10-K/A

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON D.C. 20549

FORM 10-K/A

Amendment No. 1 to Form 10-K

x  ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended: August 31, 2012

or

¨  TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _________ to _________

Commission file number: 000-53446

Absolute Life Solutions, Inc.

(Exact Name of Registrant as Specified in its Charter)

Nevada	71-1013330
(State or Other Jurisdiction of Incorporation)	(I.R.S. Employer Identification No.)

45 Broadway, 6 th Floor
New York, New York	10006
(Address of Principal Executive Offices)	(Zip Code)

Registrant’s telephone number, including area code: (212) 201-4070

Securities registered pursuant to Section 12(b) of the Exchange Act: None

Securities registered pursuant to Section 12(g) of the Exchange Act:  

Common Stock, 0.00001 Par Value

(Title of Class)

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes £ No S

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes S No £

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes  S No £

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes S No £

Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K is not contained herein, and will not be contained, to the best of Registrant’s knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K.  S

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, or a non-accelerated filer or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer,” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.

(check one)

Large accelerated filer	£	Accelerated filer	£
Non-accelerated filer	£ (Do not check if a smaller reporting company)	Smaller reporting company	S

Indicate by check mark whether the registrant is a shell company (as defined by Rule 12b-2 of the Exchange Act). Yes £ No S

The aggregate market value of the voting and non-voting common equity of the registrant held by non-affiliates, computed by reference to the average bid and asked price of such stock, as of February 29, 2012 (second quarter prior to the end of our fiscal year) was approximately $36,954,072 (for purposes of determination of the aggregate market value, only directors, executive officers and 10% or greater stockholders have been deemed affiliates.)

The number of shares outstanding of the registrant’s common stock, par value $0.00001 per share, as of December 24, 2012, was 92,229,599 shares.

Explanatory Note –

The purpose of this Amendment No. 1 to Absolute Life Solutions, Inc.’s Annual Report on Form 10-K for the year ended August 31, 2012, filed with the Securities and Exchange Commission on January 3, 2013 (the “Form 10-K”), is solely to furnish Exhibit 101 to the Form 10-K in accordance with Rule 405 of Regulation S-T. Exhibit 101 to this report provides the consolidated financial statements and related notes from the Form 10-K formatted in XBRL (eXtensible Business Reporting Language).

No other changes have been made to the Form 10-K.  This Amendment No. 1 to the Form 10-K speaks as of the original filing date of the Form 10-K, does not reflect events that may have occurred subsequent to the original filing date, and does not modify or update in any way disclosures made in the original Form 10-K.

Pursuant to Rule 406T of Regulation S-T, the interactive data files on Exhibit 101 hereto are deemed not filed or part of a registration statement or prospectus for purposes of Sections 11 or 12 of the Securities Act of 1933, as amended, are deemed not filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and otherwise are not subject to liability under those sections.

Item 6. Exhibits.

Exhibit Number	Description
31.1	Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. *
31.2	Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. *
32.1	Certification of Chief Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act. *
32.2	Certification of Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act . *
101.INS	XBRL Instance Document
101.SCH	XBRL Taxonomy Extension Schema Document
101.CAL	XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF	XBRL Taxonomy Extension Definition Linkbase Document
101.LAB	XBRL Taxonomy Extension Label Linkbase Document
101.PRE	XBRL Taxonomy Extension Presentation Linkbase Document

*           These exhibits were previously included or incorporated by reference in Absolute Life Solutions, Inc.’s Annual Report on Form 10-K for the year ended August 31, 2012, filed with the Securities and Exchange Commission on January 3, 2013.

SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this Form 10-K/A to be signed on its behalf by the undersigned, thereunto duly authorized.

ABSOLUTE LIFE SOLUTIONS, INC.
January 4, 2013	/s/ Joshua Yifat
	Joshua Yifat Treasurer and Chief Financial Officer (Principal Financial Officer)

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

Signature	Capacity in which signed	Date
/s/ Avrohom Oratz
Avrohom Oratz	President and Chief Executive Officer (Principal Executive Officer )	January 4, 2013

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COMMITMENTS (Details 2) (Office Equipment [Member], USD $)	Jun. 01, 2010
Office Equipment [Member]
2013	$ 80,169
2014	100,652
2015	102,917
2016	105,233
2017	108,456
Thereafter	378,266
Operating Leases, Future Minimum Payments Due	$ 875,693

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SUBSEQUENT EVENTS (Details Textual) (USD $)	1 Months Ended	12 Months Ended
	Nov. 30, 2012	Aug. 31, 2012	Aug. 31, 2011	Nov. 15, 2012	Aug. 31, 2010
Investment in life settlement contracts at fair value		$ 64,667,124	$ 92,708,076		$ 12,313,897
Cash Proceeds From Life Settlement Contract	10,000,000
Realized gain on sale of life settlement contracts		(510,853)	0
Number of Warrants, Issued		6,350,000	37,742,500
Weighted average exercise price, Issued			$ 0
Share Based Compensation Arrangement By Share Based Payment Award Vesting Date		Oct. 24, 2013
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Date		Oct. 03, 2017
Gains (Losses) on Extinguishment of Debt	8,438,584
Life Settlement Contracts Forfeited Value				65,588,584
Principal Amount Of Outstanding Loan				57,150,000
Loans Payable				64,522,281
Interest payable		626,710	0
Subsequent Event [Member]
Investment in life settlement contracts at fair value		5,658,201
Realized gain on sale of life settlement contracts		4,341,799
Non Qualified Stock Options [Member]
Number of Warrants, Issued		100,000
Weighted average exercise price, Issued		$ 0.31
Revolving Loan [Member]
Principal Amount Of Outstanding Loan				5,135,000
Loans Payable		57,150,000		5,249,000
Interest payable				114,000
Revolving Loan [Member] | Subsequent Event [Member]
Repayment Of Outstanding Loan		5,249,000
Term Loan [Member]
Principal Amount Of Outstanding Loan				57,150,000
Loans Payable		2,300,000		59,273,281
Interest payable				2,123,281
Term Loan [Member] | Subsequent Event [Member]
Interest Paid		$ 2,123,281

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INCOME TAXES (Details 2) (USD $)	Aug. 31, 2012	Aug. 31, 2011
Deferred tax assets:
Equipment	$ 6,648	$ 2,579
Provider fees	51,750	0
Premiums paid	8,355,876	3,599,077
Capitalized interest expense	10,911	0
Deferred rent	22,201	0
Stock issuances to officers, directors and consultant	103,950	358,007
Start-up expenses	64,689	0
Net operating loss carryforward	1,096,256	0
Gross deferred tax assets	9,712,281	3,959,663
Valuation allowance	(438,254)	0
Net deferred tax assets	9,274,027	3,959,663
Deferred tax liabilities:
Prepaid insurance	(6,836)	0
Unrealized gains on life settlement contracts	(13,510,235)	(25,030,823)
Net deferred tax liabilities	(13,517,071)	(25,030,823)
Total deferred tax liabilities, net	(4,243,044)	(21,071,160)
Summary of net deferred tax liabilities:
Current	0	0
Non-current	4,243,044	21,071,160
Total deferred tax liabilities, net	$ (4,243,044)	$ (21,071,160)

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LOANS PAYABLE (Details Textual) (USD $)	1 Months Ended	12 Months Ended
	Nov. 30, 2012	Aug. 31, 2012	Nov. 15, 2012	Jul. 31, 2012	Aug. 31, 2011
Principal Amount Of Outstanding Loan			$ 57,150,000
Line of Credit Facility, Interest Rate at Period End				12.50%
Interest payable		626,710			0
Loans Payable			64,522,281
Line of Credit Facility, Expiration Date		Oct. 31, 2012
Cash Proceeds From Life Settlement Contract	10,000,000
Revolving Loan [Member]
Line of Credit Facility, Maximum Borrowing Capacity				10,000,000
Principal Amount Of Outstanding Loan			5,135,000
Interest payable			114,000
Loans Payable		57,150,000	5,249,000
Revolving Loan [Member] | Subsequent Event [Member]
Repayment Of Outstanding Loan		5,249,000
Term Loan [Member]
Line of Credit Facility, Maximum Borrowing Capacity				57,150,000
Principal Amount Of Outstanding Loan			57,150,000
Interest payable			2,123,281
Loans Payable		2,300,000	59,273,281
Principal Amount Of Outstanding Loan Satisfied			57,150,000
Term Loan [Member] | Subsequent Event [Member]
Interest Paid		$ 2,123,281

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UNAUDITED PROFORMA FINANCIAL INFORMATION (Tables)

12 Months Ended

Aug. 31, 2012

Unaudited Proforma Financial Information [Abstract]

Unaudited Proforma Financial Information [Table Text Block]

The Unaudited Pro Forma Consolidated Balance Sheet is presented for informational purposes only. It is not intended to represent or be indicative of the consolidated financial position that would have occurred had the loan satisfaction been completed as of August 31, 2012, nor is it intended to be indicative of future results of operations or financial position.

	August 31, 2012
ASSETS
Current Assets
Cash and cash equivalents	$	233,050
Investment in life settlement contracts at investment method		-
Prepaid expenses		15,192
Total current assets		248,242
Equipment, net		66,129
Security deposit		56,688
Investment in life settlement contracts at fair value		-
Deferred income taxes		911,314
TOTAL ASSETS	$	1,282,373
LIABILITIES
Current Liabilities
Accounts payable and accrued expenses	$	441,297
Interest payable		626,710
Loan payable		2,300,000
Total current liabilities		3,368,007
Deferred rent		49,335
TOTAL LIABILITIES		3,417,342
STOCKHOLDERS’ EQUITY
Preferred stock ($0.00001 par value; 100,000,000 authorized; of which 60,000 are designated as Series A 12.5% convertible preferred stock;  No Series A issued and outstanding ( August 31, 2011 - 41,950 issued and outstanding)		-
of which 25,000 are designated as Series B 12.5% convertible preferred stock; No Series B issued and outstanding ( August 31, 2011 – 8,850 issued and outstanding)		-
Common stock ($0.00001 par value; 500,000,000 authorized; 92,544,747 issued and 92,229,599 outstanding)   (August 31, 2011 - 85,424,597 issued and outstanding)		925
Additional paid in capital		51,486,890
Treasury stock, at cost (315,148 shares of common stock) (August 31, 2011- No shares of common stock)		(44,121	)
Accumulated deficit		(53,578,663	)
Total Stockholders' Deficit		(2,134,969	)
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT	$	1,282,373

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UNAUDITED PROFORMA FINANCIAL INFORMATION ( Details Textual ) (USD $)	12 Months Ended		1 Months Ended	12 Months Ended			1 Months Ended	12 Months Ended					12 Months Ended		12 Months Ended
	Aug. 31, 2011	Aug. 31, 2012	Jul. 31, 2010 Series A Convertible Preferred Stock [Member]	Aug. 31, 2012 Series A Convertible Preferred Stock [Member]	Aug. 31, 2011 Series A Convertible Preferred Stock [Member]	Jul. 22, 2010 Series A Convertible Preferred Stock [Member]	Apr. 30, 2011 Series B Convertible Preferred Stock [Member]	Aug. 31, 2012 Series B Convertible Preferred Stock [Member]	Aug. 31, 2011 Series B Convertible Preferred Stock [Member]	Apr. 07, 2011 Series B Convertible Preferred Stock [Member]	Aug. 31, 2012 Pro Forma [Member]	Aug. 31, 2011 Pro Forma [Member]	Aug. 31, 2012 Pro Forma [Member] Series A Convertible Preferred Stock [Member]	Aug. 31, 2011 Pro Forma [Member] Series A Convertible Preferred Stock [Member]	Aug. 31, 2012 Pro Forma [Member] Series B Convertible Preferred Stock [Member]	Aug. 31, 2011 Pro Forma [Member] Series B Convertible Preferred Stock [Member]
Preferred stock, par value (in dollars per share)	$ 0.00001	$ 0.00001		$ 0.00001	$ 0.00001	$ 0.00001		$ 0.00001	$ 0.00001	$ 25,000	$ 0.00001
Preferred stock, shares authorized	100,000,000	100,000,000									100,000,000
Preferred stock, shares designated				60,000	60,000	60,000		25,000	25,000	0.00001			60,000		25,000
Preferred stock, dividend rate, percentage	12.50%		12.50%	12.50%	12.50%		12.50%	12.50%	12.50%				12.50%		12.50%
Preferred stock, shares issued					41,950				8,850				0	41,950	0	8,850
Preferred stock, shares outstanding					41,950				8,850				0	41,950	0	8,850
Common stock, par value (in dollars per share)	$ 0.00001	$ 0.00001									$ 0.00001
Common stock, shares authorized	500,000,000	500,000,000									500,000,000
Common stock, shares issued	85,424,597	92,544,747									92,544,747	85,424,597
Common stock, shares outstanding	85,424,597	92,229,599									92,229,599	85,424,597
Treasury stock		315,148									315,148	0

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FAIR VALUE OF FINANCIAL INSTRUMENTS (Details 1) (USD $)	Aug. 31, 2012	Aug. 31, 2011
Investment in Life Settlement Contracts, at +2% discount rate	$ 71,374,173	$ 85,215,603
Investment in Life Settlement Contracts, at -2% discount rate	$ 62,434,702	$ 101,271,273

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COMMITMENTS (Details) (Life Insurance Segment [Member], USD $)	Aug. 31, 2012
Life Insurance Segment [Member]
2013	$ 15,796,621
2014	15,685,559
2015	15,685,559
2016	15,685,559
2017	15,685,559
Thereafter	165,026,585
Total	$ 243,565,442

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INCOME TAXES (Details Textual) (USD $)	12 Months Ended
	Aug. 31, 2012	Aug. 31, 2011
Net operating loss carryforward	$ 1,096,256	$ 0
Operating Loss Carryforwards, Expiration Dates	The federal carryforwards expire in fiscal year ending August 31, 2015
Deferred Tax Assets, Valuation Allowance	$ 438,254	$ 0

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SIGNIFICANT ACCOUNTING POLICIES

12 Months Ended

Aug. 31, 2012

Accounting Policies [Abstract]

Basis of Presentation and Significant Accounting Policies [Text Block]

2. SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

The consolidated financial statements of the Company as of August 31, 2012 and 2011 and for the years then ended have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). The consolidated financial statements include the accounts of the Company and our wholly-owned subsidiary. All significant intercompany accounts and transactions are eliminated in the consolidation process.

Use of Estimates

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The Company regularly evaluates estimates and assumptions. The Company bases its estimates and assumptions on current facts, historical experience and various other factors that it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the accrual of costs and expenses that are not readily apparent from other sources. The actual results experienced by the Company may differ materially and adversely from the Company's estimates. To the extent there are material differences between the estimates and the actual results, future results of operations will be affected. The most significant estimates with regard to these financial statements relate to deferred income tax amounts and rates and timing of the reversal of income tax differences, the fair value of financial instruments and the determination of the variables used in the calculation of the fair value of life settlement contracts.

Cash and Cash Equivalents

The Company considers all short term investments with an original maturity of three months or less to be cash equivalents. The Company maintains cash balances that may be uninsured or in deposit accounts that exceed Federal Deposit Insurance Corporation limits. The Company maintains its cash deposits with major financial institutions.

