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SIGNIFICANT ACCOUNTING POLICIES (Tables) | 9 Months Ended
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May 31, 2023
Accounting Policies [Abstract] |
Disaggregation of Revenue | The components of disaggregation of revenue for the three and nine months ended May 31, 2023, and 2022 were as follows:
|  | Three Months Ended May 31, |  | Nine Months Ended May 31,
(in thousands) |  | 2023 |  | 2022 |  | 2023 |  | 2022
Software licenses |  |  |  |  |  |  |  |
Point in time |  | $ | 10,348 |  |  | $ | 9,380 |  |  | $ | 26,341 |  |  | $ | 25,980 |
Over time |  | 284 |  |  | 267 |  |  | 852 |  |  | 787 |
Services |  |  |  |  |  |  |  |
Over time |  | 5,602 |  |  | 5,312 |  |  | 16,755 |  |  | 15,405 |
Total revenue |  | $ | 16,234 |  |  | $ | 14,959 |  |  | $ | 43,948 |  |  | $ | 42,172 |
Schedule of Geographical Revenues | Geographical revenues for the three and nine months ended May 31, 2023, and 2022 were as follows:
(in thousands) |  | Three Months Ended May 31,
|  | 2023 |  | 2022 |  |
|  | $ |  | % of total |  | $ |  | % of total |  |  |  |
Americas |  | $ | 10,774 |  |  | 66 | % |  | $ | 11,163 |  |  | 75 | % |  |  |  |
EMEA |  | 3,358 |  |  | 21 | % |  | 1,925 |  |  | 13 | % |  |  |  |
Asia Pacific |  | 2,102 |  |  | 13 | % |  | 1,871 |  |  | 12 | % |  |  |  |
Total |  | $ | 16,234 |  |  | 100 | % |  | $ | 14,959 |  |  | 100 | % |  |  |  |
(in thousands) |  | Nine Months Ended May 31, |  |  |  |
|  | 2023 |  | 2022 |  |  |  |
|  | $ |  | % of total |  | $ |  | % of total |  |  |  |
Americas |  | $ | 29,863 |  |  | 68 | % |  | $ | 29,318 |  |  | 70 | % |  |  |  |
EMEA |  | 9,106 |  |  | 21 | % |  | 8,656 |  |  | 21 | % |  |  |  |
Asia Pacific |  | 4,979 |  |  | 11 | % |  | 4,198 |  |  | 9 | % |  |  |  |
Total |  | $ | 43,948 |  |  | 100 | % |  | $ | 42,172 |  |  | 100 | % |  |  |  |
Accounts Receivable, Allowance for Credit Loss | The activity in the allowance for credit losses related to our trade receivables is summarized as follows:
|  | Three Months Ended May 31, |  | Nine Months Ended May 31,
|  | 2023 |  | 2022 |  | 2023 |  | 2022
Balance, beginning of period |  | $ | 12 |  |  | $ | 12 |  |  | $ | 12 |  |  | $ | 78 |
Provision for expected credit losses |  | 75 |  |  | — |  |  | 75 |  |  | (66) |
Write-offs |  | (38) |  |  | — |  |  | (38) |  |  | — |
Balance, end of period |  | $ | 49 |  |  | $ | 12 |  |  | $ | 49 |  |  | $ | 12 |
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 life of asset or lease
Lease, Cost | Supplemental balance sheet information related to operating leases was as follows as of May 31, 2023:
(in thousands) |  |
Right of use assets |  | $ | 982 |
Lease liabilities, current |  | $ | 330 |
Lease liabilities, long-term |  | $ | 612 |
Operating lease costs |  | $ | 348 |
Weighted-average remaining lease term |  | 3.83 years
Weighted-average discount rate |  | 4.71 | %
Schedule of Finite-Lived Intangible Assets | The following table summarizes other intangible assets as of May 31, 2023:
(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 |  |  | 60 |  |  | — |
Other internal use software |  | Straight line 3 to 5 years |  | 109 |  |  | 6 |  |  | 103 |
Customer relationships |  | Straight line 8 to 14 years |  | 4,450 |  |  | 1,706 |  |  | 2,744 |
ERP |  | Straight line 15 years |  | 2,112 |  |  | 171 |  |  | 1,941 |
|  |  |  | $ | 9,641 |  |  | $ | 1,943 |  |  | $ | 7,698 |
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 | uture amortization of finite-lived intangible assets for the next five years is as follows:
(in thousands) |  |
Year Ending August 31, |  | Amount
Remainder of 2023 |  | $ | 138 |
2024 |  | $ | 513 |
2025 |  | $ | 513 |
2026 |  | $ | 513 |
2027 |  | $ | 466 |
Fair Value, Liabilities Measured on Recurring and Nonrecurring Basis | We invest a portion of our excess cash balances in short-term debt securities. Investments at May 31, 2023, consisted of corporate bonds and term deposits with maturities remaining of less than 12 months. Under the fair-value hierarchy, the fair market values of the Company’s cash equivalents and investments are Level I. We may also invest excess cash balances in certificates of deposit, money market accounts, government-sponsored enterprise securities, and/or commercial paper. We account for our investments in accordance with ASC 320, Investments – Debt and Equity Securities. As of May 31, 2023, all investments were classified as held-to-maturity securities, as we have the positive intent and ability to hold these securities until maturity. We believe unrealized losses on investments were primarily caused by rising interest rates rather than changes in credit quality, and, accordingly, we have not recorded an allowance for credit losses on our debt securities as of May 31, 2023, and August 31, 2022. The following tables summarize our short-term investments as of May 31, 2023, and August 31, 2022:
|  | May 31, 2023
(in thousands) |  | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value
Commercial notes (due within one year) |  | $ | 64,234 |  |  | $ | — |  |  | $ | (150) |  |  | $ | 64,084 |
Term deposits (due within one year) |  | 3,000 |  |  | — |  |  | — |  |  | 3,000 |
Total |  | $ | 67,234 |  |  | $ | — |  |  | $ | (150) |  |  | $ | 67,084 |
|  | 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 May 31, 2023:
(in thousands) |  | Amortization Period |  | Acquisition Value |  | Accumulated Amortization |  | Net Book Value
Termination/nonassertion agreement-TSRL Inc. |  | Straight line 10 years |  | 6,000 |  |  | 5,425 |  |  | 575 |
Developed technologies–DILIsym acquisition |  | Straight line 9 years |  | 2,850 |  |  | 1,901 |  |  | 949 |
Intellectual rights of Entelos Holding Company |  | Straight line 10 years |  | 50 |  |  | 25 |  |  | 25 |
Developed technologies–Lixoft acquisition |  | Straight line 16 years |  | 8,010 |  |  | 1,552 |  |  | 6,458 |
|  |  |  | $ | 16,910 |  |  | $ | 8,903 |  |  | $ | 8,007 |
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 |
Schedule of Future Amortization Expenses | Estimated future amortization of intellectual property for the next five years is as follows:
(in thousands) |  |
Year Ending August 31, |  | Amount
Remainder of 2023 |  | $ | 343 |
2024 |  | $ | 1,218 |
2025 |  | $ | 793 |
2026 |  | $ | 717 |
2027 |  | $ | 477 |
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, 2023, and 2022 were as follows:
|  | Three Months Ended May 31, |  | Nine Months Ended May 31,
(in thousands) |  | 2023 |  | 2022 |  | 2023 |  | 2022
Numerator |  |  |  |  |  |  |  |
Net income attributable to common shareholders |  | $ | 4,008 |  |  | $ | 4,087 |  |  | $ | 9,427 |  |  | $ | 11,522 |
Denominator |  |  |  |  |  |  |  |
Weighted-average number of common shares outstanding during the year |  | 19,972 |  |  | 20,212 |  |  | 20,123 |  |  | 20,180 |
Dilutive effect of stock options |  | 383 |  |  | 556 |  |  | 389 |  |  | 551 |
Common stock and common stock equivalents used for diluted earnings per share |  | 20,355 |  |  | 20,768 |  |  | 20,512 |  |  | 20,731 |

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