years |  | 2,850 |  | — |  | 1,346 |  |  | 1,504 |
Intellectual rights of Entelos Holding Corp. |  | Straight line 10 years |  | 50 |  | — |  | 15 |  |  | 35 |
Developed technologies–Lixoft acquisition |  | Straight line 16 years |  | 8,010 |  | — |  | 709 |  |  | 7,301 |
|  |  |  | $ | 16,985 |  |  | $ | 6,516 |  |  | $ | 10,469 |
Schedule of Other Intangible Assets | The following table summarizes our other intangible assets as of May 31, 2022:
(in thousands) |  | Amortization Period |  | Acquisition Value |  | Accumulated Amortization |  | Net Book Value
Simulations Plus |  |  |  |  |  |  |  |
ERP |  | Straight line 15 years |  | $ | 1,702 |  |  | $ | 52 |  |  | $ | 1,650 |
Cognigen |  |  |  |  |  |  |  |
Customer relationships |  | Straight line 8 years |  | 1,100 |  |  | 1,065 |  |  | 35 |
Trade name |  | None |  | 500 |  |  | — |  |  | 500 |
Covenants not to compete |  | Straight line 5 years |  | 50 |  |  | 50 |  |  | — |
DILIsym |  |  |  |  |  |  |  |
Customer relationships |  | Straight line 10 years |  | 1,900 |  |  | 951 |  |  | 949 |
Trade name |  | None |  | 860 |  |  | — |  |  | 860 |
Covenants not to compete |  | Straight line 4 years |  | 80 |  |  | 80 |  |  | — |
Lixoft |  |  |  |  |  |  |  |
Customer relationships |  | Straight line 14 years |  | 2,550 |  |  | 394 |  |  | 2,156 |
Trade name |  | None |  | 1,550 |  |  | — |  |  | 1,550 |
Covenants not to compete |  | Straight line 3 years |  | 60 |  |  | 43 |  |  | 17 |
|  |  |  | $ | 10,352 |  |  | $ | 2,635 |  |  | $ | 7,717 |
The following table summarizes our other intangible assets as of August 31, 2021:
(in thousands) |  | Amortization Period |  | Acquisition Value |  | Accumulated Amortization |  | Net Book Value
Cognigen |  |  |  |  |  |  |  |
Customer relationships |  | Straight line 8 years |  | $ | 1,100 |  |  | $ | 963 |  |  | $ | 137 |
Trade name |  | None |  | 500 |  |  | — |  |  | 500 |
Covenants not to compete |  | Straight line 5 years |  | 50 |  |  | 50 |  |  | — |
DILIsym |  |  |  |  |  |  |  |
Customer relationships |  | Straight line 10 years |  | 1,900 |  |  | 807 |  |  | 1,093 |
Trade name |  | None |  | 860 |  |  | — |  |  | 860 |
Covenants not to compete |  | Straight line 4 years |  | 80 |  |  | 80 |  |  | — |
Lixoft |  |  |  |  |  |  |  |
Customer relationships |  | Straight line 14 years |  | 2,550 |  |  | 258 |  |  | 2,292 |
Trade name |  | None |  | 1,550 |  |  | — |  |  | 1,550 |
Covenants not to compete |  | Straight line 3 years |  | 60 |  |  | 28 |  |  | 32 |
|  |  |  | $ | 8,650 |  |  | $ | 2,186 |  |  | $ | 6,464 |
Schedule of Earnings Per Share, Basic and Diluted | The components of basic and diluted earnings per share for the three and nine months ended May 31, 2022 and 2021 were as follows:
(in thousands) |  | Three Months Ended May 31, |  | Nine Months Ended May 31,
|  | 2022 |  | 2021 |  | 2022 |  | 2021
Numerator: |  |  |  |  |  |  |  |
Net income attributable to common shareholders |  | $ | 4,087 |  |  | $ | 3,787 |  |  | $ | 11,522 |  |  | $ | 9,477 |
Denominator: |  |  |  |  |  |  |  |
Weighted-average number of common shares outstanding during the period |  | 20,212 |  |  | 20,105 |  |  | 20,180 |  |  | 20,014 |
Dilutive effect of stock options |  | 556 |  |  | 697 |  |  | 551 |  |  | 736 |
Common stock and common stock equivalents used for diluted earnings per share |  | 20,768 |  |  | 20,802 |  |  | 20,731 |  |  | 20,750 |

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