Receivable Under Reverse Repurchase Agreement

Transactions involving purchases of life settlement contracts under agreements to resell (reverse repurchase agreements or reverse repos) are accounted for as collateralized financings except where the Company does not have an agreement to sell the same or substantially the same life settlement contracts before maturity at a fixed or determinable price. The Company's policy is to obtain possession of collateral with a fair value equal to or in excess of the principal amount loaned under resale agreements.

At August 31, 2012 and August 31, 2011 the Company held zero and thirteen life settlement contracts as collateral in the amount of $0 and $3,368,593 respectively, which are reflected as a receivable under reverse repurchase agreement on the Balance Sheets. The counterparty did not exercise its rights under the repurchase agreements and upon expiration of the repurchase agreements, the Company recognized these assets as an investment in life settlement contract at investment method in the aggregate amount of $3,503,260.

The Company follows the provisions of ASC 860, Transfers and Servicing which requires an initial transfer of a financial asset and a repurchase financing that was entered into contemporaneously or in contemplation of the initial transfer to be evaluated as a linked transaction unless certain criteria are met, including that the transferred asset must be readily obtainable in the marketplace.

Life Settlement Contracts

ASC 325-30, Investments in Insurance Contracts allows an investor to elect to account for its investments in life settlement contracts using either the investment method or the fair value method. The election shall be made on an instrument-by instrument basis and is irrevocable. Under the investment method, an investor shall recognize the initial investment at the purchase price plus all initial direct costs. Continuing costs (policy premiums and direct external costs, if any) to keep the policy in force shall be capitalized. Under the fair value method, an investor shall recognize the initial investment at the purchase price. In subsequent periods, the investor shall re-measure the investment at fair value in its entirety at each reporting period and shall recognize the change in fair value in the current period net of premiums paid. The Company primarily uses the fair value method to account for life settlement contracts. For those life settlement contracts held as a receivable under reverse repurchase agreement in the prior year, the Company elected to account for them under the investment method upon expiration of the repurchase agreement. The Company purchased these policies under a reverse repurchase agreement as a short-term investment for the purpose of reselling them to other investors.

Life settlement contracts are inherently long term investments. The individuals upon which the life insurance is underwritten are normally healthy with indications of continuing life spans in excess of 5 years. Accounting for the value of these policies using the fair value method provides a more accurate indication of the present value of these policies as it takes into account the net effect of holding the policy over an extended period during which the investment into the asset is increased, by virtue of continuing premium payments. When life settlement contracts are purchased for the purpose of short term gain, typically in a distressed sale, where the life settlement contracts are sold below market, the fair value method would give an inaccurate valuation as it would price in the distressed opportunity as if this was a normal occurrence in the market. Additionally, the concept of holding the policy for a period of less than one year would create a situation where the asset would be best recorded under the investment method.

The fair value of the investment in life settlement contracts is evaluated at the end of each reporting period. Realized and unrealized changes in the fair value of the investment are recognized each reporting period in the statements of operations. The fair value is determined on a discounted cash flow basis that incorporates current life expectancy assumptions. The discount rate incorporates current information about market interest rates, the credit exposure to the insurance company that issued the life insurance policy and our estimate of the risk premium an investor in the policy would require.

For life settlement contracts accounted under the investment method, the Company will recognize the difference between the death benefits and the carrying value of the policy when the Company determines that settlement and ultimate collection is realizable and reasonably assured. Income from a transaction must meet both criteria in order to be recognized. Income is generally considered realized when cash is received for the sale of a product or performance of a service. Income generally becomes realizable when a promise to pay is received in exchange for the sale of a product or performance of a service. The promise to pay could be verbal (account receivable) or written (note receivable). Income is generally earned when a legally enforceable exchange takes place (e.g., consideration has been tendered and the buyer takes possession of the product or benefits from the performance of a service). The Company recognizes gains from these life settlement contracts that the company owns upon one of the two following events:

1) Receipt of death notice or verified obituary of insured.

2) Signed sale agreement and/or filing of change of ownership forms and funds transferred to escrow.

Financial Instruments

The fair value of certain of the Company's financial instruments, consisting of cash and cash equivalents, accounts receivable, receivable under reverse repurchase agreement, accounts payable and accrued expenses, interest payable, loans payable and due to provider are estimated to be equal to their carrying value due to the short-term nature of these instruments. Investments in life settlement contracts are classified as held-for-trading and measured at fair value, with the realized and unrealized changes in fair value recognized each reporting period in the statements of operations.

The Company measures the fair value of financial assets and liabilities based on the guidance of ASC 820, Fair Value Measurements and Disclosures which defines fair value, establishes a framework for measuring fair value, and expands disclosures about fair value measurements.

ASC 820 defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. ASC 820 also establishes a fair value hierarchy, which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. ASC 820 describes three levels of inputs that may be used to measure fair value:

Level 1 — quoted prices in active markets for identical assets or liabilities

Level 2 — quoted prices for similar assets and liabilities in active markets or inputs that are observable

Level 3 — inputs that are unobservable (for example, cash flow modeling inputs based on assumptions)

It is management's opinion that the Company is not exposed to significant interest, currency and credit risks arising from these financial instruments. (See Note 8).

Equipment

Equipment consists of computer hardware and furniture and is recorded at cost. Computer hardware and furniture are depreciated on a straight-line basis over their estimated lives of five years.

Deferred Rent Liability

The Company’s operating lease provides for minimum annual payments that adjust over the life of the lease. The aggregate minimum annual payments are expensed on the straight-line basis over the minimum lease term. The Company recognizes a deferred rent liability for rent escalations when the amount of straight-line rent exceeds the lease payments, and reduces the deferred rent liability when the lease payments exceed the straight-line rent expense.

Income Taxes

Deferred income taxes are provided for tax effects of temporary differences between the tax basis of asset and liabilities and their reported amounts in the financial statements. The Company uses the liability method to account for income taxes, which requires deferred taxes to be recorded at the statutory rate expected to be in effect when the taxes are paid. Valuation allowances are provided for a deferred tax asset when it is more likely than not that such asset will not be realized.

Management evaluates tax positions taken or expected to be taken in a tax return. The evaluation of a tax position includes a determination of whether a tax position should be recognized in the financial statements, and such a position should only be recognized if the Company determines that it is more likely than not that the tax position will be sustained upon examination by the tax authorities, based upon the technical merits of the position. For those tax positions that should be recognized, the measurement of a tax position is determined as being the largest amount of benefit that is greater than fifty percent likely of being realized upon ultimate settlement.

Earnings (Loss) per Share

Basic earnings (loss) per share is calculated using the weighted average number of shares of common stock outstanding during the period. Included in basic loss per share calculations are the effects of 6,000,000 warrants exercisable at $.01. Diluted earnings per share reflect the potential dilution that could occur if potentially dilutive securities were exercised or converted to common stock.  The dilutive effect of options and warrants and their equivalent is computed by application of the treasury stock method and the effect of convertible securities by the “if converted” method.

Stock-Based Compensation

The Company accounts for stock based compensation arrangements using a fair value method and records such expense on a straight-line basis over the vesting period.

As of August 31, 2012, the Company has not granted any stock options.

Recent Accounting Pronouncements

The FASB has issued Accounting Standards Update (ASU) No. 2010-15, Financial Services—Insurance (Topic 944): How Investments Held through Separate Accounts Affect an Insurer’s Consolidation Analysis of Those Investments.   This ASU codifies the consensus reached in EITF Issue No. 09-B, "Consideration of an Insurer's Accounting for Majority-Owned Investments When the Ownership Is through a Separate Account." The amendments clarify that an insurance entity generally should not consider any separate account interests held for the benefit of policy holders in an investment to be the insurer's interests and should not combine those interests with its general account interest in the same investment when assessing the investment for consolidation. The general guidance does not apply in instances where the separate account interests are held for the benefit of a related party policy holder as defined in the Variable Interest Entities Subsections of Codification Topic 810, Consolidation,   Subtopic 810-10, as those Subsections require the consideration of related parties. ASU 2010-15 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2010. Early adoption is permitted. The adoption of this standard is not expected to have a material impact on the Company’s financial position and results of operations.

Other pronouncements issued by the FASB or other authoritative accounting standards groups with future effective dates are either not applicable or are not expected to be significant to the financial statements of the Company.

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FAIR VALUE OF FINANCIAL INSTRUMENTS (Details Textual)	12 Months Ended
	Aug. 31, 2012
Life Settlement Contracts Investment Method Description	The Company utilizes the MAPS system for valuations. MAPS is a generally accepted third party pricing system utilized by funds and investors engaged in the purchase and sale of life settlements. Life expectancy reports are generated by third party medical underwriting firms, such as AVS, 21 st Century, EMSI and Fasano. These firms review medical data for an individual and grade using a series of debits and credits. The resulting values are used to generate a life expectancy value. The MAPS system utilizes this life expectancy data to calibrate underlying mortality curves generated for each individual case. MAPS utilizes the appendixes to the VBT2008 report as a base for mortality projections. This chart established 25 unique values corresponding to 25 statistical values indicative of the next 25 years of a persons life. The value is the statistical probability that the individual will meet an untimely end in that given year. When a life expectancy provider produces a report, it indicates a value at which point a certain individual will achieve a 50% chance, statistically, of dying. This is calculated by randomly making 1000 simulations and calculating an exact point of death for each simulation. The point at which the cumulative deaths equal 500 is the median point or the life expectancy. In order to calibrate this curve, a multiplier is formulated to cause the median mark to equal the life expectancy value provided by the life expectancy provider. For every case, 1000 simulations are run, each simulation resulting in a unique death month. For example, if a life expectancy equals 50 months, the underlying data would show 500 deaths prior to the 50th month and 500 deaths after the 50th month. The MAPS system takes the results of the modified life expectancy curve and applies it to the premium and death benefit projections stream. For the 500 deaths prior to the 50th month, utilizing our previous example, it would apply the percentage of the simulated runs that died in each 12 month period to the death benefit and premium schedules to form estimated cash flows. The net present value, using a discount rate defined by the user, of the streams of values created by this method form the indicated value of the policy.

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INVESTMENT IN LIFE SETTLEMENT CONTRACTS (Details 2) (USD $)	Aug. 31, 2012	Aug. 31, 2011
Life Expectancies - 0-1 years, Number of Contracts	0
Life Expectancies - 1-2 years, Number of Contracts	0
Life Expectancies - 2-3 years, Number of Contracts	0
Life Expectancies - 3-4 years, Number of Contracts	0
Life Expectancies - 4-5 years, Number of Contracts	3
Life Expectancies - Thereafter , Number of Contracts	8
Life Expectancies - 0-1 years, Face Value	$ 0
Life Expectancies - 1-2 years, Face Value	0
Life Expectancies - 2-3 years, Face Value	0
Life Expectancies - 3-4 years, Face Value	0
Life Expectancies - 4-5 years, Face Value	8,000,000
Life Expectancies - Thereafter, Face Value	42,500,000
Life Expectancies, Face Value	50,500,000
Life Expectancies - 0-1 years, Carrying Value	0
Life Expectancies - 1-2 years, Carrying Value	0
Life Expectancies - 2-3 years, Carrying Value	0
Life Expectancies - 3-4 years, Carrying Value	0
Life Expectancies - 4-5 years, Carrying Value	1,309,745
Life Expectancies - Thereafter, Carrying Value	3,024,267
Life Expectancies, Carrying Value	$ 4,334,012	$ 0

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INVESTMENT IN LIFE SETTLEMENT CONTRACTS (Details 1) (USD $)	Aug. 31, 2012	Aug. 31, 2011	Aug. 31, 2010
Life Expectancies - 0-1 years, Number of Contracts	0	0
Life Expectancies - 1-2 years, Number of Contracts	1	1
Life Expectancies - 2-3 years, Number of Contracts	5	0
Life Expectancies - 3-4 years, Number of Contracts	2	6
Life Expectancies - 4-5 years, Number of Contracts	2	2
Life Expectancies - After 5 years, Number of Contracts	27	30
Life Expectancies - 0-1 years, Face Value	$ 0	$ 0
Life Expectancies - 1-2 years, Face Value	10,000,000	10,000,000
Life Expectancies - 2-3 years, Face Value	71,400,000	0
Life Expectancies - 3-4 years, Face Value	17,200,000	74,000,000
Life Expectancies - 4-5 years, Face Value	15,500,000	17,200,000
Life Expectancies - After 5 years, Face Value	151,043,373	173,550,633
Life Expectancies, Face Value	265,143,373	274,750,633
Life Expectancies - 0-1 years, Carrying Value	0	0
Life Expectancies - 1-2 years, Carrying Value	5,658,201	5,885,531
Life Expectancies - 2-3 years, Carrying Value	29,088,908	0
Life Expectancies - 3-4 years, Carrying Value	5,413,865	36,136,627
Life Expectancies - 4-5 years, Carrying Value	4,319,836	6,379,423
Life Expectancies - After 5 years, Carrying Value	20,186,314	44,306,495
Life Expectancies, Carrying Value	$ 64,667,124	$ 92,708,076	$ 12,313,897

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INCOME TAXES (Details) (USD $)	12 Months Ended
	Aug. 31, 2012	Aug. 31, 2011
Current tax expense	$ 0	$ 0
Deferred income taxes	(16,828,116)	19,546,602
Total income tax expense (benefit)	$ (16,640,912)	$ 19,546,602

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INVESTMENT IN LIFE SETTLEMENT CONTRACTS (Details 3)	12 Months Ended
	Aug. 31, 2012	Aug. 31, 2011
Dataset	VBT ALB Mortality Table	VBT ALB Mortality Table
Expected premium growth	5.00%	5.00%
Mortality rates	Standard life expectancy	Standard life expectancy
Discount rate		14.00%
Minimum [Member]
Discount rate	20.00%
Maximum [Member]
Discount rate	25.00%

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INVESTMENT IN LIFE SETTLEMENT CONTRACTS (Details 4) (USD $)	12 Months Ended
	Aug. 31, 2012	Aug. 31, 2011
Total Pool Benefit	$ 265,143,373	$ 274,750,633
Average predicted period until final pool maturity	7 years 10 months 24 days	9 years 11 days
Average simulated maturities over age 90	54.00%	54.00%
Average age at August 31, 2012	83	82
Average age at maturity	91	91

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NATURE AND CONTINUANCE OF OPERATIONS

12 Months Ended

Aug. 31, 2012

Organization, Consolidation and Presentation Of Financial Statements [Abstract]

Nature of Operations [Text Block]

1. NATURE AND CONTINUANCE OF OPERATIONS

Absolute Life Solutions, Inc. (the “Company”) was originally incorporated as Shimmer Gold, Inc. in the State of Nevada on September 7, 2006. The Company was an Exploration Stage company as defined by Accounting Standards Codification (“ASC”) 915, Development Stage Entities, and was in the business of the acquisition and exploration of mineral resources during the period from September 7, 2006 to May 21, 2010. Subsequently, a majority of our shareholders approved an amendment to our Articles of Incorporation changing our name to Absolute Life Solutions, Inc. During the fiscal year ended August 31, 2010, the Company commenced operations as a specialty financial services company engaged in the business of purchasing life settlement contracts for long-term investment purposes and is no longer classified as a development stage company.

