Acquired License Rights For Intellectual Property

9 Months Ended

May 31, 2017

Acquired License Rights For Intellectual Property [Abstract]

Acquired License Rights For Intellectual Property

NOTE 5 – ACQUIRED LICENSE RIGHTS FOR INTELLECTUAL PROPERTY

During the quarter ended May 31, 2017, we acquired the license rights for certain intellectual property owned by Higher Moment, LLC for $0.8 million.  The intellectual property is in part based on works authored and developed by Dr. Clayton Christensen, a well-known author and lecturer, who is a member of our Board of Directors.  However, Dr. Christensen does not have an ownership interest in Higher Moment, LLC.  The initial license period is five years and the agreement may be renewed for successive five-year periods for $0.8 million at each renewal date.  The agreement may be terminated by either party at any time, but if we choose to terminate the agreement prior to the third renewal date, we are required to pay $0.3 million to Higher Moment, LLC.