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SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended
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Aug. 31, 2023
Accounting Policies [Abstract] |
Disaggregation of Revenue | The components of disaggregation of revenue for the years ended August 31, 2023, 2022, and 2021 were as follows:
|  |  |  |  |  | Years ended August 31,
(in thousands) |  |  |  |  |  | 2023 |  | 2022 |  | 2021
Software licenses |  |  |  |  |  |  |  |  |  |
Point in time |  |  |  |  |  | $ | 35,369 |  |  | $ | 31,587 |  |  | $ | 26,725 |
Over time |  |  |  |  |  | 1,148 |  |  | 1,055 |  |  | 945 |
Services |  |  |  |  |  |  |  |  |  |
Over time |  |  |  |  |  | 23,060 |  |  | 21,264 |  |  | 18,796 |
Total revenue |  |  |  |  |  | $ | 59,577 |  |  | $ | 53,906 |  |  | $ | 46,466 |
Schedule of Geographical Revenues | Geographical revenues for the years ended August 31, 2023, 2022, and 2021 were as follows:
|  | Years ended August 31, |  |  |  |
(in thousands) |  | 2023 |  | 2022 |  | 2021 |  |  |  |
|  | $ |  | % of total |  | $ |  | % of total |  | $ |  | % of total |  |  |  |
Americas |  | $ | 40,817 |  |  | 69 | % |  | $ | 37,681 |  |  | 70 | % |  | $ | 32,549 |  |  | 70 | % |  |  |  |
EMEA |  | 11,713 |  |  | 20 | % |  | 10,388 |  |  | 19 | % |  | 7,906 |  |  | 17 | % |  |  |  |
Asia Pacific |  | 7,047 |  |  | 12 | % |  | 5,837 |  |  | 11 | % |  | 6,011 |  |  | 13 | % |  |  |  |
Total |  | $ | 59,577 |  |  | 100 | % |  | $ | 53,906 |  |  | 100 | % |  | $ | 46,466 |  |  | 100 | % |  |  |  |
Accounts Receivable, Allowance for Credit Loss | The activity in the allowance for credit losses related to our trade receivables is summarized as follows:
|  |  |  |  |  | Years ended August 31,
(in thousands) |  |  |  |  |  | 2023 |  | 2022 |  | 2021
Balance, beginning of period |  |  |  |  |  | $ | 12 |  |  | $ | 78 |  |  | $ | 50 |
Provision for expected credit losses |  |  |  |  |  | 77 |  |  | (66) |  |  | 28 |
Write-offs |  |  |  |  |  | (43) |  |  | — |  |  | — |
Balance, end of period |  |  |  |  |  | $ | 46 |  |  | $ | 12 |  |  | $ | 78 |
Property and Equipment estimated useful lives | 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 the asset life or lease term
Lease, Cost | Supplemental balance sheet information related to operating leases was as follows as of August 31, 2023:
(in thousands) |  |
Right of use assets |  | $ | 1,247 |
Lease liabilities, current |  | $ | 442 |
Lease liabilities, long-term |  | $ | 755 |
Operating lease costs |  | $ | 463 |
Weighted-average remaining lease term |  | 3.29 years
Weighted-average discount rate |  | 4.91 | %
Schedule of Finite-Lived Intangible Assets | The following table summarizes other intangible assets as of August 31, 2023:
(in thousands) |  | Amortization Period |  | Acquisition Value |  | Accumulated Amortization |  | Net Book Value
Trade names |  | None |  | $ | 4,210 |  |  | $ | — |  |  | $ | 4,210 |
Covenants not to compete |  | Straight line 2 to 3 years |  | 30 |  |  | 3 |  |  | 27 |
Other internal use software |  | Straight line 3 to 5 years |  | 350 |  |  | 10 |  |  | 340 |
Customer relationships |  | Straight line 8 to 14 years |  | 8,230 |  |  | 1,887 |  |  | 6,343 |
ERP |  | Straight line 15 years |  | 2,112 |  |  | 207 |  |  | 1,905 |
|  |  |  | $ | 14,932 |  |  | $ | 2,107 |  |  | $ | 12,825 |
The following table summarizes other intangible assets as of August 31, 2022:
(in thousands) |  | Amortization Period |  | Acquisition Value |  | Accumulated Amortization |  | Net Book Value
Trade names |  | None |  | $ | 2,910 |  |  | $ | — |  |  | $ | 2,910 |
Covenants not to compete |  | Straight line 3 years |  | 60 |  |  | 48 |  |  | 12 |
Customer relationships |  | Straight line 8 to 14 years |  | 5,550 |  |  | 2,534 |  |  | 3,016 |
ERP |  | Straight line 15 years |  | 1,702 |  |  | 80 |  |  | 1,622 |
|  |  |  | $ | 10,222 |  |  | $ | 2,662 |  |  | $ | 7,560 |
Finite-lived Intangible Assets Amortization Expense | Estimated future amortization of finite-lived intangible assets for the next five years is as follows:
(in thousands) |  |
Years ending August 31, |  | Amount
2024 |  | $ | 960 |
2025 |  | $ | 957 |
2026 |  | $ | 945 |
2027 |  | $ | 898 |
2028 |  | $ | 755 |
Fair Value, Liabilities Measured on Recurring and Nonrecurring Basis | The following tables summarize our short-term investments as of August 31, 2023, and August 31, 2022:
|  | August 31, 2023
(in thousands) |  | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value
Commercial notes (due within one year) |  | $ | 53,940 |  |  | $ | — |  |  | $ | (115) |  |  | $ | 53,825 |