During the year ended August 31, 2012, the Company formed a wholly-owned subsidiary Infinity Augmented Reality, LLC (“IAR or “Infinity”) which is actively enagaged in the development of software applications which will utilize a technology known as Augmented Reality. Through IAR, the Company intends to develop a comprehensive augmented reality platform for consumers. IAR’s objective is to establish itself firmly as a preeminent source for state-of-the-art augmented reality experiences, forging a strong association, early on, between the Infinity brand and the burgeoning medium.

Effective November 15, 2012, the Company reached an agreement with the agent of the Lenders regarding the satisfaction of the outstanding balance of the Loans, under the terms of a Loan Satisfaction Agreement. Such agreement resulted in the disposition of all of the life insurance policies currently held by the Company to the Lender or an affiliate of the Lender. As a result of the foregoing, the Company is no longer engaged in its prior primary activity as a specialty financial services company primarily engaged in the purchase of life settlement contracts. As a result of the foregoing, the Company will be classified as a development stage company on November 15, 2012.

The continued existence of the Company is dependent upon its ability to generate profit from its augmented reality business and to meet its obligations as they become due. If additional cash is needed, the Company intends to finance the future capital required for continued operations from a combination of traditional debt and equity markets. However, there is no assurance that (a) traditional debt and equity markets may be accessible as required, or if so, on acceptable terms and, or (b) the demand for and selling prices of the Company’s augmented reality products, may not be sufficient to meet cash flow expectation. The outcome of these matters cannot be predicted with certainty and therefore the Company may not be able to continue or expand operations as planned. These conditions raise substantial doubt about the Company’s ability to continue as a going concern. These audited financial statements do not include any adjustments to the amounts and classification of assets and liabilities that may be necessary should the Company be unable to continue as a going concern.

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INVESTMENT IN LIFE SETTLEMENT CONTRACTS (Details Textual) (USD $)	12 Months Ended
	Aug. 31, 2012	Aug. 31, 2011
Unrealized Gain (Loss) on Investments	$ (35,329,432)	$ 43,131,633
Investment Method Premium Policy Paid	$ 9,903,638	$ 7,733,497
Present Value Of Life Settlement Contracts Description	The Company believes that investors in alternative investments typically target yields averaging between 13 - 16% for investments of more than a 5 year duration. A 16% rate of return over a five year duration is a reasonable target for investments that are highly illiquid, relatively new and more volatile (i.e. life settlement contracts) than standard investments. In recent months, there have been a number of government investigations of several life settlement companies. These investigations, and subsequent Securities and Exchange Commision Inforcement Actions, in one instance, have caused a temporary dislocation in the life settlement market. Liquidity has tightened even further. The current market is still in a state of flux brought on by economic circumstances in Europe (traditionally the largest investors in the life settlement markets). These factors have caused investors in life settlements to demand a higher yield (averaging between 20 25%) because of the perceived risk in life settlements.	the Company uses the average redemption yield on the FINRA/Bloomberg High Yield US Corporate Bond Index as a starting point. This index measures the average yield on the highest risk debt obligations traded in the market and serves as a strong indicator of the yield that professional investors would require for similar types of assets. Traditionally, this index yields between 10 - 12%, therefore we added 250 - 350 basis points to the current index yield to account for the current uncharacteristically depressed high yield corporate bond market plus an additional 250 - 350 basis points for the highly illiquid and relatively new life settlements asset class. Our assumption is that short term US Treasuries typically trade in the 250 - 350 BP range. Given the current depressed market rates we have added 250 - 350 BP and will adjust this inversely to the short term Treasuries. As Treasuries rise the spread rate will diminish keeping the discount rate in line with the market. As the life settlement market continues to mature and the investment pools will become better managed the risk will diminish and the asset class will become more liquid. Current market players are better capitalized and understand the asset characteristics at a higher level. As such the discount rate should reflect a maturing market.
Discount Rate Description	Additionally, in the past 6 months, the Company, in the normal course of business, sold two fair value policies (each with face amounts below $15 million) to another investor, for a discount rate of between 19% and 22%. Additionally, in discussions with investors for potential debt offerings, and in discussions with other investors for potential sales of policies, the discount rate, for policies with face amounts below $15 million, indicated a rate of between 18% and 22%. For policies with face amounts above $15 million, of which there are fewer purchasers present, investors indicated a rate of between 25% and 28%. In light of all of these factors, the Company believes the perceived risk or uncertainty over these assets has changed and therefore the risk premium an investor would require has changed, therefore, in the third quarter ending May 31, 2012, management made a change in accounting estimate and adjusted its discount rate from 16% to 20%, for policies with face amounts below $15 million, and to 25%, for policies with face amounts above $15 million.

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COMMITMENTS (Details Textual)	12 Months Ended
	Aug. 31, 2012
Office Lease Agreement Term	10 years 6 months
Lease Agreement Commencing Date	Jun. 01, 2010

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CONSOLIDATED BALANCE SHEETS (USD $)	Aug. 31, 2012	Aug. 31, 2011
ASSETS
Cash and cash equivalents	$ 233,050	$ 1,917,896
Accounts receivable	0	1,263,000
Insurance purchase escrow	0	128,750
Receivable under reverse repurchase agreement	0	3,368,593
Investment in life settlement contracts at investment method	4,334,012	0
Prepaid expenses	15,192	45,044
Total current assets	4,582,254	6,723,283
Equipment, net	66,129	90,082
Security deposit	56,688	56,688
Investment in life settlement contracts at fair value	64,667,124	92,708,076
TOTAL ASSETS	69,372,195	99,578,129
LIABILITIES
Accounts payable and accrued expenses	441,297	44,607
Interest payable	626,710	0
Loans payable	59,450,000	0
Due to provider	0	568,000
Total current liabilities	60,518,007	612,607
Deferred rent	49,335	42,148
Deferred income taxes	4,243,044	21,071,160
TOTAL LIABILITIES	64,810,386	21,725,915
STOCKHOLDERS' EQUITY
Preferred stock ($0.00001 par value; 100,000,000 authorized; of which 60,000 are designated as Series A 12.5% convertible preferred stock; No Series A issued and outstanding ( August 31, 2011 - 41,950 issued and outstanding) of which 25,000 are designated as Series B 12.5% convertible preferred stock; No Series B issued and outstanding ( August 31, 2011 - 8,850 issued and outstanding)	0	0
Common stock ($0.00001 par value; 500,000,000 authorized; 92,544,747 issued and 92,229,599 outstanding) (August 31, 2011 - 85,424,597 issued and outstanding)	925	854
Additional paid in capital	51,486,890	96,773,677
Treasury stock, at cost (315,148 shares of common stock) (August 31, 2011- No shares of common stock)	(44,121)	0
Retained earnings (accumulated deficit)	(46,881,885)	(18,922,317)
Total Stockholders' Equity	4,561,809	77,852,214
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$ 69,372,195	$ 99,578,129

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INCOME TAXES (Details 1)	12 Months Ended
	Aug. 31, 2012	Aug. 31, 2011
United States statutory rate	(35.00%)	35.00%
State income taxes	(10.00%)	10.00%
Increase in valuation allowance and other	2.00%	1.00%
Combined effective tax rate	(43.00%)	46.00%

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CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY (USD $)	Series A Preferred Stock [Member]	Series B Preferred Stock [Member]	Common Stock [Member]	Additional Paid-In Capital [Member]	Treasury Stock [Member]	Retained Earnings [Member]	Total
Balance at Aug. 31, 2010	$ 0	$ 0	$ 801	$ 14,249,938	$ 0	$ 2,132,604	$ 16,383,343
Balance (in shares) at Aug. 31, 2010	13,500	0	80,060,000
Preferred stock and warrants issued for cash at $1,000 per share	0	0	0	37,300,000	0	0	37,300,000
Preferred stock and warrants issued for cash at $1,000 per share (in shares)	34,450	2,850	0
Exchange of Series A preferred stock for Series B preferred stock and warrants	0	0	0	0	0	0	0
Exchange of Series A preferred stock for Series B preferred stock and warrants (in shares)	(6,000)	6,000	0
Common stock issued under employee stock plan	0	0	10	314,999		0	315,009
Common stock issued under employee stock plan (in shares)	0	0	1,000,000
Common stock issued for consulting and legal services	0	0	10	950,511		0	950,521
Common stock issued for consulting and legal services (in shares)	0	0	1,020,007
Stock dividends paid on preferred stock	0	0	33	6,658,229		(6,658,262)	0
Stock dividends paid on preferred stock (in shares)	0	0	3,344,590
Deemed dividends on preferred stock	0	0	0	37,300,000		(37,300,000)	0
Net income (loss)	0	0	0	0		22,903,341	22,903,341
Balance at Aug. 31, 2011	0	0	854	96,773,677		(18,922,317)	77,852,214
Balance (in shares) at Aug. 31, 2011	41,950	8,850	85,424,597
Preferred stock and warrants issued for cash at $1,000 per share	0	0	0	6,350,000		0	6,350,000
Preferred stock and warrants issued for cash at $1,000 per share (in shares)	6,350	0	0
Stock dividends paid on preferred stock	0	0	71	4,580,570		(4,580,641)	0
Stock dividends paid on preferred stock (in shares)	0	0	7,120,150				7,120,150
Deemed dividends on preferred stock	0	0	0	932,643		(932,643)	0
Repurchase of preferred stock	0	0	0	(57,150,000)		0	(57,150,000)
Repurchase of preferred stock (in shares)	(48,300)	(8,850)	0
Purchase of treasury stock	0	0	(315,148)	0	(44,121)	0	(44,121)
Net income (loss)	0	0	0	0		(22,446,284)	(22,446,284)
Balance at Aug. 31, 2012	$ 0	$ 0	$ 925	$ 51,486,890	$ (44,121)	$ (46,881,885)	$ 4,561,809
Balance (in shares) at Aug. 31, 2012	0	0	92,229,599

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COMMON STOCK AND WARRANTS (Details) (USD $)	12 Months Ended
	Aug. 31, 2012	Aug. 31, 2011	Aug. 31, 2010
Balance (Number of Warrants)	57,242,500	19,500,000
Number of Warrants, Issued	6,350,000	37,742,500
Number of Warrants, Cancelled	(57,592,500)
Balance (Number of Warrants)	6,000,000	57,242,500	19,500,000
Balance (Weighted average exercise price)	$ 2.69	$ 2.08
Weighted average exercise price, Issued		$ 0
Weighted average exercise price, Cancelled	$ 0
Balance (Weighted average exercise price)	$ 0.01	$ 2.69	$ 2.08
Balance (Weighted average life remaining) (in years)	2 years 9 months	4 years 3 months 29 days	5 years

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COMMITMENTS (Tables)

12 Months Ended

Aug. 31, 2012

Schedule Of Life Settlement Contracts Fair Value Method Maturing In Remainder [Table Text Block]

The following tables represent the remaining life expectancies for each of the first five succeeding years as of August 31, 2012 and August 31, 2011 for life settlement contracts at fair value:

Remaining Life Expectancies as of August 31, 2012

Number of Contracts	Life Expectancies	Face Value		Carrying Value
-	0-1 years	$	-	$	-
1	1-2 years		10,000,000		5,658,201
5	2-3 years		71,400,000		29,088,908
2	3-4 years		17,200,000		5,413,865
2	4-5 years		15,500,000		4,319,836
27	Thereafter		151,043,373		20,186,314
		$	265,143,373	$	64,667,124

Remaining Life Expectancies as of August 31, 2011

Number of Contracts	Life Expectancies	Face Value		Carrying Value
-	0-1 years	$	-	$	-
1	1-2 years		10,000,000		5,885,531
-	2-3 years		-		-
6	3-4 years		74,000,000		36,136,627
2	4-5 years		17,200,000		6,379,423
30	Thereafter		173,550,633		44,306,495
		$	274,750,633	$	92,708,076

Schedule Of Life Settlement Contracts, Investment Method [Table Text Block]

The following table represents the remaining life expectancies for each of the first five succeeding years as of August 31, 2012 for life settlement contracts under the investment method:

Remaining Life Expectancies as of August 31, 2012

Number of Contracts	Life Expectancies	Face Value		Carrying Value
-	0-1 years	$	-	$	-
-	1-2 years		-		-
-	2-3 years		-		-
-	3-4 years		-		-
3	4-5 years		8,000,000		1,309,745
8	Thereafter		42,500,000		3,024,267
		$	50,500,000	$	4,334,012

Contractual Obligation Fiscal Year Maturity Schedule [Table Text Block]

The Company entered into an office lease agreement for a period of 10 years and 6 months commencing on June 1, 2010. Future annual lease commitments are as follows:

Year		Amount
	2013		80,169
	2014		100,652
	2015		102,917
	2016		105,233
	2017		108,456
	Thereafter		378,266
		$	875,693

Life Insurance Segment [Member]

Schedule Of Life Settlement Contracts Fair Value Method Maturing In Remainder [Table Text Block]

At August 31, 2012, the premiums to be paid for each of the five succeeding years for investment in life settlement contracts at fair value are as follows:

Year		Amount
	2013	$	15,796,621
	2014		15,685,559
	2015		15,685,559
	2016		15,685,559
	2017		15,685,559
	Thereafter		165,026,585
		$	243,565,442

Schedule Of Life Settlement Contracts, Investment Method [Table Text Block]

At August 31, 2012, the premiums to be paid for each of the five succeeding years for investment in life settlement contracts at investment method are as follows:

Year		Amount
	2013	$	2,776,971
	2014		2,776,971
	2015		2,776,971
	2016		2,776,971
	2017		2,776,971
	Thereafter		32,006,728
		$	45,891,583

