Infinity Augmented Reality (ALSO) 10-Q 14 Jan 14 2014 Q1 Quarterly report Financial data

Document_And_Entity_Informatio

Document And Entity Information	3 Months Ended
	Nov. 30, 2013	Dec. 31, 2013
Document and Entity Information [Abstract]	'	'
Entity Registrant Name	'Infinity Augmented Reality, 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	'	93,984,019
Document Type	'10-Q	'
Amendment Flag	'false	'
Document Period End Date	30-Nov-13	'
Document Fiscal Period Focus	'Q1	'
Document Fiscal Year Focus	'2014	'

CONDENSED_CONSOLIDATED_BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS (USD $)	Nov. 30, 2013	Aug. 31, 2013
ASSETS	'	'
Cash and cash equivalents	$349,390	$431,760
Convertible note receivable	50,000	50,000
Prepaid expenses and other receivables	42,562	21,355
Total current assets	441,952	503,115
Leasehold improvements and equipment, net	153,071	126,108
Security deposit and other long-term receivables	97,632	86,272
Noncurrent assets of discontinued operations	145,781	145,781
TOTAL ASSETS	838,436	861,276
LIABILITIES	'	'
Accounts payable and accrued expenses	363,315	371,598
Interest payable	11,326	3,906
Current liabilities of discontinued operations	775,000	775,000
Total current liabilities	1,149,641	1,150,504
Convertible debentures, net of debt discount	321,162	128,327
TOTAL LIABILITIES	1,470,803	1,278,831
COMMITMENTS AND CONTINGENT LIABILITIES	'	'
STOCKHOLDERS' DEFICIT	'	'
Common stock ($ 0.00001 par value; 500,000,000 authorized; 93,984,019 issued and 93,628,551 outstanding at November 30, 2013 and 93,584,759 issued and 93,229,291 outstanding at August 31, 2013	940	936
Additional paid in capital	58,924,628	57,938,675
Treasury stock, at cost 355,468 shares of common stock November 31, 2013 and August 31, 2012	-49,766	-49,766
Accumulated deficit	-59,500,946	-58,305,978
Accumulated other comprehensive income (loss)	-7,223	-1,422
Total Stockholders' Deficit	-632,367	-417,555
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT	$838,436	$861,276

CONDENSED_CONSOLIDATED_BALANCE1

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $)	Nov. 30, 2013	Aug. 31, 2013
Common stock, par value (in dollars per share)	$0.00	$0.00
Common stock, shares authorized	500,000,000	500,000,000
Common stock, shares issued	93,984,019	93,584,759
Common stock, shares outstanding	93,628,551	93,229,291
Treasury stock	355,468	355,468

CONDENSED_CONSOLIDATED_STATEME

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (USD $)	3 Months Ended		12 Months Ended
	Nov. 30, 2013	Nov. 30, 2012	Nov. 30, 2013
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS [Abstract]	'	'	'
Research and Development expenses	($344,799)	'	($478,503)
Marketing expenses	-42,398	'	-76,765
General and administrative expenses	-688,036	-260,670	-7,180,883
Total Operating expenses	-1,075,233	-260,670	-7,736,151
Other expense	'	'	'
Foreign exchange gain	11,195	'	4,059
Interest expense	-130,931	'	-198,598
Loss from continuing operations before income tax	-1,194,969	-260,670	-7,930,690
Income tax provision	'	-162,869	-78,637
Loss from continuing operations	-1,194,969	-423,539	-8,009,327
Loss from discontinued operations (including loss on disposal of life settlement contracts of $8,438,584 for the three months ended November 30, 2012), net of tax	'	-4,264,642	'
Net loss	-1,194,969	-4,688,181	-8,009,327
Basic and diluted loss per common share	'	'	'
Continuing operations	($0.01)	($0.01)	'
Discontinued operations	'	($0.04)	'
Net loss per common share	($0.01)	($0.05)	'
Basic weighted average shares outstanding	99,281,941	98,229,599	'
Diluted weighted average shares outstanding	99,281,941	98,229,599	'
Net loss	-1,194,969	-4,688,181	-8,009,327
Foreign currency translation adjustments	-5,801	'	-7,223
Comprehensive loss	($1,200,770)	($4,688,181)	($8,016,550)

CONDENSED_CONSOLIDATED_STATEME1

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Parenthetical) (USD $)	3 Months Ended
	Nov. 30, 2012
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS [Abstract]	'
Loss on disposal of life settlement contracts	$8,438,584