Term deposits (due within one year) |  | 4,000 |  |  | — |  |  | — |  |  | 4,000 |
Total |  | $ | 57,940 |  |  | $ | — |  |  | $ | (115) |  |  | $ | 57,825 |
|  | August 31, 2022
(in thousands) |  | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value
Commercial notes (due within one year) |  | $ | 72,168 |  |  | $ | — |  |  | $ | (839) |  |  | $ | 71,329 |
Term deposits (due within one year) |  | 4,500 |  |  | — |  |  | — |  |  | 4,500 |
Total |  | $ | 76,668 |  |  | $ | — |  |  | $ | (839) |  |  | $ | 75,829 |
Finite-Lived and Indefinite-Lived Intangible Assets Acquired as Part of Business Combination | The following table summarizes intellectual property as of August 31, 2023:
(in thousands) |  | Amortization Period |  | Acquisition Value |  | Accumulated Amortization |  | Net Book Value
Termination/nonassertion agreement-TSRL Inc. |  | Straight line 10 years |  | $ | 6,000 |  |  | $ | 5,575 |  |  | $ | 425 |
Developed technologies–DILIsym acquisition |  | Straight line 9 years |  | 2,850 |  |  | 1,978 |  |  | 872 |
Intellectual rights of Entelos Holding Company |  | Straight line 10 years |  | 50 |  |  | 25 |  |  | 25 |
Developed technologies–Immunetrics acquisition |  | Straight line 5 years |  | 1,080 |  |  | 45 |  |  | 1,035 |
Developed technologies–Lixoft acquisition |  | Straight line 16 years |  | 8,010 |  |  | 1,678 |  |  | 6,332 |
|  |  |  | $ | 17,990 |  |  | $ | 9,301 |  |  | $ | 8,689 |
The following table summarizes intellectual property as of August 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 |  |  | 4,975 |  |  | 1,025 |
Developed technologies–DILIsym acquisition |  | Straight line 9 years |  | 2,850 |  |  | 1,662 |  |  | 1,188 |
Intellectual rights of Entelos Holding Company |  | Straight line 10 years |  | 50 |  |  | 20 |  |  | 30 |
Developed technologies–Lixoft acquisition |  | Straight line 16 years |  | 8,010 |  |  | 1,196 |  |  | 6,814 |
|  |  |  | $ | 16,985 |  |  | $ | 7,928 |  |  | $ | 9,057 |
The following table presents the details of intangible assets acquired.
|  | Estimated useful life |  | Amount
Indefinite-lived: |  |  |  |
Trade names |  | Indefinite |  | $ | 1,800 |
Definite-lived: |  |  |  |
Customer relationships |  | 9 years |  | 3,780 |
Developed technologies |  | 5 years |  | 1,080 |
Covenants not to compete |  | 2 years |  | 30 |
Total definite-lived intangible assets |  |  |  | 4,890 |
Total intangible assets |  |  |  | $ | 6,690 |
Schedule of Future Amortization Expenses | Estimated future amortization of intellectual property for the next five years is as follows:
(in thousands) |  |
Years ending August 31, |  | Amount
2024 |  | $ | 1,434 |
2025 |  | $ | 1,009 |
2026 |  | $ | 933 |
2027 |  | $ | 693 |
2028 |  | $ | 648 |
Schedule of Earnings Per Share, Basic and Diluted | The components of basic and diluted earnings per share for the years ended August 31, 2023, 2022, and 2021 were as follows:
|  |  |  |  |  | Years ended August 31,
(in thousands) |  |  |  |  |  | 2023 |  | 2022 |  | 2021
Numerator |  |  |  |  |  |  |  |  |  |
Net income attributable to common shareholders |  |  |  |  |  | $ | 9,961 |  |  | $ | 12,483 |  |  | $ | 9,782 |
Denominator |  |  |  |  |  |  |  |  |  |
Weighted-average number of common shares outstanding during the year |  |  |  |  |  | 20,075 |  |  | 20,196 |  |  | 20,045 |
Dilutive effect of stock options |  |  |  |  |  | 390 |  |  | 553 |  |  | 698 |
Common stock and common stock equivalents used for diluted earnings per share |  |  |  |  |  | 20,465 |  |  | 20,749 |  |  | 20,743 |
Schedule of Goodwill | Reconciliation of Goodwill as of August 31, 2023, 2022, and 2021:
(in thousands) |  | Cognigen |  | DILIsym |  | Lixoft |  | Immunetrics |  | Total
Balance, August 31, 2021 |  | $ | 4,789 |  |  | $ | 5,598 |  |  | $ | 2,534 |  |  | $ | — |  |  | $ | 12,921 |
Addition |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Impairments |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Balance, August 31, 2022 |  | 4,789 |  |  | 5,598 |  |  | 2,534 |  |  | — |  |  | 12,921 |
Addition |  | — |  |  | — |  |  | — |  |  | 6,178 |  |  | 6,178 |
Impairments |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Balance, August 31, 2023 |  | $ | 4,789 |  |  | $ | 5,598 |  |  | $ | 2,534 |  |  | $ | 6,178 |  |  | $ | 19,099 |
Schedule of Business Acquisitions by Acquisition, Contingent Consideration | The following is a reconciliation of contingent consideration at fair value:
(in thousands) |  | Amount
Contingent consideration at acquisition date |  | 4,100 |
Change in fair value of contingent consideration |  | 680 |
Contingent consideration as of August 31, 2023 |  | $ | 4,780 |

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