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COMMON STOCK AND WARRANTS (Details Textual) (USD $)	1 Months Ended					12 Months Ended			1 Months Ended	4 Months Ended	12 Months Ended		1 Months Ended	12 Months Ended		1 Months Ended	12 Months Ended
	Aug. 31, 2012	Aug. 31, 2011	Jan. 31, 2011	Sep. 30, 2010	Jun. 30, 2010	Aug. 31, 2012	Aug. 31, 2011	Aug. 31, 2010	Jul. 31, 2010 Series A Convertible Preferred Stock [Member]	Feb. 29, 2012 Series A Convertible Preferred Stock [Member]	Aug. 31, 2012 Series A Convertible Preferred Stock [Member]	Aug. 31, 2011 Series A Convertible Preferred Stock [Member]	Apr. 30, 2011 Series B Convertible Preferred Stock [Member]	Aug. 31, 2012 Series B Convertible Preferred Stock [Member]	Aug. 31, 2011 Series B Convertible Preferred Stock [Member]	Sep. 30, 2010 Offciers and Directors [Member]	Aug. 31, 2012 Minimum [Member]	Aug. 31, 2012 Maximum [Member]
Stock Issued During Period, Shares, New Issues					10,000,000					2,500	6,350	41,950		0	2,850
Stock Issued During Period, Value, Treasury Stock Reissued						$ 44,121
Common stock issued under employee stock plan							315,009
Stock Issued During Period, Shares, Restricted Stock Award, Gross																850,000
Stock Issued During Period, Value, New Issues	4,580,642					6,350,000	37,300,000
Stockholders' Equity Note Post Stock Split				565,000
Stock Issued During Period, Value, Restricted Stock Award, Gross																85,000
Common stock issued for consulting and legal services							950,521
Stock dividends paid on preferred stock (in shares)		2,350,669	993,921			7,120,150
Preferred stock, dividend rate, percentage							12.50%		12.50%		12.50%	12.50%	12.50%	12.50%	12.50%
Dividend On Convertible Preferred Stock						0	0
Number of Warrants, Issued						6,350,000	37,742,500				6,350	28,450			8,850
Preferred stock and warrants issued for cash at $1,000 per share (in shares)					10,000,000					2,500	6,350	41,950		0	2,850
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number	6,000,000	57,242,500				6,000,000	57,242,500	19,500,000
Warrants Expiration Date Term						expiration dates commencing June 2015
Preferred Shares Agreement Initiation Date						Jul. 31, 2012
Stock Issued During Period Shares Purchase Of Preferred Stock											48,300			8,850
Preferred Stock, Value, Issued	0	0				0	0				57,150,000
Preferred Stock Purchase Price	$ 57,150,000					$ 57,150,000
Warrants To Purchase Of Preferred Stock						57,592,500
Investment Warrants, Exercise Price											$ 4.00						$ 2	$ 4
Stock Issued During Period, Shares, Treasury Stock Reissued						315,148

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INCOME TAXES (Tables)

12 Months Ended

Aug. 31, 2012

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]

Income tax expense consists of the following components at August 31, 2012 and 2011:

	2012			2011
Current tax expense	$	-		$	-
Deferred tax expense (benefit)		(16,640,912	)		19,546,602
Total income tax expense (benefit)	$	(16,640,912	)	$	19,546,602

Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]

Income tax expense differed from amounts computed by applying the Federal income tax rate to pre-tax earnings for the years ended August 31, 2012 and 2011, as a result of the following:

	2012			2011
United States statutory rate		(35	)%		35	%
State income taxes		(10	)%		10	%
Increase in valuation allowance and other		2	%		1	%
Combined effective tax rate		(43	)%		46	%

Schedule of Deferred Tax Assets and Liabilities [Table Text Block]

The tax effects of temporary differences that gave rise to significant portions of the deferred tax assets and deferred tax liabilities were as follows:

	August 31, 2012			August 31, 2011
Deferred tax assets:
Equipment	$	6,648		$	2,579
Provider fees		51,750			-
Premiums paid		8,355,876			3,599,077
Capitalized interest expense		10,911			-
Deferred rent		22,201			-
Stock issuances to officers, directors and consultant		103,950			358,007
Start-up expenses		64,689			-
Net operating loss carryforward		1,096,256			-
Gross deferred tax assets		9,712,281			3,959,663
Valuation allowance		(438,254	)		-
Net deferred tax assets		9,274,027			3,959,663
Deferred tax liabilities:
Prepaid insurance		(6,836	)		-
Unrealized gains on life settlement contracts		(13,510,235	)		(25,030,823	)
Net deferred tax liabilities		(13,517,071	)		(25,030,823	)
Total deferred tax liabilities, net	$	(4,243,044	)	$	(21,071,160	)
Summary of net deferred tax liabilities:
Current	$	-		$	-
Non-current		4,243,044			21,071,160
Total deferred tax liabilities, net	$	4,243,044		$	21,071,160

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STATEMENT OF STOCKHOLDERS' EQUITY [Parenthetical] (USD $)	12 Months Ended
	Aug. 31, 2012	Aug. 31, 2011
Per share value of preferred stock and warrants issued for cash	$ 1,000	$ 1,000

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CONSOLIDATED BALANCE SHEETS [Parenthetical] (USD $)	12 Months Ended		1 Months Ended	12 Months Ended			1 Months Ended	12 Months Ended
	Aug. 31, 2011	Aug. 31, 2012	Jul. 31, 2010 Series A Convertible Preferred Stock [Member]	Aug. 31, 2012 Series A Convertible Preferred Stock [Member]	Aug. 31, 2011 Series A Convertible Preferred Stock [Member]	Jul. 22, 2010 Series A Convertible Preferred Stock [Member]	Apr. 30, 2011 Series B Convertible Preferred Stock [Member]	Aug. 31, 2012 Series B Convertible Preferred Stock [Member]	Aug. 31, 2011 Series B Convertible Preferred Stock [Member]	Apr. 07, 2011 Series B Convertible Preferred Stock [Member]
Preferred stock, par value (in dollars per share)	$ 0.00001	$ 0.00001		$ 0.00001	$ 0.00001	$ 0.00001		$ 0.00001	$ 0.00001	$ 25,000
Preferred stock, shares authorized	100,000,000	100,000,000
Preferred stock, shares designated				60,000	60,000	60,000		25,000	25,000	0.00001
Preferred stock, dividend rate, percentage	12.50%		12.50%	12.50%	12.50%		12.50%	12.50%	12.50%
Preferred stock, shares issued					41,950				8,850
Preferred stock, shares outstanding					41,950				8,850
Common stock, par value (in dollars per share)	$ 0.00001	$ 0.00001
Common stock, shares authorized	500,000,000	500,000,000
Common stock, shares issued	85,424,597	92,544,747
Common stock, shares outstanding	85,424,597	92,229,599
Treasury stock		315,148

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SUBSEQUENT EVENTS

12 Months Ended

Aug. 31, 2012

Subsequent Events [Abstract]

Subsequent Events [Text Block]

10. SUBSEQUENT EVENTS

Subsequent to August 31, 2012, a life settlement contract held at fair value of $5,658,201 matured resulting in cash proceeds of $10,000,000 and a realized gain of $4,341,799.

The Company granted 100,000 Non Qualified Stock Options at an exercise price of $0.31 vesting on October 24, 2013 and expiring on October 23, 2017 to a director.

As discussed in Note 4, effective November 15, 2012, the Company reached an agreement with the agent of the Lenders regarding the satisfaction of the outstanding balance of the Loans, under the terms of a Loan Satisfaction Agreement. Such agreement resulted in the disposition of all of the life insurance policies currently held by the Company to the Lender or an affiliate of the Lender. On that date, life settlement contracts with a total value of $65,588,584 were forfeited to the Lender as satisfaction of the outstanding loans balance of $57,150,000 resulting in a loss on extinguishment of debt of $8,438,584. As of November 15, 2012, the Company had outstanding Obligations of $64,522,281, including (i) $57,150,000 in aggregate principal amount of the Term Loan plus $2,123,281 (the “Term Interest”) in interest under the Term Loan, or a total of $59,273,281 due under the Term Loan, and (ii) $5,135,000 outstanding under the Revolving Loan, plus $114,000 in interest under the Revolving Loan, or a total of $5,249,000 (the “Revolving Total”) due under the Revolving Loan. The disposition of all of the Company’s life insurance policies was used to satisfy the $57,150,000 in aggregate principal amount of the Term Loan. Subsequent to August 31, 2012 and prior to November 15, 2012, a life settlement contract matured resulting in cash proceeds of $10,000,000, a portion of these proceeds were used to satisfy the Term Interest of $2,123,281 and the Revolving Total of $5,249,000.

The Company evaluates events that have occurred after the balance sheet date through the date the financial statements were publicly available. Based upon the evaluation, the Company did not identify any other recognized or non-recognized subsequent events that would have required adjustment to or disclosure in the financial statements.

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DOCUMENT AND ENTITY INFORMATION (USD $)	12 Months Ended
	Aug. 31, 2012	Dec. 24, 2012	Feb. 29, 2012
Entity Registrant Name	ABSOLUTE LIFE SOLUTIONS, INC.
Entity Central Index Key	0001421538
Current Fiscal Year End Date	--08-31
Entity Filer Category	Smaller Reporting Company
Trading Symbol	also
Entity Common Stock, Shares Outstanding		92,229,599
Document Type	10-K
Amendment Flag	false
Document Period End Date	Aug. 31, 2012
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2012
Entity Well-Known Seasoned Issuer	No
Entity Voluntary Filers	Yes
Entity Current Reporting Status	No
Entity Public Float			$ 36,954,072

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UNAUDITED PROFORMA FINANCIAL INFORMATION

12 Months Ended

Aug. 31, 2012

Unaudited Proforma Financial Information [Abstract]

Unaudited Proforma Financial Information Disclosures [Text Block]

11. UNAUDITED PROFORMA FINANCIAL INFORMATION

The following unaudited pro forma consolidated balance sheet has been presented to reflect the forfeiture of all of the Company’s life settlement contracts as satisfaction of the Term Loan on November 15, 2012, as discussed in Note 4.

The Unaudited Pro Forma Consolidated Balance Sheet as of August 31, 2012 is based on the Company’s historical balance sheet at that date, and gives effect to the loan satisfaction transaction as if it had occurred on August 31, 2012.

The Unaudited Pro Forma Consolidated Balance Sheet includes specific assumptions and adjustments related to the satisfaction of the Term Loan. The adjustments are based upon presently available information and assumptions that management believes are reasonable under the circumstances as of the date of this filing. Accordingly, the actual effect of the loan satisfaction could differ significantly from the pro forma adjustments presented herein.

The Unaudited Pro Forma Consolidated Balance Sheet is presented for informational purposes only. It is not intended to represent or be indicative of the consolidated financial position that would have occurred had the loan satisfaction been completed as of August 31, 2012, nor is it intended to be indicative of future results of operations or financial position.

	August 31, 2012
ASSETS
Current Assets
Cash and cash equivalents	$	233,050
Investment in life settlement contracts at investment method		-
Prepaid expenses		15,192
Total current assets		248,242
Equipment, net		66,129
Security deposit		56,688
Investment in life settlement contracts at fair value		-
Deferred income taxes		911,314
TOTAL ASSETS	$	1,282,373
LIABILITIES
Current Liabilities
Accounts payable and accrued expenses	$	441,297
Interest payable		626,710
Loan payable		2,300,000
Total current liabilities		3,368,007
Deferred rent		49,335
TOTAL LIABILITIES		3,417,342
STOCKHOLDERS’ EQUITY
Preferred stock ($0.00001 par value; 100,000,000 authorized; of which 60,000 are designated as Series A 12.5% convertible preferred stock;  No Series A issued and outstanding ( August 31, 2011 - 41,950 issued and outstanding)		-
of which 25,000 are designated as Series B 12.5% convertible preferred stock; No Series B issued and outstanding ( August 31, 2011 – 8,850 issued and outstanding)		-
Common stock ($0.00001 par value; 500,000,000 authorized; 92,544,747 issued and 92,229,599 outstanding)   (August 31, 2011 - 85,424,597 issued and outstanding)		925
Additional paid in capital		51,486,890
Treasury stock, at cost (315,148 shares of common stock) (August 31, 2011- No shares of common stock)		(44,121	)
Accumulated deficit		(53,578,663	)
Total Stockholders' Deficit		(2,134,969	)
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT	$	1,282,373

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CONSOLIDATED STATEMENTS OF OPERATIONS (USD $)	12 Months Ended
	Aug. 31, 2012	Aug. 31, 2011
Sales, general and administrative expenses	$ (2,319,355)	$ (3,102,642)
Other income (expense)
Realized gain on life settlement contracts held under investment method	319,843	0
Change in fair value of life settlement contracts net of premiums paid	(36,460,974)	45,507,979
Interest income (expense)	(626,710)	44,606
Income (loss) before income tax	(39,087,196)	42,449,943
Income tax benefit (provision)	16,640,912	(19,546,602)
Net income (loss)	(22,446,284)	22,903,341
Deemed dividend on issuance of Series A and Series B Preferred Stock	(932,643)	(37,300,000)
Dividend on Convertible Preferred Stock	(4,580,642)	(6,658,262)
Net loss applicable to common shareholders	$ (27,959,569)	$ (21,054,921)
Basic loss per common share (in dollars per share)	$ (0.30)	$ (0.24)
Diluted loss per common share (in dollars per share)	$ (0.30)	$ (0.24)
Basic weighted average shares outstanding (in shares)	93,997,860	88,796,687
Diluted weighted average shares outstanding (in shares)	93,997,860	88,796,687

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PREFERRED STOCK

12 Months Ended

Aug. 31, 2012

Equity [Abstract]

Preferred Stock [Text Block]

5. PREFERRED STOCK

The total number of preferred shares authorized and that may be issued by the Company is 100,000,000 preferred shares with a par value of $0.00001. These preferred shares have no rights to voting, profit sharing or liquidation.

Of the total preferred shares authorized, pursuant to a Certificate of Designation dated July 22, 2010, 60,000 preferred shares have been designated as Series A 12.5% convertible preferred stock (the “Series A Preferred Stock”), with a par value of $0.00001. Effective April 7, 2011, an additional 25,000 preferred shares have been designated as Series B 12.5% convertible preferred stock (the “Series B Preferred Stock”), with a par value of $0.00001. In connection with the establishment of the Series B Preferred Stock, which is subordinate to the Series A Preferred Stock in respect of liquidation and redemption, the holders of 6,000 shares of Series A Preferred Stock agreed to exchange their Series A Preferred Stock for Series B Preferred Stock. As a result, each exchanging Series A holder becomes a Series B holder and is entitled to receive an additional 50 Series B warrants exercisable at $4.00 for each share of preferred stock so exchanged. During the year ended August 31, 2012, the Company issued 6,350 (2011 – 41,950) shares of Series A Preferred Stock and issued 0 (2011- 2,850) shares of Series B Preferred Stock. In connection with the issuance of each Series A Preferred Stock, the Company issued 1,000 warrants (500 exercisable at $2.00 per share and 500 exercisable at $4.00 per share of common stock). In connection with the issuance of each share of Series B Preferred Stock, the Company issued 1,050 warrants (500 exercisable at $2.00 per share and 550 exercisable at $4.00 per share of common stock).

The Series A convertible preferred shares were issued at $1,000 per share and each Series A convertible share was convertible into 1,000 shares of common stock at an initial conversion price of $1.00 per share subject to standard anti-dilution provisions. The Series A convertible preferred shares were convertible at the election of the holder. The conversion right was effective beginning on the earlier of 65 days after the initial issuance of the shares to the holder or the effective date of a registration statement filed by the Company covering the holder’s resale of the conversion shares. The earlier of the two dates is the Conversion Date.

The holders of the shares of Series A Preferred Stock had the right to redeem the Series A Preferred Stock only upon existence of a Redemption Event. A Redemption Event is within control of the Company. A Redemption Event is described as:

(a) Failure of the Company to deliver certificates of conversion to the holders for any reason within 15 days after the Conversion Date and the holder has given 5 days’ notice thereof;

(b) A change in beneficial ownership of more than 50% of the common stock of the Company within a period of 40 trading days or involuntary change in a majority of the members of the Board of Directors of the Company within a period of 40 days; or

(c) Bankruptcy, reorganization, insolvency or liquidation proceedings which are not dismissed within 60 days.