CONDENSED_CONSOLIDATED_STATEME2

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)	3 Months Ended		12 Months Ended
	Nov. 30, 2013	Nov. 30, 2012	Nov. 30, 2013
Operating activities:	'	'	'
Net loss	$1,194,969	$4,688,181	$8,009,327
Loss from discontinued operations	'	4,264,642	'
Adjustments to reconcile net loss to net cash (used in) provided by operations	'	'	'
Amortization of debt discount	117,228	'	178,446
Stock-based compensation	21,638	1,708	4,533,000
Foreign exchange gain on investment in subsidiary	-11,195	'	-4,059
Stock forfeited by stockholders to settle payment of withholding tax on behalf of such stockholders	'	'	-5,645
Payment-in-kind interest on shareholders loan	'	'	2,543
Loss on disposition of equipment	25,385	'	38,546
Depreciation and amortization	9,491	5,988	31,409
Deferred rent	'	17,163	-63,638
Deferred income taxes	'	162,869	78,637
Changes in operating assets and liabilities	'	'	'
Prepaid expenses and other receivables	-20,921	-4,341	-23,713
Security deposit	-9,153	'	-38,375
Accounts payable and accrued expenses	-11,122	-23,308	8,216
Interest payable	7,420	'	11,326
Net cash used in operating activities- continuing operations	-1,066,198	-263,460	-3,262,634
Net cash (used in) provided by operating activities- discontinued operations	'	-12,666,845	5,858,675
Net cash (used in) provided by operating activities	-1,066,198	-12,930,305	2,596,041
Investing activities:	'	'	'
Payment for purchase of convertible note	'	'	-50,000
Proceeds received from sale of equipment	'	'	5,200
Purchase of leasehold improvements and equipment	-59,039	'	-163,864
Net cash used in investing activities- continuing operations	-59,039	'	-208,664
Net cash provided by investing activities- discontinued operations	'	9,756,718	'
Net cash (used in) provided by investing activities	-59,039	9,756,718	-208,664
Financing activities :	'	'	'
Proceeds from convertible debentures	1,000,000	'	2,725,000
Proceeds from exercise of stock options	39,926	'	119,926
Proceeds from shareholder loan	'	'	200,000
Net cash provided by financing activities- continuing operations	1,039,926	'	3,044,926
Net cash (used in) provided by financing activities- discontinued operations	'	3,671,000	-5,135,000
Net cash (used in) provided by financing activities	1,039,926	3,671,000	-2,090,074
Effect of exchange rate on cash and cash equivalents	2,941	'	-6,033
Change in cash and cash equivalents	-82,370	497,413	291,270
Cash and cash equivalents, beginning	431,760	4,885	58,120
Cash and cash equivalents of continuing operations, ending	349,390	502,298	349,390
Conversion of shareholder loan into convertible debentures	'	'	202,543
Warrants issued in connection with convertible debentures	370,153	'	1,188,865
Fair value of conversion option	$554,240	'	$1,595,962

NATURE_AND_CONTINUANCE_OF_OPER

NATURE AND CONTINUANCE OF OPERATIONS	3 Months Ended
	Nov. 30, 2013
NATURE AND CONTINUANCE OF OPERATIONS [Abstract]	'
NATURE AND CONTINUANCE OF OPERATIONS	'
	NOTE 1:	NATURE AND CONTINUANCE OF OPERATIONS
	Infinity Augmented Reality, 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 was no longer classified as a development stage company.
	Effective November 15, 2012, the Company was 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 is currently classified as a development stage company. All of the operations related to the Company's life settlements business are reported as discontinued operations in the unaudited condensed consolidated financial statements. As discussed in Note 3, the prior period operations related to this business have also been reclassified as discontinued operations retrospectively for all periods presented.
	During the year ended August 31, 2012, the Company formed a wholly-owned subsidiary Infinity Augmented Reality, LLC ("IAR Subsidiary") and commenced activities to enable it to be actively engaged in the development of software applications which will utilize augmented reality. Effective March 7, 2013, the Company changed its name from Absolute Life Solutions, Inc. to Infinity Augmented Reality, Inc. On that same date, the IAR Subsidiary was merged into the Company. Effective June 30, 2013, the Company formed a wholly owned Israeli subsidiary, Infinity Augmented Reality Israel Ltd. ("Infinity Israel"). The Company is actively engaged in the development of software applications which will utilize augmented reality. The Company intends to develop a comprehensive augmented reality platform for consumers. The Company'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.
	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 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.

