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2. Significant Accounting Policies: Financial Instruments (Policies) | 9 Months Ended
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May 31, 2013
Policies |
Financial Instruments | Financial instruments The Company uses the following methods and assumptions to estimate the fair value of each class of financial instruments for which it is practicable to estimate such values: Cash - the carrying amount approximates fair value because the amounts consist of cash held at a bank and cash held in short term investment accounts. Accounts receivable - the carrying amounts approximate fair value due to the short-term nature and historical collectability. Notes receivable - the carrying amounts approximate fair value due to the short-term nature of the amount. Accounts payable and accrued liabilities - the carrying amount approximates fair value due to the short-term nature of the obligations. The estimated fair values of the Company's financial instruments as of May 31, 2013 and August 31, 2012 follows:
|  | May 31, 2013 |  | August 31, 2012
|  | Carrying | Fair |  | Carrying | Fair
|  | Amount | Value |  | Amount | Value
| Cash | $7,678,879 | $7,678,879 |  | $7,309,388 | $7,309,388
| Accounts receivable, net of allowance | 4,820,700 | 4,820,700 |  | 3,092,842 | 3,092,842
| Note receivable | 15,000 | 15,000 |  | 20,000 | 20,000
| Accounts payable and accrued liabilities | 1,626,680 | 1,626,680 |  | 2,758,249 | 2,758,249
The following table presents information about the assets that are measured at fair value on a recurring basis as of May 31, 2013, and indicates the fair value hierarchy of the valuation techniques the Company utilized to determine such fair value. In general, fair values determined by Level 1 inputs utilize quoted prices (unadjusted) in active markets for identical assets. Fair values determined by Level 2 inputs utilize data points that are observable such as quoted prices, interest rates and yield curves. Fair values determined by Level 3 inputs are unobservable data points for the asset or liability, and included in situations where there is little, if any, market activity for the asset:
|  |  | May 31, 2013 |  | Quoted Prices in Active Markets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3)
| Assets: |  |  |  |  |  |  |  |  |  |  |  |
| Cash |  | $ | 7,678,879 |  | $ | 7,678,879 |  | $ | — |  | $ | —
The fair values of cash are determined through market, observable and corroborated sources.

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- Definition Disclosure of accounting policy for determining the fair value of financial instruments. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6367646&loc=d3e18780-107790 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -URI http://asc.fasb.org/subtopic&trid=2155942 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 107 -Paragraph 8, 10, 12, 13, 14 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. + Details
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