If the holder redeems the Series A preferred shares, the Company would have been obligated to pay the holder a redemption amount equal to the sum of (i) the stated value of the redeemed shares multiplied by 102%, if the  redemption occurs within  5 years  from the  initial issuance;  (ii) or by 100% if  the redemption occurs after the 5 years. In addition, upon redemption, the Company must pay unpaid dividends through the date of such payment.

Dividends were payable at the rate of 12.5% per annum, in cash or in common stock, at the option of the Company. Dividends were payable semi-annually on the last day of June and December.

The Series A Preferred Stock did not have a maturity or mandatory redemption date, except upon certain limited acts of default. The Series A Preferred Stock had a cash settlement provision upon certain limited acts of default.

The Series B convertible preferred shares were issued at $1,000 per share and each Series B convertible share was convertible into 1,000 shares of common stock at an initial conversion price of $1.00 per share subject to standard anti-dilution provisions,. The Series B convertible preferred shares were convertible at the election of the holder. The conversion right was effective beginning on the earlier of 65 days after the initial issuance of the shares to the holder or the effective date of a registration statement filed by the Company covering the holder’s resale of the conversion shares. The earlier of the two dates is the Conversion Date.

The holders of the shares of Series B Preferred Stock had the right to redeem the Series B Preferred Stock only upon existence of a Redemption Event. A Redemption Event is within control of the Company. A Redemption Event is described as:

(a) Failure of the Company to deliver certificates of conversion to the holders for any reason within 15 days after the Conversion Date and the holder has given 5 days’ notice thereof;

(b) A change in beneficial ownership of more than 50% of the common stock of the Company within a period of 40 trading days or involuntary change in a majority of the members of the Board of Directors of the Company within a period of 40 days; or

(c) Bankruptcy, reorganization, insolvency or liquidation proceedings which are not dismissed within 60 days.

If the holder redeems the Series B preferred shares, the Company would have been obligated to pay the holder a redemption amount equal to the sum of (i) the stated value of the redeemed shares multiplied by 102%, if the redemption occurs within  5 years  from the  initial issuance;  (ii) or by  100% if  the redemption occurs after the 5 years. In addition, upon redemption, the Company must pay unpaid dividends through the date of such payment.

Dividends were payable at the rate of 12.5% per annum, in cash or in common stock, at the option of the Company. Dividends are payable semi-annually on the last day of June and December.

The Series B Preferred Stock did not have a maturity or mandatory redemption date, except upon certain limited acts of default. The Series B Preferred Stock does have a cash settlement provision upon certain limited acts of default.

On January 18, 2011 the Company paid dividends due on December 31, 2010 with the issuance of 993,921 shares of common stock valued at $2,286,018.

 On August 12, 2011 the Company paid dividends due on June 30, 2011 with the issuance of 2,350,669 shares of common stock valued at $4,372,244.

On July 25, 2012, the Company paid dividends due December 31, 2011with the issuance of 3,201,093 shares of common stock valued at $3,233,104.

On July 25, 2012, the Company paid dividends due June 30, 2012 with the issuance of 3,315,754 shares of common stock valued at $1,160,514.

On July 31, 2012, the Company paid dividends due July 31, 2012 with the issuance of 603,303 shares of common stock valued at $187,024.

During the year ended August 31, 2012, the issuance of the Series A and Series B Preferred Stock with a contractual conversion price of $1.00 resulted in an effective conversion price lower than the fair market value of the Company’s Common Stock at each issuance after allocating the proceeds received to the preferred shares and the detachable warrants included with the preferred shares. Accordingly, pursuant to GAAP, the Company recorded deemed dividends in the aggregate amount of $932,643 attributable to the beneficial conversion feature in connection with the private placement of the 2,500 Series A preferred shares issued in the quarter ending February 29, 2012.

On July 31, 2012, the Company entered into an agreement (the “Preferred Shares Agreement”) with the Lenders, as holders of the Company’s preferred stock, for the Company’s purchase from the Lenders of an aggregate of 48,300 shares of the Series A and 8,850 shares of Series B Preferred Stock, which represent all of the issued and outstanding shares of preferred stock and which have an aggregate stated value of $57,150,000, for a purchase price of $57,150,000. (The payment will be made by the Company applying all of the proceeds of the Term Loan for such purpose.) As part of the purchase, the Lenders, who also held warrants to purchase 57,592,500 shares of the Company’s stock at exercise prices from $2 and $4 a share, agreed to cancel those warrants.

The Series A Preferred Stock and Series B Preferred Stock held by the Lenders included provisions allowing for the conversion of the preferred shares into shares of Common Stock of the Company. After the purchase of the Series A Preferred Stock and Series B Preferred Stock held by the Lenders, there are no shares of Preferred Stock currently outstanding and all of the warrants held by the Lenders have been canceled.

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LOANS PAYABLE

12 Months Ended

Aug. 31, 2012

Loans Payable [Abstract]

Debt Disclosure [Text Block]

4. LOANS PAYABLE

On July 31, 2012, the Company entered into a Revolving Credit, Term Loan and Security Agreement (the “Loan and Security Agreement”) with certain parties, which were the holders of, in the aggregate, all of the Company’s Series A and Series B Preferred Stock (the “Lenders”). Platinum Partners Value Arbitrage Fund L.P., one of the Lenders, is serving as Agent for the Lenders. Pursuant to the Loan and Security Agreement, the Lenders agreed to lend to the Company, in the aggregate (i) a maximum of $10,000,000 on a revolving loan basis (the “Revolving Loan”) from the one Lender who agreed to do so, and (ii) $57,150,000 as a term loan (the “Term Loan”). Both the Revolving Loan and the Term Loan (collectively, the “Loans”) were due on October 31, 2012 (the “Maturity Date”), subject to acceleration upon the occurrence of certain specified events of default. The Loans bear interest at the rate of 12.5% per annum due on the Maturity Date. Repayment of the Loans is secured by a security interest in all of the assets of the Company, including all of the life insurance policies owned by the Company as well as all other assets of the Company. As of August 31, 2012, the Company had a term and revolver loan payable balance of $57,150,000 and $2,300,000 respectively. As of August 31, 2012, the Company had interest payable of $626,710 on these loans.

The Company was entitled to request a draw on the Revolving Loan if needed to pay premiums on the life insurance policies owned by the Company and for working capital purposes, subject to certain other conditions being satisfied and the Revolving Loan lender’s agreement to make the advance at that time. Proceeds of any draw down on the Revolving Loan were used to pay such premiums and other applications provided in the Loan and Security Agreement or approved by the Agent.

If the Company cannot arrange for a sale, joint venture or additional financing of the life insurance policies owned by the Company by the Maturity Date, the Company will likely not be able to satisfy the Loans at the Maturity Date. In that event, the Lenders have the right to foreclose on the collateral, including all of the life insurance policies owned by the Company and any beneficial interest the Company may have in other assets, including any ownership interest in any subsidiaries. The Company was unable to satisfy the Loans at the Maturity Date. On November 15, 2012, the Company reached an agreement with the agent of the Lenders regarding the satisfaction of the outstanding balance of the Loans, under the terms of a Loan Satisfaction Agreement. Such agreement resulted in the disposition of all of the life insurance policies (and proceeds thereof) currently held by the Company to the Lender or an affiliate of the Lender. As of November 15, 2012, the Company had outstanding Obligations of $64,522,281, including (i) $57,150,000 in aggregate principal amount of the Term Loan plus $2,123,281 (the “Term Interest”) in interest under the Term Loan, or a total of $59,273,281 due under the Term Loan, and (ii) $5,135,000 outstanding under the Revolving Loan, plus $114,000 in interest under the Revolving Loan, or a total of $5,249,000 (the “Revolving Total”) due under the Revolving Loan. The disposition of all of the Company’s life insurance policies was used to satisfy the $57,150,000 in aggregate principal amount of the Term Loan. Subsequent to August 31, 2012 and prior to November 15, 2012, a life settlement contract matured resulting in cash proceeds of $10,000,000, a portion of these proceeds were used to satisfy the Term Interest of $2,123,281 and the Revolving Total of $5,249,000.

The proceeds of the Term Loan were used to purchase all of the Company’s Series A and Series B Preferred Stock.

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FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)

12 Months Ended

Aug. 31, 2012

Fair Value Disclosures [Abstract]

Fair Value, Assets Measured on Recurring Basis [Table Text Block]

Reconciliation of Level 3 fair value measurements of financial assets on a recurring basis using unobservable inputs as of August 31, 2012 and 2011:

Unquoted Life Settlement Contracts:	August 31, 2012			August 31, 2011
Beginning balance	$	92,708,076		$	12,313,897
Transfers in:
Purchases of life settlement contracts		-			29,791,549
Change in fair value of life settlement contracts		(26,401,160	)		53,102,630
Transfers out:
Proceeds from maturity of life settlement contract		(1,639,792	)		(2,500,000	)
Ending balance	$	64,667,124		$	92,708,076

Schedule Of Life Settlement Contracts, Discount Rate [Table Text Block]

The extent to which the fair value could reasonably vary in the near term has been quantified by evaluating the effect of changes in significant underlying assumptions used to estimate the amount. If the discount factors were increased or decreased by 2% while all other variables are held constant, the carrying value of the investment in life settlement policies would be:

	Discount Rate as of August 31, 2012				Discount rate as of August 31, 2011
	+2%		(2%)		+2%		(2%)
Investment in Life Settlement Contracts	$	71,374,173	$	62,434,702	$	85,215,603	$	101,271,273

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SIGNIFICANT ACCOUNTING POLICIES (Policies)

12 Months Ended

Aug. 31, 2012

Basis Of Accounting Policy [Policy Text Block]

Basis of Presentation

The consolidated financial statements of the Company as of August 31, 2012 and 2011 and for the years then ended have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). The consolidated financial statements include the accounts of the Company and our wholly-owned subsidiary. All significant intercompany accounts and transactions are eliminated in the consolidation process.

Use of Estimates, Policy [Policy Text Block]

Use of Estimates

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The Company regularly evaluates estimates and assumptions. The Company bases its estimates and assumptions on current facts, historical experience and various other factors that it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the accrual of costs and expenses that are not readily apparent from other sources. The actual results experienced by the Company may differ materially and adversely from the Company's estimates. To the extent there are material differences between the estimates and the actual results, future results of operations will be affected. The most significant estimates with regard to these financial statements relate to deferred income tax amounts and rates and timing of the reversal of income tax differences, the fair value of financial instruments and the determination of the variables used in the calculation of the fair value of life settlement contracts.

Cash and Cash Equivalents, Policy [Policy Text Block]

Cash and Cash Equivalents

The Company considers all short term investments with an original maturity of three months or less to be cash equivalents. The Company maintains cash balances that may be uninsured or in deposit accounts that exceed Federal Deposit Insurance Corporation limits. The Company maintains its cash deposits with major financial institutions.

Repurchase and Resale Agreements Policy [Policy Text Block]

Receivable Under Reverse Repurchase Agreement

Transactions involving purchases of life settlement contracts under agreements to resell (reverse repurchase agreements or reverse repos) are accounted for as collateralized financings except where the Company does not have an agreement to sell the same or substantially the same life settlement contracts before maturity at a fixed or determinable price. The Company's policy is to obtain possession of collateral with a fair value equal to or in excess of the principal amount loaned under resale agreements.

At August 31, 2012 and August 31, 2011 the Company held zero and thirteen life settlement contracts as collateral in the amount of $0 and $3,368,593 respectively, which are reflected as a receivable under reverse repurchase agreement on the Balance Sheets. The counterparty did not exercise its rights under the repurchase agreements and upon expiration of the repurchase agreements, the Company recognized these assets as an investment in life settlement contract at investment method in the aggregate amount of $3,503,260.

The Company follows the provisions of ASC 860, Transfers and Servicing which requires an initial transfer of a financial asset and a repurchase financing that was entered into contemporaneously or in contemplation of the initial transfer to be evaluated as a linked transaction unless certain criteria are met, including that the transferred asset must be readily obtainable in the marketplace.

Life Settlement Contracts, Policy [Policy Text Block]

Life Settlement Contracts

ASC 325-30, Investments in Insurance Contracts allows an investor to elect to account for its investments in life settlement contracts using either the investment method or the fair value method. The election shall be made on an instrument-by instrument basis and is irrevocable. Under the investment method, an investor shall recognize the initial investment at the purchase price plus all initial direct costs. Continuing costs (policy premiums and direct external costs, if any) to keep the policy in force shall be capitalized. Under the fair value method, an investor shall recognize the initial investment at the purchase price. In subsequent periods, the investor shall re-measure the investment at fair value in its entirety at each reporting period and shall recognize the change in fair value in the current period net of premiums paid. The Company primarily uses the fair value method to account for life settlement contracts. For those life settlement contracts held as a receivable under reverse repurchase agreement in the prior year, the Company elected to account for them under the investment method upon expiration of the repurchase agreement. The Company purchased these policies under a reverse repurchase agreement as a short-term investment for the purpose of reselling them to other investors.

Life settlement contracts are inherently long term investments. The individuals upon which the life insurance is underwritten are normally healthy with indications of continuing life spans in excess of 5 years. Accounting for the value of these policies using the fair value method provides a more accurate indication of the present value of these policies as it takes into account the net effect of holding the policy over an extended period during which the investment into the asset is increased, by virtue of continuing premium payments. When life settlement contracts are purchased for the purpose of short term gain, typically in a distressed sale, where the life settlement contracts are sold below market, the fair value method would give an inaccurate valuation as it would price in the distressed opportunity as if this was a normal occurrence in the market. Additionally, the concept of holding the policy for a period of less than one year would create a situation where the asset would be best recorded under the investment method.

The fair value of the investment in life settlement contracts is evaluated at the end of each reporting period. Realized and unrealized changes in the fair value of the investment are recognized each reporting period in the statements of operations. The fair value is determined on a discounted cash flow basis that incorporates current life expectancy assumptions. The discount rate incorporates current information about market interest rates, the credit exposure to the insurance company that issued the life insurance policy and our estimate of the risk premium an investor in the policy would require.

For life settlement contracts accounted under the investment method, the Company will recognize the difference between the death benefits and the carrying value of the policy when the Company determines that settlement and ultimate collection is realizable and reasonably assured. Income from a transaction must meet both criteria in order to be recognized. Income is generally considered realized when cash is received for the sale of a product or performance of a service. Income generally becomes realizable when a promise to pay is received in exchange for the sale of a product or performance of a service. The promise to pay could be verbal (account receivable) or written (note receivable). Income is generally earned when a legally enforceable exchange takes place (e.g., consideration has been tendered and the buyer takes possession of the product or benefits from the performance of a service). The Company recognizes gains from these life settlement contracts that the company owns upon one of the two following events:

1) Receipt of death notice or verified obituary of insured.

2) Signed sale agreement and/or filing of change of ownership forms and funds transferred to escrow.

Fair Value of Financial Instruments, Policy [Policy Text Block]

Financial Instruments

The fair value of certain of the Company's financial instruments, consisting of cash and cash equivalents, accounts receivable, receivable under reverse repurchase agreement, accounts payable and accrued expenses, interest payable, loans payable and due to provider are estimated to be equal to their carrying value due to the short-term nature of these instruments. Investments in life settlement contracts are classified as held-for-trading and measured at fair value, with the realized and unrealized changes in fair value recognized each reporting period in the statements of operations.