SIGNIFICANT_ACCOUNTING_POLICIE

SIGNIFICANT ACCOUNTING POLICIES	3 Months Ended
	Nov. 30, 2013
SIGNIFICANT ACCOUNTING POLICIES [Abstract]	'
SIGNIFICANT ACCOUNTING POLICIES	'
	NOTE 2:	SIGNIFICANT ACCOUNTING POLICIES
	Basis of Presentation
	The accompanying unaudited condensed consolidated financial statements as of November 30, 2013 and for the three months ended November 30, 2013 and 2012 and for the period from November 15, 2012 through November 30, 2013 have been prepared in accordance with the accounting principles generally accepted in the United States of America ("GAAP") for interim financial information and pursuant to the instructions to Form 10-Q and Article 8 of Regulation S-X of the Securities and Exchange Commission ("SEC") and on the same basis as the annual audited financial statements. The unaudited condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiary. All significant intercompany accounts and transactions are eliminated in the consolidation process. The unaudited condensed consolidated Balance Sheet as of November 30, 2013, condensed consolidated Statements of Operations and Comprehensive loss for the three months ended November 30, 2013 and 2012 and for the period from November 15, 2012 through November 30, 2013, and condensed consolidated Statements of Cash Flows for the three months ended November 30, 2013 and 2012 and for the period from November 15, 2012 through November 30, 2013, are unaudited, but include all adjustments, consisting only of normal recurring adjustments, which the Company considers necessary for a fair presentation of the financial position, operating results and cash flows for the period presented. The results for the three months ended November 30, 2013 are not necessarily indicative of results to be expected for the year ending August 31, 2014 or for any future interim period. In addition, the balance sheet data at August 31, 2013 was derived from the audited financial statements but does not include all disclosures required by GAAP. The accompanying financial statements should be read in conjunction with the Company's consolidated financial statements and notes thereto included in the Company's Annual Report on Form 10-K, which was filed with the SEC on December 23, 2013.
	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 the value of warrants and options and deferred income tax amounts and rates and timing of the reversal of income tax differences.
	Development Stage Company
	Effective November 15, 2012, the Company is considered a development stage company, having no operating revenues during the period from November 15, 2012 to November 30, 2013, as defined by ASC 915-205, Development-Stage Entities. ASC 915-205 requires companies to report their operations, shareholders equity and cash flows upon entering the development stage through the date that significant revenues are generated. From November 15, 2012 through November 30, 2013, all operating expenses of the Company related to its augmented reality business and is included in the Condensed Consolidated Statements of Operations.
	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.
	Financial Instruments
	The fair value of certain of the Company's financial instruments, consisting of cash, accounts payable and accrued expenses are estimated to be equal to their carrying value due to the short-term nature of these instruments. It is management's opinion that the Company is not exposed to significant interest, currency and credit risks arising from these financial instruments.
	Leasehold Improvements and 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 three to five years. Leasehold Improvements are amortized on a straight-line basis over the life of the lease of two years.
	Software Development Costs
	The Company applies the principles of ASC 985-20, Software- Costs of Software to Be Sold, Leased, or Marketed, which requires that software development costs incurred in conjunction with product development be charged to research and development expense until technological feasibility is established. Thereafter, until the product is released for sale, software development costs must be capitalized and reported at the lower of unamortized cost or net realizable value of the related product. The Company has adopted the "tested working model" approach to establishing technological feasibility for its products. Under this approach, a product in development is not considered to have passed the technological feasibility milestone until the Company has produced a model of the product that contains essentially all the functionality and features of the final product and have tested the model to ensure that it works as expected. The Company has expensed all software development costs when incurred since none of the Company's products have reached technological feasibility.
	Foreign Currency Translation
	The financial statements are presented in United States dollars. In accordance with ASC 830, Foreign Currency Matters, foreign denominated monetary assets and liabilities are translated to their United States dollar equivalents using foreign exchange rates which prevailed at the balance sheet date. Non-monetary assets and liabilities are translated at exchange rates prevailing at the transaction date. Revenue and expenses are translated at average rates of exchange during the periods presented. Related translation adjustments are reported as a separate component of stockholders' deficit, whereas gains or losses resulting from foreign currency transactions and re-measurement are included in results of operations.
	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.
	The Company's policy for recording interest and penalties associated with audits is to record such expense as a component of income tax expense.
	Loss per Share
	Basic 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 for each period presented are the effects of 6,000,000 warrants exercisable at $0.01. 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. As of November 30, 2013, 45,751,084 shares of common stock, comprised of 11,710,172 convertible debentures with a conversion price of $0.25, 11,710,172 warrants with an exercise price of $0.50, and stock options exercisable into 22,330,740 common shares are not included in diluted loss per share since their effect would be anti-dilutive. There were no other potential common shares at November 30, 2012.
	Stock-Based Compensation
	The Company records stock-based compensation expense in accordance with  ASC 718, Compensation - Stock Compensation. The Company expenses stock-based compensation to employees over the requisite service period based on the estimated grant-date fair value of the awards and forfeiture rates. For stock-based compensation awards to non-employees, the Company re-measures the fair value of the non-employee awards at each reporting period prior to vesting and finally at the vesting date of the award. The assumptions used in calculating the fair value of stock-based awards represent management's best estimates and involve inherent uncertainties and the application of management's judgment.
	Recent Accounting Pronouncements
	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 condensed financial statements of the Company.

DISCONTINUED_OPERATIONS

DISCONTINUED OPERATIONS	3 Months Ended
	Nov. 30, 2013
DISCONTINUED OPERATIONS [Abstract]	'
DISCONTINUED OPERATIONS	'
	NOTE 3:	DISCONTINUED OPERATIONS
	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 settlement contracts that were held by the Company to the Lender or an affiliate of the Lender. All of the operations related to the Company's life settlements business are reported as discontinued operations in the condensed financial statements. The prior period operations related to this business have also been reported as discontinued operations retrospectively for all periods presented. The assets and liabilities related to the Company's life settlements business are reported as assets and liabilities of discontinued operations in the condensed consolidated balance sheets as of November 30, 2013 and August 31, 2013. The Company presented the prior year assets and liabilities related to the Company's life settlements business as discontinued operations to provide comparability between the periods presented.
	Discontinued operations on the condensed consolidated statement of operations for the three months ended November 30, 2013 and 2012 are as follows:
			Three months ended
			November 30,
			2013		2012
	Sales, general and administrative expenses		$	-	$	(129,200	)
	Realized loss on extinguishment of debt			-		(8,438,584	)
	Change in fair value of life settlement contracts net of premiums paid			-		2,055,438
	Interest expense			-		(1,610,571	)
	Loss from discontinued operations before income tax			-		(8,122,917	)
	Income tax benefit			-		3,858,275
	Net loss from discontinued operations		$	-	$	(4,264,642	)
	Assets and liabilities of discontinued operations for the Company's life settlements business on the condensed consolidated balance sheets consist of the following:
			30-Nov		August 31,
			2013		2013
	ASSETS
	NON CURRENT ASSETS
	Deferred income taxes			145,781		145,781
	Total noncurrent assets of discontinued operations		$	145,781	$	145,781
	LIABILITIES
	CURRENT LIABILITIES
	Income and other taxes payable			775,000		775,000
	Total current liabilities of discontinued operations		$	775,000	$	775,000
	During the three months ended November 30, 2012, a life settlement contract matured resulting in cash proceeds of $10,000,000. Subsequent to November 30, 2012, these proceeds were used to satisfy the Term Interest of $2,123,281, the Revolving Total of $6,085,000 and the Premiums Payable of $1,170,526.
	As of November 30, 2013 and August 31, 2013, the Company had a deferred income tax asset of $145,781 from an NOL from discontinued operations and income tax payable of $775,000, which includes $75,000 for interest and penalties, as a result of a realized gain from maturity of a life settlement contract which could not be offset by the capital loss generated by the disposition of life settlement contracts.

