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Subsequent Event
6 Months Ended
Feb. 29, 2020
Subsequent Events [Abstract]  
SUBSEQUENT EVENT

NOTE 7 - SUBSEQUENT EVENT:

 

On February 27, 2020, the Company entered into an underwriting agreement ("Agreement") with National Securities Corporation ("Underwriter"), in connection with a public offering ("Offering") of 5,250,000 shares of the Company's common stock, at an offering price of $4.00 per share. Under the terms of the Agreement, the Company granted the Underwriter a 45-day option to purchase from the Company up to an additional 787,500 shares of common stock at the public offering price. In connection with the Offering, the Company also agreed to issue to the Underwriter, or its designees, warrants ("Underwriter's Warrants"), to purchase up to an aggregate of 7% of the shares of common stock sold in the Offering (including any additional shares sold during the 45-day option period), at an exercise price of $4.80 per share. The Underwriter's Warrants issued in the Offering will be exercisable at any time and from time to time, in whole or in part, commencing six months from issuance for a period of three years from the date of issuance. The closing of the sale of the Offering occurred on March 2, 2020. The net proceeds to the Company from the Offering, after deducting the Underwriter's fees and expenses and the Company's Offering expenses were approximately $19,292.