The Company measures the fair value of financial assets and liabilities based on the guidance of ASC 820, Fair Value Measurements and Disclosures which defines fair value, establishes a framework for measuring fair value, and expands disclosures about fair value measurements.

ASC 820 defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. ASC 820 also establishes a fair value hierarchy, which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. ASC 820 describes three levels of inputs that may be used to measure fair value:

Level 1 — quoted prices in active markets for identical assets or liabilities

Level 2 — quoted prices for similar assets and liabilities in active markets or inputs that are observable

Level 3 — inputs that are unobservable (for example, cash flow modeling inputs based on assumptions)

It is management's opinion that the Company is not exposed to significant interest, currency and credit risks arising from these financial instruments. (See Note 8).

Property, Plant and Equipment, Policy [Policy Text Block]

Equipment

Equipment consists of computer hardware and furniture and is recorded at cost. Computer hardware and furniture are depreciated on a straight-line basis over their estimated lives of five years.

Deferred Charges, Policy [Policy Text Block]

Deferred Rent Liability

The Company’s operating lease provides for minimum annual payments that adjust over the life of the lease. The aggregate minimum annual payments are expensed on the straight-line basis over the minimum lease term. The Company recognizes a deferred rent liability for rent escalations when the amount of straight-line rent exceeds the lease payments, and reduces the deferred rent liability when the lease payments exceed the straight-line rent expense.

Income Tax, Policy [Policy Text Block]

Income Taxes

Deferred income taxes are provided for tax effects of temporary differences between the tax basis of asset and liabilities and their reported amounts in the financial statements. The Company uses the liability method to account for income taxes, which requires deferred taxes to be recorded at the statutory rate expected to be in effect when the taxes are paid. Valuation allowances are provided for a deferred tax asset when it is more likely than not that such asset will not be realized.

Management evaluates tax positions taken or expected to be taken in a tax return. The evaluation of a tax position includes a determination of whether a tax position should be recognized in the financial statements, and such a position should only be recognized if the Company determines that it is more likely than not that the tax position will be sustained upon examination by the tax authorities, based upon the technical merits of the position. For those tax positions that should be recognized, the measurement of a tax position is determined as being the largest amount of benefit that is greater than fifty percent likely of being realized upon ultimate settlement.

Earnings Per Share, Policy [Policy Text Block]

Earnings (Loss) per Share

Basic earnings (loss) per share is calculated using the weighted average number of shares of common stock outstanding during the period. Included in basic loss per share calculations are the effects of 6,000,000 warrants exercisable at $.01. Diluted earnings per share reflect the potential dilution that could occur if potentially dilutive securities were exercised or converted to common stock.  The dilutive effect of options and warrants and their equivalent is computed by application of the treasury stock method and the effect of convertible securities by the “if converted” method.

Compensation Related Costs, Policy [Policy Text Block]

Stock-Based Compensation

The Company accounts for stock based compensation arrangements using a fair value method and records such expense on a straight-line basis over the vesting period.

As of August 31, 2012, the Company has not granted any stock options.

New Accounting Pronouncements Policy [Policy Text Block]

Recent Accounting Pronouncements

The FASB has issued Accounting Standards Update (ASU) No. 2010-15, Financial Services—Insurance (Topic 944): How Investments Held through Separate Accounts Affect an Insurer’s Consolidation Analysis of Those Investments.   This ASU codifies the consensus reached in EITF Issue No. 09-B, "Consideration of an Insurer's Accounting for Majority-Owned Investments When the Ownership Is through a Separate Account." The amendments clarify that an insurance entity generally should not consider any separate account interests held for the benefit of policy holders in an investment to be the insurer's interests and should not combine those interests with its general account interest in the same investment when assessing the investment for consolidation. The general guidance does not apply in instances where the separate account interests are held for the benefit of a related party policy holder as defined in the Variable Interest Entities Subsections of Codification Topic 810, Consolidation,   Subtopic 810-10, as those Subsections require the consideration of related parties. ASU 2010-15 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2010. Early adoption is permitted. The adoption of this standard is not expected to have a material impact on the Company’s financial position and results of operations.

Other pronouncements issued by the FASB or other authoritative accounting standards groups with future effective dates are either not applicable or are not expected to be significant to the financial statements of the Company.

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FAIR VALUE OF FINANCIAL INSTRUMENTS

12 Months Ended

Aug. 31, 2012

Fair Value Disclosures [Abstract]

Fair Value Disclosures [Text Block]

8. FAIR VALUE OF FINANCIAL INSTRUMENTS

The following table provides an analysis of Level 3 financial instruments that are re-measured subsequent to initial recognition at fair value. The Company determined that its investment in life settlements is a Level 3 financial instrument and that it has no Level 1 or Level 2 financial instruments:

Reconciliation of Level 3 fair value measurements of financial assets on a recurring basis using unobservable inputs as of August 31, 2012 and 2011:

Unquoted Life Settlement Contracts:	August 31, 2012			August 31, 2011
Beginning balance	$	92,708,076		$	12,313,897
Transfers in:
Purchases of life settlement contracts		-			29,791,549
Change in fair value of life settlement contracts		(26,401,160	)		53,102,630
Transfers out:
Proceeds from maturity of life settlement contract		(1,639,792	)		(2,500,000	)
Ending balance	$	64,667,124		$	92,708,076

The extent to which the fair value could reasonably vary in the near term has been quantified by evaluating the effect of changes in significant underlying assumptions used to estimate the amount. If the discount factors were increased or decreased by 2% while all other variables are held constant, the carrying value of the investment in life settlement policies would be:

	Discount Rate as of August 31, 2012				Discount rate as of August 31, 2011
	+2%		(2%)		+2%		(2%)
Investment in Life Settlement Contracts	$	71,374,173	$	62,434,702	$	85,215,603	$	101,271,273

The Company utilizes the MAPS system for valuations. MAPS is a generally accepted third party pricing system utilized by funds and investors engaged in the purchase and sale of life settlements.

Life expectancy reports are generated by third party medical underwriting firms, such as AVS, 21 ^st Century, EMSI and Fasano. These firms review medical data for an individual and grade using a series of debits and credits. The resulting values are used to generate a life expectancy value. The MAPS system utilizes this life expectancy data to calibrate underlying mortality curves generated for each individual case.

MAPS utilizes the appendixes to the VBT2008 report as a base for mortality projections. This chart established 25 unique values corresponding to 25 statistical values indicative of the next 25 years of a persons life. The value is the statistical probability that the individual will meet an untimely end in that given year. When a life expectancy provider produces a report, it indicates a value at which point a certain individual will achieve a 50% chance, statistically, of dying. This is calculated by randomly making 1000 simulations and calculating an exact point of death for each simulation. The point at which the cumulative deaths equal 500 is the median point or the life expectancy.

In order to calibrate this curve, a multiplier is formulated to cause the median mark to equal the life expectancy value provided by the life expectancy provider. For every case, 1000 simulations are run, each simulation resulting in a unique death month. For example, if a life expectancy equals 50 months, the underlying data would show 500 deaths prior to the 50th month and 500 deaths after the 50th month.

The MAPS system takes the results of the modified life expectancy curve and applies it to the premium and death benefit projections stream. For the 500 deaths prior to the 50th month, utilizing our previous example, it would apply the percentage of the simulated runs that died in each 12 month period to the death benefit and premium schedules to form estimated cash flows. The net present value, using a discount rate defined by the user, of the streams of values created by this method form the indicated value of the policy.

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COMMON STOCK AND WARRANTS

12 Months Ended

Aug. 31, 2012

Stockholders' Equity Note [Abstract]

Stockholders' Equity Note Disclosure [Text Block]

6. COMMON STOCK AND WARRANTS

A. Effective June 1, 2010, the Company adopted an Equity Incentive Plan (the “Plan”), whereby the Company has reserved for issuance up to 10,000,000 shares of its common stock.  The purpose of the Plan is to provide directors, officers and employees of, and consultants, to the Company with additional incentives by increasing their ownership in the Company. Directors, officers, Employees and consultants of the Company are eligible to participate in the Plan. Options in the form of Incentive Stock Options and Non-Statutory Stock Options may be granted under the Plan. Restricted Stock may also be granted under the Plan. The Company issued on September 7, 2010 850,000 shares of restricted stock which were granted on July 9, 2010 to officers and directors with a grant date fair value of approximately $85,000.

In connection with the Common Stock Purchase Agreement dated January 15, 2010 between Belmont Partners, LLC, the then principal stockholder of the Company, and YSY Enterprises, Inc., on September 7, 2010 the Company issued an additional 565,000 (post-split) shares of common stock to an assignee of Belmont in settlement of shares to be issued at closing for the achievement of certain conditions at the time of closing.

During the year ended August 31, 2012 the Company issued 7,120,150 shares of common stock as payment for the 12.5% dividend on the Series A and Series B Preferred Stock. These shares were valued at $4,580,642.

During the year ended August 31, 2012, the Company received 315,148 shares of common stock from the Company’s CEO and former CEO as reimbursement for $44,121 of taxes paid on their behalf. Those shares were returned to the Company’s treasury.

B. During the year ended August 31, 2011, the Company also issued 37,742,500 warrants pursuant to the issuance of 28,450 Series A and 8,850 Series B Preferred Stock.

During the year ended August 31, 2012, the Company also issued 6,350,000 warrants pursuant to the issuance of 6,350 Series A Preferred Stock.

Warrant transactions are summarized as follows:

	Number of warrants			Weighted average exercise price		Weighted average life remaining (in years)
Balance as at September 1, 2010		19,500,000			2.08	5 years
Issued		37,742,500			-
Balance as at August 31, 2011		57,242,500			2.69	4.33 years
Issued		6,350,000
Cancelled		(57,592,500	)		-
Balance as at August 31, 2012		6,000,000			0.01	2.75 years

On July 31, 2012, the Company entered into an agreement (the “Preferred Shares Agreement”) with the Lenders, as holders of the Company’s preferred stock, for the Company’s purchase from the Lenders of an aggregate of 48,300 shares of the Series A and 8,850 shares of Series B Preferred Stock, which represent all of the issued and outstanding shares of preferred stock and which have an aggregate stated value of $57,150,000, for a purchase price of $57,150,000. (The payment will be made by the Company applying all of the proceeds of the Term Loan for such purpose.) As part of the purchase, the Lenders, who also held warrants to purchase 57,592,500 shares of the Company’s stock at exercise prices from $2 and $4 a share, agreed to cancel those warrants.

As of August 31, 2012, there were 6,000,000 warrants outstanding and exercisable with expiration dates commencing June 2015.

Except as set forth, under limited circumstances the warrants do not permit net cash settlement.

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COMMITMENTS

12 Months Ended

Aug. 31, 2012

Commitments and Contingencies Disclosure [Abstract]

Commitments Disclosure [Text Block]

7. COMMITMENTS

Life insurance premiums are future payments required to keep the insurance policies, comprising the Company’s investment in life settlement contracts, intact. As of November 15, 2012, the Company is no longer responsible to make future premium payments required to keep the insurance policies intact. The following tables represent the future premium payments required for each of the five years succeeding August 31, 2012.

At August 31, 2012, the premiums to be paid for each of the five succeeding years for investment in life settlement contracts at fair value are as follows:

Year		Amount
	2013	$	15,796,621
	2014		15,685,559
	2015		15,685,559
	2016		15,685,559
	2017		15,685,559
	Thereafter		165,026,585
		$	243,565,442

At August 31, 2012, the premiums to be paid for each of the five succeeding years for investment in life settlement contracts at investment method are as follows:

Year		Amount
	2013	$	2,776,971
	2014		2,776,971
	2015		2,776,971
	2016		2,776,971
	2017		2,776,971
	Thereafter		32,006,728
		$	45,891,583

The Company entered into an office lease agreement for a period of 10 years and 6 months commencing on June 1, 2010. Future annual lease commitments are as follows:

Year		Amount
	2013		80,169
	2014		100,652
	2015		102,917
	2016		105,233
	2017		108,456
	Thereafter		378,266
		$	875,693

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INCOME TAXES

12 Months Ended

Aug. 31, 2012

Income Tax Disclosure [Abstract]

Income Tax Disclosure [Text Block]

9. INCOME TAXES

Income tax expense consists of the following components at August 31, 2012 and 2011:

	2012			2011
Current tax expense	$	-		$	-
Deferred tax expense (benefit)		(16,640,912	)		19,546,602
Total income tax expense (benefit)	$	(16,640,912	)	$	19,546,602

Income tax expense differed from amounts computed by applying the Federal income tax rate to pre-tax earnings for the years ended August 31, 2012 and 2011, as a result of the following:

	2012			2011
United States statutory rate		(35	)%		35	%
State income taxes		(10	)%		10	%
Increase in valuation allowance and other		2	%		1	%
Combined effective tax rate		(43	)%		46	%

The tax effects of temporary differences that gave rise to significant portions of the deferred tax assets and deferred tax liabilities were as follows:

	August 31, 2012			August 31, 2011
Deferred tax assets:
Equipment	$	6,648		$	2,579
Provider fees		51,750			-
Premiums paid		8,355,876			3,599,077
Capitalized interest expense		10,911			-
Deferred rent		22,201			-
Stock issuances to officers, directors and consultant		103,950			358,007
Start-up expenses		64,689			-
Net operating loss carryforward		1,096,256			-
Gross deferred tax assets		9,712,281			3,959,663
Valuation allowance		(438,254	)		-
Net deferred tax assets		9,274,027			3,959,663
Deferred tax liabilities:
Prepaid insurance		(6,836	)		-
Unrealized gains on life settlement contracts		(13,510,235	)		(25,030,823	)
Net deferred tax liabilities		(13,517,071	)		(25,030,823	)
Total deferred tax liabilities, net	$	(4,243,044	)	$	(21,071,160	)
Summary of net deferred tax liabilities:
Current	$	-		$	-
Non-current		4,243,044			21,071,160
Total deferred tax liabilities, net	$	4,243,044		$	21,071,160

Accounting for Uncertainty in Income Taxes. In June 2006, the FASB issued guidance contained in ASC 740, Income Taxes (formerly FIN 48). The guidance is intended to clarify the accounting for uncertainty in income taxes recognized in a company’s financial statements and prescribes the recognition and measurement of a tax position taken or expected to be taken in a tax return.  ASC 740 also provides guidance on de-recognition, classification, interest and penalties, accounting in interim periods, disclosure and transition.

Under ASC 740, evaluation of a tax position is a two-step process.  The first step is to determine whether it is more likely than not that a tax position will be sustained upon examination, including the resolution of any related appeals or litigation based on the technical merits of that position.  The second step is to measure a tax position that meets the more-likely-than-not threshold to determine the amount of benefit to be recognized in the financial statements.  A tax position is measured at the largest amount of benefit that is greater than 50% likely of being realized upon ultimate settlement.