CONVERTIBLE_NOTE_RECEIVABLE

CONVERTIBLE NOTE RECEIVABLE	3 Months Ended
	Nov. 30, 2013
CONVERTIBLE NOTE RECEIVABLE [Abstract]	'
CONVERTIBLE NOTE RECEIVABLE	'
	NOTE 4:	CONVERTIBLE NOTE RECEIVABLE
	On July 10, 2013, the Company was issued a $50,000 par value Convertible Promissory Note from Meta Company, a Delaware company.  The Note bears a 5% annual coupon and matures on July 31, 2014.  The Note is convertible into common shares of Meta Company at conversion price of 80% of the price of common equity sold in a Qualified Offering of at least $1,000,000. The note is carried at cost which approximates fair value.

CONVERTIBLE_DEBENTURES

CONVERTIBLE DEBENTURES	3 Months Ended
	Nov. 30, 2013
CONVERTIBLE DEBENTURES [Abstract]	'
CONVERTIBLE DEBENTURES	'
	NOTE 5:	CONVERTIBLE DEBENTURES
	During the three months ended November 30, 2013, the Company completed a private placement of (i) five-year Convertible Debentures (the "Debentures") for an aggregate principal amount of $1,000,000, bearing interest at 1.2% per annum, convertible into shares (the "Conversion Shares") of common stock, at a conversion price of $0.25, and (ii) a five-year Warrant (the "Warrants") to purchase 4,000,000 shares of common stock (the "Warrant Shares"), to certain accredited investors (the "Purchasers") pursuant to Securities Purchase Agreements dated September 17, October 9 and November 7, 2013.
	The Debentures bear interest at 1.2% per annum payable semi-annually in arrears in either cash or common stock (at the discretion of the Company). There are no provisions for early redemption by the Company.
	The Purchasers were issued Warrants to purchase the Company's common stock, exercisable for a period of five years at an initial exercise price of $0.50, subject to adjustment. The Warrants provide for customary adjustments to the exercise price in the event of stock splits, stock dividends and other similar corporate events and may be exercised on a cashless basis. The Warrants do not confer any voting rights or any other rights as a shareholder.
	The Company accounts for the beneficial conversion feature ("BCF") and warrant valuation in accordance with ASC 470-20, Debt with Conversion and Other Options. The Company records a BCF related to the issuance of convertible debt that has conversion features at fixed rates that are "in-the-money" when issued and the fair value of warrants issued in connection with those instruments. The BCF for the convertible instruments is recognized and measured by allocating a portion of the proceeds to warrants, based on their relative fair value, and as a reduction to the carrying amount of the convertible debt equal to the intrinsic value of the conversion feature. The discount recorded in connection with the BCF and warrant valuation is recognized as non-cash interest expense and is amortized over the terms of the convertible notes. The Company recorded an aggregate of $924,393 for the calculated fair value of the warrants and BCF, in conjunction with the convertible notes issued on September 17, October 9 and November 7, 2013.
	The Company valued the warrants at the date the warrants were issued, using the Black-Scholes valuation model and the following assumptions:
			September 17 ,			October 9,			November 7,
			2013			2013			2013
	Contractual term (Years)			5			5			5
	Volatility			68.5	%		67.3	%		66.3	%
	Dividend yield			0	%		0	%		0	%
	Risk-free interest rate			1.65	%		1.43	%		1.34	%
			November 30,
			2013
	1.2% convertible debentures			2,927,543
	Debt discount/ beneficial conversion feature			2,606,381
	Balance		$	321,162

COMMITMENTS_AND_CONTINGENT_LIA

COMMITMENTS AND CONTINGENT LIABILITIES	3 Months Ended
	Nov. 30, 2013
COMMITMENTS AND CONTINGENT LIABILITIES [Abstract]	'
COMMITMENTS AND CONTINGENT LIABILITIES	'
	NOTE 6:	COMMITMENTS AND CONTINGENT LIABILITIES
	On November 27, 2013, Infinity Israel received a pre lawsuit claim letter from the legal representative of a former employee. Infinity Israel intends to contest the lawsuit and has instructed its legal counsel to prepare a response letter. The compensation amount sought by the former employee as per his pre lawsuit claim letter is approximately 202,000 NIS (approximately $57,000 based on foreign exchange rate as of November 27, 2013). Due to the early stage of the lawsuit, an evaluation of the likelihood of an unfavorable outcome cannot be made at this time.
	Effective November 1, 2013, Infinity Israel entered into an Employment Agreement with Ortal Zanzuri pursuant to which she will serve as the Chief Financial Officer of Infinity Israel. On November 11, 2013, the Board of the Company unanimously resolved to approve her employment agreement and resolved to appoint Ms. Zanzuri as the Secretary, Treasurer and Chief Financial Officer of the Company, effective on January 1, 2014. The Board also accepted the resignation of Mr. Joshua Yifat, effective as of December 31, 2013. In connection with her appointment as Chief Financial Officer, Ms. Zanzuri will receive annual compensation of 480,000 New Israeli Shekel (approximately $136,000) and will be granted 200,000 Non-Qualified Stock Options with an exercise price, vesting and expiration dates as determined by the Board (the "Options"). These Options shall be subject to the terms and conditions of the Company's adoption of an Israeli Employee Sub-Plan under the Company's 2013 Equity Incentive Plan and a written stock option agreement.

