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Subsequent Event | 12 Months Ended
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Aug. 31, 2016
Subsequent Events. |
Subsequent Events |
| 16. |  | SUBSEQUENT EVENT
The Company entered into a definitive common stock purchase agreement effective December 18, 2014 (the “Agreement”) with Mr. Xiaoqing Han, the Chairman and CEO of Beijing Xiaoqing Environmental Protection Group. The transaction has not closed due to Mr. Han’s difficulty in transferring funds from China. To date, the Company has only received approximately $261 thousand of the $5 million purchase price. Pursuant to the terms of the Agreement, if Mr. Han did not purchase the shares before February 25, 2015, then he is required, upon written request by the Company, to pay the Company $3 million in liquidated damages plus the legal fees incurred by the Company relating to the sale. In October 2016, the Company executed a settlement agreement with Mr. Han with respect to the Company's complaint against Mr. Han. Pursuant to the settlement agreement, Mr. Han is required to pay the Company $200 thousand by November 30, 2016, and the Company agreed to dismiss its claim for any further liquidated damages. This gain will be recognized when the cash is received.

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- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. + References No definition available. + Details
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