Summary of Significant Accounting Policies (Tables)

9 Months Ended

May 31, 2014

Summary Of Significant Accounting Policies Tables

Basic and diluted net loss per share

	May 31, 2014	May 31, 2013
Convertible notes	13,889		-
Options to purchase common stock	1,875		-
Warrants to purchase common stock	6,305,556		-
Totals	6,321,320		-

Accompanying consolidated financial statements

	Level 1		Level 2		Level 3		Total
Derivative liability	$	-	$	-	$	-	$	-
As of August 31, 2013	$	-	$	-	$	-	$	-
Warrant liability		-		-		4,602,640		4,602,640
Derivative liability	$	-	$	-	$	8,191	$	8,191
As of May 31, 2014	$	-	$	-	$	4,610,831	$	4,610,831

Summary of changes in the fair value of the Company’s Level 3 financial liabilities (derivative liability)

		Warrant		Derivative
		Liability		Liability
Balance, August 31, 2013	$	-		$	-
Fair value of acquired derivative at date of merger		5,943,429			11,566
Mark-to-market at May 31, 2014		(1,340,789	)		(3,375	)
Balance, May 31, 2014	$	4,602,640		$	8,191