COMMON_STOCK_WARRANTS_AND_OPTI

COMMON STOCK, WARRANTS AND OPTIONS

3 Months Ended

Nov. 30, 2013

COMMON STOCK, WARRANTS AND OPTIONS [Abstract]

'

COMMON STOCK, WARRANTS AND OPTIONS

'

NOTE 7:-

COMMON STOCK, WARRANTS AND OPTIONS

Common Stock

During the three months ended November 30, 2013, a consultant exercised 399,260 options at an exercise price of $0.10 per share. The Company received cash proceeds of $39,926 on exercise of those options.

As of November 30, 2013, there are 355,468 shares of common stock in the Company's treasury.

Warrants

Warrant transactions are summarized as follows:

Number of warrants

Weighted

Weighted average life remaining

average

(in years)

exercise

price

Balance as at August 31, 2013 Issued

13,710,172

0.28

3.51 years

Additions as of November 30, 2013 Issued

4,000,000

0.5

4.86 years

Balance as at November 30, 2013

17,710,172

0.33

3.64 years

As of November 30, 2013, there were 17,710,172 and on August 31, 2013, there were 13,710,172 warrants outstanding and exercisable with expiration dates commencing June 2015 through November 2018.

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

Stock options

During the three months ended November 30, 2013, the Board of Directors granted to a director 100,000 Non-Qualified Stock Options with an exercise price of $0.29 (the "Options"), vesting semiannually over the next 2 years (at the beginning of the Company's quarterly reporting date), and expire on September 1, 2018.  25,000 (or 25%) of the Options shall initially vest on March 1, 2014 through September 1, 2015.

During the three months ended November 30, 2013, the Company's Chief Financial Officer, Mr. Joshua Yifat, entered into a consulting agreement effective on January 1, 2014. Pursuant to the consulting agreement, the Board of Directors granted him 200,000 Non Qualified Stock Options on November 7, 2013, at an exercise price of $0.35 vesting on April 16, 2014 and expiring on November 6, 2018.

Total Fair value of these options was $ 46,380. As of November 30, 2013, the unamortized stock compensation expense of these options is $34,566 which will be amortized over the period ended May 31, 2014.

For the three months ended November 30, 2013, the compensation expense of these options was $21,638 and is included in the condensed consolidated Statements of Operations and Comprehensive loss.

Valuation Assumptions

The Company estimates the fair value of stock option grants using a Black-Scholes option pricing model. In applying this model, the Company uses the following assumptions:

"

Risk-Free Interest Rate: The Company determined the risk-free interest rate equivalent to the expected term based on the U.S. Treasury constant maturity rate.

"

Expected Volatility: The Company determined its future stock price volatility based on the average historical stock price volatility of comparable peer companies.

"

Expected Term: Due to the limited exercise history of the Company's stock options, the Company determined the expected term based on the stratification of employee groups and the expected effect of events that have indications on future exercise activity.  Expected life for options granted to employees uses the Simplified Method, while options granted to non-employees uses an expected term equal to the life of the contract.

"

Expected Dividend Rate: The Company has not paid and does not anticipate paying any cash dividends in the near future.

The fair value of each option award was estimated on the grant date using the Black Scholes option-pricing model and expensed under the straight line method.  The following assumptions were used:

Three Months

ended

30-Nov-13

Exercise price

$0.29 - $0.35

Expected stock price volatility

66.3% - 73.8%

Risk-free rate of interest

1.31% - 1.72%

Expected life of options

3-3.5 Years

The aggregate fair value of the options at grant date was approximately $46,380.

The following table summarizes the stock-based compensation expense from stock option, employee stock purchase programs and restricted Common Stock awards for the Three months ended November 30, 2013 and 2012:

Three months ended

November 30,

2013

2012

Employee awards

$

4,644

$

-

Non- employee awards, net of forfeitures

16,994

1,708

Total stock options compensation expense

$

21,638

$

1,708

The following table summarizes stock option activity:

Number of Shares

Weighted

Total

Weighted

Average

Weighted

Average

Exercise

Average

Remaining

Price

Intrinsic

Contractual

Value

Life

(in years)

Outstanding at August 31, 2013

22,430,000

0.11

0.19

4.51

Options granted

300,000

0.33

0.14

5.04

Options exercised

(399,260

)

0.1

-

-

Options forfeited

-

-

-

-

Options cancelled

-

-

-

-

Outstanding at November 30, 2013

22,330,740

0.11

0.36

4.27

As of November 30, 2013, the unamortized stock compensation expense is $49,418 which will be amortized over the period ended May 31, 2015.