As of August 31, 2012 and 2011, the Company had approximately $1,096,256 and $0 of federal and state net operating losses (“NOL”), respectively, available for income tax purposes that may be carried forward to offset future taxable income, if any. The federal carryforwards expire in fiscal year ending August 31, 2015. The Company recorded a valuation allowance of $438,254 against its deferred tax asset resulting from its NOL since management concluded that it was more likely than not that the Company would not realize the benefit of this portion of its deferred tax assets by generating sufficient taxable income in future years. 

As of August 31, 2012, the Company has filed income tax returns through the fiscal 2010 tax year. The Company is required to file income tax returns in the United States (federal) and in New York State and City. Based on the Company’s evaluation, it has been concluded that there are no significant uncertain tax positions requiring recognition in the Company’s financial statements. The evaluation was performed for the August 31, 2007 – August 31, 2011 tax years, which remain subject to examination. The Company believes that its income tax positions and deductions would be sustained on audit and does not anticipate any adjustments that would result in material changes to its financial position.

The Company’s policy for recording interest and penalties associated with audits is to record such expense as a component of income tax expense. There are no significant amounts accrued for penalties or interest as of or during the years ended August 31, 2012 and 2011. Management is currently unaware of any issues under review that could result in significant payments, accruals or material deviations from its position.

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PREFERRED STOCK (Details Textual) (USD $)	1 Months Ended				12 Months Ended				1 Months Ended			4 Months Ended	12 Months Ended			1 Months Ended			12 Months Ended			12 Months Ended		1 Months Ended		1 Months Ended		1 Months Ended
	Aug. 31, 2012	Aug. 31, 2011	Jan. 31, 2011	Jun. 30, 2010	Aug. 31, 2012	Aug. 31, 2011	Aug. 12, 2011	Jan. 18, 2011	Aug. 31, 2012 Series A Convertible Preferred Stock [Member]	Jan. 31, 2012 Series A Convertible Preferred Stock [Member]	Jul. 31, 2010 Series A Convertible Preferred Stock [Member]	Feb. 29, 2012 Series A Convertible Preferred Stock [Member]	Aug. 31, 2012 Series A Convertible Preferred Stock [Member]	Aug. 31, 2011 Series A Convertible Preferred Stock [Member]	Jul. 22, 2010 Series A Convertible Preferred Stock [Member]	Aug. 31, 2012 Series B Convertible Preferred Stock [Member]	Jan. 31, 2012 Series B Convertible Preferred Stock [Member]	Apr. 30, 2011 Series B Convertible Preferred Stock [Member]	Aug. 31, 2012 Series B Convertible Preferred Stock [Member]	Aug. 31, 2011 Series B Convertible Preferred Stock [Member]	Apr. 07, 2011 Series B Convertible Preferred Stock [Member]	Aug. 31, 2012 Minimum [Member]	Aug. 31, 2012 Maximum [Member]	Jul. 31, 2012 Dividend Due December [Member]	Jul. 25, 2012 Dividend Due December [Member]	Jul. 31, 2012 Dividend Due June [Member]	Jul. 25, 2012 Dividend Due June [Member]	Jul. 31, 2012 Dividend Due July [Member]
Preferred stock, shares authorized	100,000,000	100,000,000			100,000,000	100,000,000
Preferred stock, par value (in dollars per share)	$ 0.00001	$ 0.00001			$ 0.00001	$ 0.00001			$ 0.00001				$ 0.00001	$ 0.00001	$ 0.00001	$ 0.00001			$ 0.00001	$ 0.00001	$ 25,000
Preferred stock, shares designated									60,000				60,000	60,000	60,000	25,000			25,000	25,000	0.00001
Preferred stock, dividend rate, percentage						12.50%					12.50%		12.50%	12.50%				12.50%	12.50%	12.50%
Convertible Preferred Stock, Shares Conversion													6,000
Warrants Issuance Convertible Preferred Stock Shares Conversion													50
Investment Warrants, Exercise Price													$ 4.00									$ 2	$ 4
Stock Issued During Period, Shares, New Issues				10,000,000								2,500	6,350	41,950					0	2,850
Stock Issued During Period, Value, New Issues	$ 4,580,642				$ 6,350,000	$ 37,300,000
Issuance Of Warrants													1,000						1,050
Exercise Of Warrants One													500						500
Investment Warrants Exercise Price One													$ 2.00						$ 2.00
Exercise Of Warrants Two													500						550
Investment Warrants Exercise Price Two													$ 4.00						$ 4.00
Per share value of preferred stock and warrants issued for cash					$ 1,000	$ 1,000							$ 1,000						$ 1,000
Convertible Preferred Stock, Shares Issued upon Conversion									1,000				1,000			1,000			1,000
Convertible Preferred Stock Initial Conversion Price													$ 1.00						$ 1.00
Convertible Preferred Stock, Terms of Conversion													The Series A convertible preferred shares were convertible at the election of the holder. The conversion right was effective beginning on the earlier of 65 days after the initial issuance of the shares to the holder or the effective date of a registration statement filed by the Company covering the holder's resale of the conversion shares. The earlier of the two dates is the Conversion Date.						The conversion right was effective beginning on the earlier of 65 days after the initial issuance of the shares to the holder or the effective date of a registration statement filed by the Company covering the holder's resale of the conversion shares. The earlier of the two dates is the Conversion Date.
Preferred Stock, Redemption Terms													The holders of the shares of Series A Preferred Stock had the right to redeem the Series A Preferred Stock only upon existence of a Redemption Event. A Redemption Event is within control of the Company. A Redemption Event is described as: (a) Failure of the Company to deliver certificates of conversion to the holders for any reason within 15 days after the Conversion Date and the holder has given 5 days' notice thereof; (b) A change in beneficial ownership of more than 50% of the common stock of the Company within a period of 40 trading days or involuntary change in a majority of the members of the Board of Directors of the Company within a period of 40 days; or (c) Bankruptcy, reorganization, insolvency or liquidation proceedings which are not dismissed within 60 days. If the holder redeems the Series A preferred shares, the Company would have been obligated to pay the holder a redemption amount equal to the sum of (i) the stated value of the redeemed shares multiplied by 102%, if the redemption occurs within 5 years from the initial issuance; (ii) or by 100% if the redemption occurs after the 5 years. In addition, upon redemption, the Company must pay unpaid dividends through the date of such payment.						The holders of the shares of Series B Preferred Stock had the right to redeem the Series B Preferred Stock only upon existence of a Redemption Event. A Redemption Event is within control of the Company. A Redemption Event is described as: (a) Failure of the Company to deliver certificates of conversion to the holders for any reason within 15 days after the Conversion Date and the holder has given 5 days' notice thereof; (b) A change in beneficial ownership of more than 50% of the common stock of the Company within a period of 40 trading days or involuntary change in a majority of the members of the Board of Directors of the Company within a period of 40 days; or (c) Bankruptcy, reorganization, insolvency or liquidation proceedings which are not dismissed within 60 days. If the holder redeems the Series B preferred shares, the Company would have been obligated to pay the holder a redemption amount equal to the sum of (i) the stated value of the redeemed shares multiplied by 102%, if the redemption occurs within 5 years from the initial issuance; (ii) or by 100% if the redemption occurs after the 5 years. In addition, upon redemption, the Company must pay unpaid dividends through the date of such payment.
Dividends Payable, Date to be Paid, Day, Month and Year									Jun. 30, 2012	Dec. 31, 2011						Jun. 30, 2012	Dec. 31, 2011
Stock dividends paid on preferred stock (in shares)		2,350,669	993,921		7,120,150																			3,201,093		3,315,754		603,303
Dividends Payable							4,372,244	2,286,018																	3,233,104		1,160,514	187,024
Deemed Dividend On Issuance Of Preferred Stock Series A And Series B												932,643
Preferred Shares Agreement Initiation Date					Jul. 31, 2012
Stock Issued During Period Shares Purchase Of Preferred Stock													48,300						8,850
Preferred Stock, Value, Issued	0	0			0	0			57,150,000				57,150,000
Preferred Stock Purchase Price	$ 57,150,000				$ 57,150,000
Warrants To Purchase Of Preferred Stock					57,592,500

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COMMON STOCK AND WARRANTS (Tables)

12 Months Ended

Aug. 31, 2012

Stockholders' Equity Note [Abstract]

Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block]

Warrant transactions are summarized as follows:

	Number of warrants			Weighted average exercise price		Weighted average life remaining (in years)
Balance as at September 1, 2010		19,500,000			2.08	5 years
Issued		37,742,500			-
Balance as at August 31, 2011		57,242,500			2.69	4.33 years
Issued		6,350,000
Cancelled		(57,592,500	)		-
Balance as at August 31, 2012		6,000,000			0.01	2.75 years

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SIGNIFICANT ACCOUNTING POLICIES (Details Textual) (USD $)	1 Months Ended	12 Months Ended
	Aug. 31, 2012	Aug. 31, 2012	Aug. 31, 2011
Receivable under reverse repurchase agreement	$ 0	$ 0	$ 3,368,593
Investment in life settlement contracts at investment method	4,334,012	4,334,012	0
Life Insurance Underwritten Term		5 years
Warrants Exercisable Effects On Earnings Per Share		6,000,000
Warrants Exercisable Per Share Effects On Earnings Per Share		$ 0.01
Transfer Of Receivable Under Reverse Repurchase To Investment In Lifes Settlement Contracts At Investment Method	$ 3,503,260	$ 3,503,260	$ 0

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UNAUDITED PROFORMA FINANCIAL INFORMATION ( Details) (USD $)	Aug. 31, 2012	Aug. 31, 2011	Aug. 31, 2010
ASSETS
Cash and cash equivalents	$ 233,050	$ 1,917,896	$ 3,498,525
Investment in life settlement contracts at investment method	4,334,012	0
Prepaid expenses	15,192	45,044
Total current assets	4,582,254	6,723,283
Equipment, net	66,129	90,082
Security deposit	56,688	56,688
Investment in life settlement contracts at fair value	64,667,124	92,708,076	12,313,897
Deferred income taxes	911,314
TOTAL ASSETS	69,372,195	99,578,129
LIABILITIES
Accounts payable and accrued expenses	441,297	44,607
Interest payable	626,710	0
Loan payable	59,450,000	0
Total current liabilities	60,518,007	612,607
Deferred rent	49,335	42,148
TOTAL LIABILITIES	64,810,386	21,725,915
STOCKHOLDERS' EQUITY
Preferred stock ($0.00001 par value; 100,000,000 authorized; of which 60,000 are designated as Series A 12.5% convertible preferred stock; No Series A issued and outstanding ( August 31, 2011 - 41,950 issued and outstanding) of which 25,000 are designated as Series B 12.5% convertible preferred stock; No Series B issued and outstanding ( August 31, 2011 - 8,850 issued and outstanding)	0	0
Common stock ($0.00001 par value; 500,000,000 authorized; 92,544,747 issued and 92,229,599 outstanding) (August 31, 2011 - 85,424,597 issued and outstanding)	925	854
Additional paid in capital	51,486,890	96,773,677
Treasury stock, at cost (315,148 shares of common stock) (August 31, 2011- No shares of common stock)	(44,121)	0
Accumulated deficit	(46,881,885)	(18,922,317)
Total Stockholders' Deficit	4,561,809	77,852,214	16,383,343
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT	69,372,195	99,578,129
Series A Convertible Preferred Stock [Member]
STOCKHOLDERS' EQUITY
Preferred stock ($0.00001 par value; 100,000,000 authorized; of which 60,000 are designated as Series A 12.5% convertible preferred stock; No Series A issued and outstanding ( August 31, 2011 - 41,950 issued and outstanding) of which 25,000 are designated as Series B 12.5% convertible preferred stock; No Series B issued and outstanding ( August 31, 2011 - 8,850 issued and outstanding)	57,150,000
Pro Forma [Member]
ASSETS
Cash and cash equivalents	233,050
Investment in life settlement contracts at investment method	0
Prepaid expenses	15,192
Total current assets	248,242
Equipment, net	66,129
Security deposit	56,688
Investment in life settlement contracts at fair value	0
Deferred income taxes	911,314
TOTAL ASSETS	1,282,373
LIABILITIES
Accounts payable and accrued expenses	441,297
Interest payable	626,710
Loan payable	2,300,000
Total current liabilities	3,368,007
Deferred rent	49,335
TOTAL LIABILITIES	3,417,342
STOCKHOLDERS' EQUITY
Preferred stock ($0.00001 par value; 100,000,000 authorized; of which 60,000 are designated as Series A 12.5% convertible preferred stock; No Series A issued and outstanding ( August 31, 2011 - 41,950 issued and outstanding) of which 25,000 are designated as Series B 12.5% convertible preferred stock; No Series B issued and outstanding ( August 31, 2011 - 8,850 issued and outstanding)	0
Common stock ($0.00001 par value; 500,000,000 authorized; 92,544,747 issued and 92,229,599 outstanding) (August 31, 2011 - 85,424,597 issued and outstanding)	925
Additional paid in capital	51,486,890
Treasury stock, at cost (315,148 shares of common stock) (August 31, 2011- No shares of common stock)	(44,121)
Accumulated deficit	(53,578,663)
Total Stockholders' Deficit	(2,134,969)
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT	1,282,373
Pro Forma [Member] | Series A Convertible Preferred Stock [Member]
STOCKHOLDERS' EQUITY
Preferred stock ($0.00001 par value; 100,000,000 authorized; of which 60,000 are designated as Series A 12.5% convertible preferred stock; No Series A issued and outstanding ( August 31, 2011 - 41,950 issued and outstanding) of which 25,000 are designated as Series B 12.5% convertible preferred stock; No Series B issued and outstanding ( August 31, 2011 - 8,850 issued and outstanding)	0
Pro Forma [Member] | Series B Convertible Preferred Stock [Member]
STOCKHOLDERS' EQUITY
Preferred stock ($0.00001 par value; 100,000,000 authorized; of which 60,000 are designated as Series A 12.5% convertible preferred stock; No Series A issued and outstanding ( August 31, 2011 - 41,950 issued and outstanding) of which 25,000 are designated as Series B 12.5% convertible preferred stock; No Series B issued and outstanding ( August 31, 2011 - 8,850 issued and outstanding)	$ 0

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FAIR VALUE OF FINANCIAL INSTRUMENTS (Details) (USD $)	12 Months Ended
	Aug. 31, 2012	Aug. 31, 2011
Beginning balance	$ 92,708,076	$ 12,313,897
Transfers in:
Purchases of life settlement contracts	0	29,791,549
Change in fair value of life settlement contracts	(26,401,160)	53,102,630
Transfers out:
Proceeds from maturity of life settlement contract	0	(2,500,000)
Ending balance	$ 64,667,124	$ 92,708,076