INCOME_TAXES

INCOME TAXES	3 Months Ended
	Nov. 30, 2013
INCOME TAXES [Abstract]	'
INCOME TAXES	'
	NOTE 8:	INCOME TAXES
	Income tax expense consists of the following components at November 30, 2013 and 2012:
			Three Months ended
			November 30,
			2013		2012
	Current tax expense		$	-	$	-
	Deferred tax expense (benefit)			-		162,869
	Total income tax expense (benefit)		$	-	$	162,869
	The Company calculates its interim tax provision in accordance with the provisions of ASC 740-270, Income Taxes; Interim Reporting. For interim periods, the Company estimates its annual effective income tax rate and applies the estimated rate to the year-to-date income or loss before income taxes. The Company   also computes the tax provision or benefit related to items reported separately and recognizes the items net of their related tax effect in the interim periods in   which they occur. The Company also recognizes the effect of changes in enacted tax laws or rates in the interim periods in which the changes occur.
	In computing the annual estimated effective tax rate the Company makes certain estimates and judgments, such as estimated annual taxable income or loss, the   nature and timing of permanent and temporary differences between taxable income for financial reporting and tax reporting, and the recoverability of deferred tax assets. These estimates and assumptions may change as new events occur, additional information is obtained, or as the tax environment changes. The difference between the statutory rate of 35% and the effective rate of 0% is primarily attributable to the effect of state and local taxes and offset by an increase in the valuation allowance.
	As of August 31, 2013 the Company had approximately $1,974,000 of federal, state and local net operating losses ("NOL"). The federal NOL carryforward expires in the fiscal year ending August 31, 2032. As of August 31, 2013, the Company had approximately $340,000 of NOLs in Israel available to be carried forward indefinitely. The Company recorded a valuation allowance against its deferred tax asset resulting from its NOLs 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 November 30, 2013, the Company has filed income tax returns through the fiscal 2012 tax year. The Company is required to file income tax returns in the United States (federal) and in New York State and City, and in Israel. 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, 2008 - August 31, 2012 tax years, which remain subject to examination. At this time, the fiscal year 2011 tax return has been selected for examination by the Internal Revenue Service. 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.
	There are no significant amounts accrued for penalties or interest as of or during the three months ended November 30, 2013 and 2012. Management is currently unaware of any issues under review that could result in significant payments, accruals or material deviations from its position.

SUBSEQUENT_EVENTS

SUBSEQUENT EVENTS	3 Months Ended
	Nov. 30, 2013
SUBSEQUENT EVENTS [Abstract]	'
SUBSEQUENT EVENTS	'
	NOTE 9:	SUBSEQUENT EVENTS
	On December 5, 2013, the Company issued Debentures and 1,300,000 warrants and received aggregate proceeds of $325,000.
	On December 19, 2013, the Company issued Debentures and 1,500,000 warrants and received aggregate proceeds of $375,000.
	On December 29, 2013, Infinity Israel entered into an agreement to purchase certain intellectual property ("IP") from Motti Kushnir and Matan Protter ("the sellers"). In consideration for the purchase of the IP, the Company issued 84,226 shares of common stock, valued at approximately 100,000 New Israeli Shekels (approximately $29,000), of the Company which shall be restricted for a period of six months from the date of issuance.
	On December 29, 2013, Infinity Israel entered into an employment agreements with the sellers according to which Motti Kushnir ("Motti") will serve as the  Chief Operation Officer ("COO") effective December 29, 2013 and Matan Protter ("Matan") will serve as the Chief Technology Officer ("CTO") effective as of January 1, 2014. In connection with their appointment as COO and CTO, Motti and Matan will receive annual compensation of approximately 630,000 and 531,600 New Israeli Shekel (approximately $179,000 and $151,000), respectively, and each of them will be granted 1,375,000 Non-Qualified Stock Options with an exercise price, vesting and expiration dates as determined by the Board (the "Options"). These Options shall be subject to the terms and conditions of the Company's adoption of an Israeli Employee Sub-Plan under the Company's 2013 Equity Incentive Plan and a written stock option agreement.
	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.

SIGNIFICANT_ACCOUNTING_POLICIE1

SIGNIFICANT ACCOUNTING POLICIES (Policies)	3 Months Ended
	Nov. 30, 2013
SIGNIFICANT ACCOUNTING POLICIES [Abstract]	'
Basis of Presentation	'
	Basis of Presentation
	The accompanying unaudited condensed consolidated financial statements as of November 30, 2013 and for the three months ended November 30, 2013 and 2012 and for the period from November 15, 2012 through November 30, 2013 have been prepared in accordance with the accounting principles generally accepted in the United States of America ("GAAP") for interim financial information and pursuant to the instructions to Form 10-Q and Article 8 of Regulation S-X of the Securities and Exchange Commission ("SEC") and on the same basis as the annual audited financial statements. The unaudited condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiary. All significant intercompany accounts and transactions are eliminated in the consolidation process. The unaudited condensed consolidated Balance Sheet as of November 30, 2013, condensed consolidated Statements of Operations and Comprehensive loss for the three months ended November 30, 2013 and 2012 and for the period from November 15, 2012 through November 30, 2013, and condensed consolidated Statements of Cash Flows for the three months ended November 30, 2013 and 2012 and for the period from November 15, 2012 through November 30, 2013, are unaudited, but include all adjustments, consisting only of normal recurring adjustments, which the Company considers necessary for a fair presentation of the financial position, operating results and cash flows for the period presented. The results for the three months ended November 30, 2013 are not necessarily indicative of results to be expected for the year ending August 31, 2014 or for any future interim period. In addition, the balance sheet data at August 31, 2013 was derived from the audited financial statements but does not include all disclosures required by GAAP. The accompanying financial statements should be read in conjunction with the Company's consolidated financial statements and notes thereto included in the Company's Annual Report on Form 10-K, which was filed with the SEC on December 23, 2013.
Use of Estimates	'
	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 the value of warrants and options and deferred income tax amounts and rates and timing of the reversal of income tax differences.
Development Stage Company	'
	Development Stage Company
	Effective November 15, 2012, the Company is considered a development stage company, having no operating revenues during the period from November 15, 2012 to November 30, 2013, as defined by ASC 915-205, Development-Stage Entities. ASC 915-205 requires companies to report their operations, shareholders equity and cash flows upon entering the development stage through the date that significant revenues are generated. From November 15, 2012 through November 30, 2013, all operating expenses of the Company related to its augmented reality business and is included in the Condensed Consolidated Statements of Operations.
Cash and Cash Equivalents	'
	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.
Financial Instruments	'
	Financial Instruments
	The fair value of certain of the Company's financial instruments, consisting of cash, accounts payable and accrued expenses are estimated to be equal to their carrying value due to the short-term nature of these instruments. It is management's opinion that the Company is not exposed to significant interest, currency and credit risks arising from these financial instruments.
	Leasehold Improvements and 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 three to five years. Leasehold Improvements are amortized on a straight-line basis over the life of the lease of two years.
Software Development Costs	'
	Software Development Costs
	The Company applies the principles of ASC 985-20, Software- Costs of Software to Be Sold, Leased, or Marketed, which requires that software development costs incurred in conjunction with product development be charged to research and development expense until technological feasibility is established. Thereafter, until the product is released for sale, software development costs must be capitalized and reported at the lower of unamortized cost or net realizable value of the related product. The Company has adopted the "tested working model" approach to establishing technological feasibility for its products. Under this approach, a product in development is not considered to have passed the technological feasibility milestone until the Company has produced a model of the product that contains essentially all the functionality and features of the final product and have tested the model to ensure that it works as expected. The Company has expensed all software development costs when incurred since none of the Company's products have reached technological feasibility.
Foreign Currency Translation	'
	Foreign Currency Translation
	The financial statements are presented in United States dollars. In accordance with ASC 830, Foreign Currency Matters, foreign denominated monetary assets and liabilities are translated to their United States dollar equivalents using foreign exchange rates which prevailed at the balance sheet date. Non-monetary assets and liabilities are translated at exchange rates prevailing at the transaction date. Revenue and expenses are translated at average rates of exchange during the periods presented. Related translation adjustments are reported as a separate component of stockholders' deficit, whereas gains or losses resulting from foreign currency transactions and re-measurement are included in results of operations.
Income Taxes	'
	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.
	The Company's policy for recording interest and penalties associated with audits is to record such expense as a component of income tax expense.
Loss per Share	'
	Loss per Share
	Basic 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 for each period presented are the effects of 6,000,000 warrants exercisable at $0.01. 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. As of November 30, 2013, 45,751,084 shares of common stock, comprised of 11,710,172 convertible debentures with a conversion price of $0.25, 11,710,172 warrants with an exercise price of $0.50, and stock options exercisable into 22,330,740 common shares are not included in diluted loss per share since their effect would be anti-dilutive. There were no other potential common shares at November 30, 2012.
Stock-Based Compensation	'
	Stock-Based Compensation
	The Company records stock-based compensation expense in accordance with ASC 718, Compensation - Stock Compensation. The Company expenses stock-based compensation to employees over the requisite service period based on the estimated grant-date fair value of the awards and forfeiture rates. For stock-based compensation awards to non-employees, the Company re-measures the fair value of the non-employee awards at each reporting period prior to vesting and finally at the vesting date of the award. The assumptions used in calculating the fair value of stock-based awards represent management's best estimates and involve inherent uncertainties and the application of management's judgment.
Recent Accounting Pronouncements	'
	Recent Accounting Pronouncements
	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 condensed financial statements of the Company.

DISCONTINUED_OPERATIONS_Tables

DISCONTINUED OPERATIONS (Tables)	3 Months Ended
	Nov. 30, 2013
DISCONTINUED OPERATIONS [Abstract]	'
Schedule of Discontinued Operations, Income Statement and Balance Sheet	'
	Discontinued operations on the condensed consolidated statement of operations for the three months ended November 30, 2013 and 2012 are as follows:
		Three months ended
		November 30,
		2013		2012
	Sales, general and administrative expenses	$	-	$	(129,200	)
	Realized loss on extinguishment of debt		-		(8,438,584	)
	Change in fair value of life settlement contracts net of premiums paid		-		2,055,438
	Interest expense		-		(1,610,571	)
	Loss from discontinued operations before income tax		-		(8,122,917	)
	Income tax benefit		-		3,858,275
	Net loss from discontinued operations	$	-	$	(4,264,642	)
	Assets and liabilities of discontinued operations for the Company's life settlements business on the condensed consolidated balance sheets consist of the following:
		30-Nov		August 31,
		2013		2013
	ASSETS
	NON CURRENT ASSETS
	Deferred income taxes		145,781		145,781
	Total noncurrent assets of discontinued operations	$	145,781	$	145,781
	LIABILITIES
	CURRENT LIABILITIES
	Income and other taxes payable		775,000		775,000
	Total current liabilities of discontinued operations	$	775,000	$	775,000

CONVERTIBLE_DEBENTURES_Tables

CONVERTIBLE DEBENTURES (Tables)	3 Months Ended
	Nov. 30, 2013
CONVERTIBLE DEBENTURES [Abstract]	'
Schedule of Warrant Valuation Assumptions	'
	The Company valued the warrants at the date the warrants were issued, using the Black-Scholes valuation model and the following assumptions:
		September 17 ,			October 9,			November 7,
		2013			2013			2013
	Contractual term (Years)		5			5			5
	Volatility		68.5	%		67.3	%		66.3	%
	Dividend yield		0	%		0	%		0	%
	Risk-free interest rate		1.65	%		1.43	%		1.34	%
Schedule of Senior Convertible Notes	'
		November 30,
		2013
	1.2% convertible debentures		2,927,543
	Debt discount/ beneficial conversion feature		2,606,381
	Balance	$	321,162