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CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)	12 Months Ended
	Aug. 31, 2012	Aug. 31, 2011
OPERATING ACTIVITIES
Net income (loss)	$ (22,446,284)	$ 22,903,341
Adjustments to reconcile net income to net cash (used in) operations
Issuances of common stock for services	0	1,265,530
Unrealized changes in fair value of life settlement contracts	25,890,307	(50,865,130)
Realized gain on maturity of life settlement contract	0	(2,237,500)
Realized gain on sale of life settlement contracts at fair value	510,853	0
Realized gain on sale of life settlement contracts at investment method	(319,843)	(138,846)
Stock forfeited by stockholders to settle payment of withholding tax on behalf of such stockholders	(44,121)	0
Depreciation	23,953	23,954
Deferred rent	7,187	42,148
Deferred income taxes	(16,828,116)	19,546,602
Changes in operating assets and liabilities
Accounts receivable	1,263,000	(1,263,000)
Insurance purchase escrow	128,750	2,071,250
Prepaid expenses	29,852	42,607
Accounts payable and accrued expenses	396,690	(318,289)
Interest payable	626,710	0
Due to provider	(568,000)	568,000
Net cash used in operating activities	(11,329,062)	(8,359,333)
INVESTING ACTIVITIES
Purchases of life settlement contracts	0	(30,347,703)
Proceeds from maturity of life settlement contract	0	2,500,000
Proceeds from sale of life settlement contracts at fair value	1,639,792	0
Proceeds from sale of life settlement contracts at investment method	897,234	695,000
Investment in life settlement contracts at investment method	(1,408,143)	0
Investment in reverse repurchase agreement	(134,667)	(3,568,593)
Maturity of reverse repurchase agreement	0	200,000
Net cash provided by (used in) investing activities	994,216	(30,521,296)
FINANCING ACTIVITIES
Proceeds from issuance of preferred stock	6,350,000	37,300,000
Proceeds from revolver loan payable	2,300,000	0
Proceeds from shareholder loan	975,000	0
Payment of shareholder loan	(975,000)	0
Net cash provided by financing activities	8,650,000	37,300,000
Change in cash and cash equivalents	(1,684,846)	(1,580,629)
Cash and cash equivalents, beginning	1,917,896	3,498,525
Cash and cash equivalents, ending	233,050	1,917,896
Supplemental disclosure of non-cash investing activity:
Transfer of receivable under reverse repurchase to investment in life settlement contracts at investment method	3,503,260	0
Term loan issued for repurchase of preferred stock	$ 57,150,000	$ 0

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INVESTMENT IN LIFE SETTLEMENT CONTRACTS

12 Months Ended

Aug. 31, 2012

Investments, All Other Investments [Abstract]

Life Settlement Contracts, Disclosure [Text Block]

3. INVESTMENT IN LIFE SETTLEMENT CONTRACTS

The Company purchases life settlement contracts for long-term investment purposes and uses the fair value method to calculate its life settlement portfolio. For those life settlement contracts held as a receivable under reverse repurchase agreement in the prior year, the Company elected to account for them under the investment method upon expiration of the repurchase agreement. The Company purchased these policies under a reverse repurchase agreement as a short-term investment for the purpose of reselling them to other investors.

When using fair value to measure assets and liabilities that are not actively trading, the Company follows the principles that clarify methods for measuring fair value when pricing these assets and liabilities. Further, the Company follows standards for the fair value option, which permits all entities to choose to measure eligible items at fair value at specified election dates. These standards state that a business entity shall report unrealized gains and losses on items for which the fair value option has been elected in earnings at each subsequent reporting date.

As of August 31, 2012 and August 31, 2011, the Company had the following investments in life settlement contracts:

	Number of Contracts		Estimated Fair Value		Face Value
August 31, 2011		39	$	92,708,076	$	274,750,633
August 31, 2012		37	$	64,667,124	$	265,143,373

The following tables represent the remaining life expectancies for each of the first five succeeding years as of August 31, 2012 and August 31, 2011 for life settlement contracts at fair value:

Remaining Life Expectancies as of August 31, 2012

Number of Contracts	Life Expectancies	Face Value		Carrying Value
-	0-1 years	$	-	$	-
1	1-2 years		10,000,000		5,658,201
5	2-3 years		71,400,000		29,088,908
2	3-4 years		17,200,000		5,413,865
2	4-5 years		15,500,000		4,319,836
27	Thereafter		151,043,373		20,186,314
		$	265,143,373	$	64,667,124

Remaining Life Expectancies as of August 31, 2011

Number of Contracts	Life Expectancies	Face Value		Carrying Value
-	0-1 years	$	-	$	-
1	1-2 years		10,000,000		5,885,531
-	2-3 years		-		-
6	3-4 years		74,000,000		36,136,627
2	4-5 years		17,200,000		6,379,423
30	Thereafter		173,550,633		44,306,495
		$	274,750,633	$	92,708,076

The following table represents the remaining life expectancies for each of the first five succeeding years as of August 31, 2012 for life settlement contracts under the investment method:

Remaining Life Expectancies as of August 31, 2012

Number of Contracts	Life Expectancies	Face Value		Carrying Value
-	0-1 years	$	-	$	-
-	1-2 years		-		-
-	2-3 years		-		-
-	3-4 years		-		-
3	4-5 years		8,000,000		1,309,745
8	Thereafter		42,500,000		3,024,267
		$	50,500,000	$	4,334,012

For the years ended August 31, 2012 and 2011, the investments experienced an unrealized loss of $35,329,432 and an unrealized gain of $43,131,633 respectively and the Company paid policy premiums of $9,903,638 and $7,733,497 respectively.  

The fair value of life settlement contracts is based on information available to the Company at period end. The Company considers the following factors in its fair value estimates: cost at date of purchase; recent purchases and sales of similar investments, financial standing of the issuer, changes in economic conditions affecting the issuer; standard actuarially developed mortality tables and industry life expectancy reports. The Company uses life expectancy reports that have been issued no later than 24 months from the ending date of the year being reported. Life expectancy reports are currently ordered from any two of the following life expectancy providers; AVS, 21^st Century, EMSI, ISC and Fasano. The Company considers that the underlying methodology of the life expectancy providers is an adequate gauge for calculating health status of the individual insured. Life expectancy data is used to simulate random possibilities of maturity, which form the basis for a statistical calculation that underlies our market valuations.

 The fair value of the life settlement contracts are estimated using present value calculations. The following assumptions were used at August 31, 2012 and 2011:

	August 31, 2012	August 31, 2011
Dataset	VBT ALB Mortality Table		VBT ALB Mortality Table
Expected premium growth	5%		5%
Mortality rates	Standard life expectancy		Standard life expectancy
Discount rate	20%/25%		14%

The discount rate used to calculate the present value of the life settlement contracts was determined based on the following at August 31, 2012:

The Company utilizes actuarial pricing methodologies and software tools that are built and supported by leading independent actuarial service firms such as Milliman USA and Modeling Actuarial Pricing Systems, Inc. (“MAPS”) for calculating expected returns. The MAPS (formerly Milliman) system is the most widely used platform for generating mortality reports. The Company uses life expectancy data from major non-related third-party life expectancy data providers. MAPS uses the life expectancy data and calculates a multiplier to the VBT data to reflect the current state of health of the insured. MAPS generates a report encompassing three individual valuations, two valuations based on two separate life expectancy reports and one valuation based on the weighted average of the two life expectancy values. The Company utilizes the valuation generated from the larger life expectancy value. The next step in the valuation process is determining the appropriate discount rate for the asset type. The discount rate incorporates current information about market interest rates, the credit exposure to the insurance company that issued the life settlement contracts and the Company’s estimate of the risk premium an investor in the policy would require. The Company believes that investors in alternative investments typically target yields averaging between 13 - 16% for investments of more than a 5 year duration. A 16% rate of return over a five year duration is a reasonable target for investments that are highly illiquid, relatively new and more volatile (i.e. life settlement contracts) than standard investments. In recent months, there have been a number of government investigations of several life settlement companies. These investigations, and subsequent Securities and Exchange Commision Inforcement Actions, in one instance, have caused a temporary dislocation in the life settlement market. Liquidity has tightened even further. The current market is still in a state of flux brought on by economic circumstances in Europe (traditionally the largest investors in the life settlement markets). These factors have caused investors in life settlements to demand a higher yield (averaging between 20 – 25%) because of the perceived risk in life settlements. Additionally, in the past 6 months, the Company, in the normal course of business, sold two fair value policies (each with face amounts below $15 million) to another investor, for a discount rate of between 19% and 22%. Additionally, in discussions with investors for potential debt offerings, and in discussions with other investors for potential sales of policies, the discount rate, for policies with face amounts below $15 million, indicated a rate of between 18% and 22%. For policies with face amounts above $15 million, of which there are fewer purchasers present, investors indicated a rate of between 25% and 28%. In light of all of these factors, the Company believes the perceived risk or uncertainty over these assets has changed and therefore the risk premium an investor would require has changed, therefore, in the third quarter ending May 31, 2012, management made a change in accounting estimate and adjusted its discount rate from 16% to 20%, for policies with face amounts below $15 million, and to 25%, for policies with face amounts above $15 million. Additionally, management has elected to report the more conservative of the values generated by the MAPS system, by utilizing the values linked to the longer life expectancy report. Management believes that a more conservative discount rate is appropriate due to the recent sales of policies and in discussions with other investors in the life settlements market. 

At August 31, 2011, the discount rate was determined based on the following:

In the process of developing a benchmark from which to measure valuation, the Company uses the average redemption yield on the FINRA/Bloomberg High Yield US Corporate Bond Index as a starting point. This index measures the average yield on the highest risk debt obligations traded in the market and serves as a strong indicator of the yield that professional investors would require for similar types of assets. Traditionally, this index yields between 10 – 12%, therefore we added 250 - 350 basis points to the current index yield to account for the current uncharacteristically depressed high yield corporate bond market plus an additional 250 - 350 basis points for the highly illiquid and relatively new life settlements asset class. Our assumption is that short term US Treasuries typically trade in the 250 - 350 BP range. Given the current depressed market rates we have added 250 - 350 BP and will adjust this inversely to the short term Treasuries. As Treasuries rise the spread rate will diminish keeping the discount rate in line with the market. As the life settlement market continues to mature and the investment pools will become better managed the risk will diminish and the asset class will become more liquid. Current market players are better capitalized and understand the asset characteristics at a higher level. As such the discount rate should reflect a maturing market.

The Company believes that investors in alternative investments typically target yields averaging between 13 - 16% for investments of more than a 5 year duration. A 14% rate of return over a five year duration is a reasonable target for investments that are highly illiquid, relatively new and more volatile (i.e. life settlement contracts) than standard investments. Management made a change in accounting estimate and adjusted its discount rate from 11.85% to 14% in the third quarter ending May 31, 2011, since management believes that a more conservative discount rate is appropriate due to the continued credit crunch in the market and in discussions with potential deals with other investors in the life settlements market.

The result of applying these assumptions and using Monte Carlo simulations for the years ended August 31, 2012 and 2011 is as follows:

	August 31, 2012			August 31, 2011
Total Pool Benefit	$	265,143,373		$	274,750,633
Average predicted period until final pool maturity		7.90 yrs			9.03 yrs
Average simulated maturities over age 90		54	%		54	%
Average age at August 31, 2012		83			82
Average age at maturity		91			91

The assumptions are, by their nature, inherently uncertain and the effect of changes in estimates may be significant. The fair value measurements used in estimating the present value calculations are derived from valuation techniques that include inputs for the asset that are not based on observable market data. The risks associated with the investments in life settlement contracts arise from the unknown remaining life expectancy, a change in credit worthiness of the policy issuer, funds needed to maintain the asset, and changes in the discount rate (See Note 8).

All of the Company’s life settlement contracts were forfeited and transferred to the agent of the Lenders on November 15, 2012.

XML

INVESTMENT IN LIFE SETTLEMENT CONTRACTS (Details) (USD $)	Aug. 31, 2012	Aug. 31, 2011	Aug. 31, 2010
Life Expectancies, Number of Contracts	37	39
Life Expectancies, Estimated Fair Value	$ 64,667,124	$ 92,708,076	$ 12,313,897
Life Expectancies, Face Value	$ 265,143,373	$ 274,750,633

XML

COMMITMENTS (Details 1) (Life Insurance Segment [Member], USD $)	Aug. 31, 2012
Life Insurance Segment [Member]
2013	$ 2,776,971
2014	2,776,971
2015	2,776,971
2016	2,776,971
2017	2,776,971
Thereafter	32,006,728
Total	$ 45,891,583

XML

INVESTMENT IN LIFE SETTLEMENT CONTRACTS (Tables)

12 Months Ended

Aug. 31, 2012

Investments, All Other Investments [Abstract]

Schedule Of Life Settlement Contracts Fair Value Method and Investment Method [Table Text Block]

As of August 31, 2012 and August 31, 2011, the Company had the following investments in life settlement contracts:

	Number of Contracts		Estimated Fair Value		Face Value
August 31, 2011		39	$	92,708,076	$	274,750,633
August 31, 2012		37	$	64,667,124	$	265,143,373

Schedule Of Life Settlement Contracts Fair Value Method Maturing In Remainder [Table Text Block]

The following tables represent the remaining life expectancies for each of the first five succeeding years as of August 31, 2012 and August 31, 2011 for life settlement contracts at fair value:

Remaining Life Expectancies as of August 31, 2012

Number of Contracts	Life Expectancies	Face Value		Carrying Value
-	0-1 years	$	-	$	-
1	1-2 years		10,000,000		5,658,201
5	2-3 years		71,400,000		29,088,908
2	3-4 years		17,200,000		5,413,865
2	4-5 years		15,500,000		4,319,836
27	Thereafter		151,043,373		20,186,314
		$	265,143,373	$	64,667,124

Remaining Life Expectancies as of August 31, 2011

Number of Contracts	Life Expectancies	Face Value		Carrying Value
-	0-1 years	$	-	$	-
1	1-2 years		10,000,000		5,885,531
-	2-3 years		-		-
6	3-4 years		74,000,000		36,136,627
2	4-5 years		17,200,000		6,379,423
30	Thereafter		173,550,633		44,306,495
		$	274,750,633	$	92,708,076

Schedule Of Life Settlement Contracts, Investment Method [Table Text Block]

The following table represents the remaining life expectancies for each of the first five succeeding years as of August 31, 2012 for life settlement contracts under the investment method:

Remaining Life Expectancies as of August 31, 2012

Number of Contracts	Life Expectancies	Face Value		Carrying Value
-	0-1 years	$	-	$	-
-	1-2 years		-		-
-	2-3 years		-		-
-	3-4 years		-		-
3	4-5 years		8,000,000		1,309,745
8	Thereafter		42,500,000		3,024,267
		$	50,500,000	$	4,334,012

Fair Value Of Life Settlement Contracts Present Value Calculation [Table Text Block]

The fair value of the life settlement contracts are estimated using present value calculations. The following assumptions were used at August 31, 2012 and 2011:

	August 31, 2012	August 31, 2011
Dataset	VBT ALB Mortality Table		VBT ALB Mortality Table
Expected premium growth	5%		5%
Mortality rates	Standard life expectancy		Standard life expectancy
Discount rate	20%/25%		14%

Schedule Of Life Settlement Contracts Fair Value Assumptions [Table Text Block]

The result of applying these assumptions and using Monte Carlo simulations for the years ended August 31, 2012 and 2011 is as follows:

	August 31, 2012			August 31, 2011
Total Pool Benefit	$	265,143,373		$	274,750,633
Average predicted period until final pool maturity		7.90 yrs			9.03 yrs
Average simulated maturities over age 90		54	%		54	%
Average age at August 31, 2012		83			82
Average age at maturity		91			91