COMMON_STOCK_WARRANTS_AND_OPTI1

COMMON STOCK, WARRANTS AND OPTIONS (Tables)	3 Months Ended
	Nov. 30, 2013
COMMON STOCK, WARRANTS AND OPTIONS [Abstract]	'
Schedule of Warrant Transactions	'
	Warrant transactions are summarized as follows:
		Number of warrants			Weighted		Weighted average life remaining
					average		(in years)
					exercise
					price
	Balance as at August 31, 2013 Issued		13,710,172			0.28	3.51 years
	Additions as of November 30, 2013 Issued		4,000,000			0.5	4.86 years
	Balance as at November 30, 2013		17,710,172			0.33	3.64 years
Schedule of Stock Option Fair Value Assumptions	'
	The following assumptions were used:
		Three Months
		ended
		30-Nov-13
	Exercise price	$0.29 - $0.35
	Expected stock price volatility	66.3% - 73.8%
	Risk-free rate of interest	1.31% - 1.72%
	Expected life of options	3-3.5 Years
Schedule of Stock-Based Compensation Expense	'
	The following table summarizes the stock-based compensation expense from stock option, employee stock purchase programs and restricted Common Stock awards for the Three months ended November 30, 2013 and 2012:
		Three months ended
		November 30,
		2013			2012
	Employee awards	$	4,644		$	-
	Non- employee awards, net of forfeitures		16,994			1,708
	Total stock options compensation expense	$	21,638		$	1,708
Schedule of Stock Option Activity	'
	The following table summarizes stock option activity:
		Number of Shares			Weighted			Total		Weighted
					Average			Weighted		Average
					Exercise			Average		Remaining
					Price			Intrinsic		Contractual
								Value		Life
										(in years)
	Outstanding at August 31, 2013		22,430,000			0.11			0.19		4.51
	Options granted		300,000			0.33			0.14		5.04
	Options exercised		(399,260	)		0.1			-		-
	Options forfeited		-			-			-		-
	Options cancelled		-			-			-		-
	Outstanding at November 30, 2013		22,330,740			0.11			0.36		4.27

INCOME_TAXES_Tables

INCOME TAXES (Tables)	3 Months Ended
	Nov. 30, 2013
INCOME TAXES [Abstract]	'
Schedule of Income Tax Expense (Benefit)	'
	Income tax expense consists of the following components at November 30, 2013 and 2012:
		Three Months ended
		November 30,
		2013		2012
	Current tax expense	$	-	$	-
	Deferred tax expense (benefit)		-		162,869
	Total income tax expense (benefit)	$	-	$	162,869

SIGNIFICANT_ACCOUNTING_POLICIE2

SIGNIFICANT ACCOUNTING POLICIES (Details) (USD $)	Nov. 30, 2013	Nov. 30, 2012	Nov. 30, 2013	Nov. 30, 2013	Nov. 30, 2013	Nov. 30, 2013	Nov. 30, 2013	Nov. 30, 2013	Nov. 30, 2013	Nov. 30, 2013	Nov. 30, 2013
			Computer hardware [Member]	Computer hardware [Member]	Furniture [Member]	Furniture [Member]	Leasehold Improvements [Member]	Common Stock [Member]	Convertible Debentures [Member]	Warrants [Member]	Stock Options [Member]
			Minimum [Member]	Maximum [Member]	Minimum [Member]	Maximum [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]	'	'	'	'	'	'	'	'	'	'	'
Warrants outstanding	6,000,000	6,000,000	'	'	'	'	'	'	'	'	'
Exercise price of warrants	$0.01	$0.01	'	'	'	'	'	'	'	$0.50	'
Antidilutive securities not included in computation of earnings per common share	'	'	'	'	'	'	'	45,751,084	11,710,172	11,710,172	22,330,740
Conversion price	'	'	'	'	'	'	'	'	$0.25	'	'
Property, Plant and Equipment [Line Items]	'	'	'	'	'	'	'	'	'	'	'
Estimated useful lives	'	'	'3 years	'5 years	'3 years	'5 years	'2 years	'	'	'	'

DISCONTINUED_OPERATIONS_Conden

DISCONTINUED OPERATIONS (Condensed Statement of Operations and Condensed Balance Sheets) (Details) (USD $)	3 Months Ended
	Nov. 30, 2013	Nov. 30, 2012	Aug. 31, 2013
DISCONTINUED OPERATIONS [Abstract]	'	'	'
Sales, general and administrative expenses	'	($129,200)	'
Realized loss on extinguishment of debt	'	-8,438,584	'
Change in fair value of life settlement contracts net of premiums paid	'	2,055,438	'
Interest expense	'	-1,610,571	'
Loss from discontinued operations before income tax	'	-8,122,917	'
Income tax benefit	'	3,858,275	'
Net loss from discontinued operations	'	-4,264,642	'
ASSETS	'	'	'
Deferred income taxes	145,781	'	145,781
Total noncurrent assets of discontinued operations	145,781	'	145,781
LIABILITIES	'	'	'
Income and other taxes payable	775,000	'	775,000
Total current liabilities of discontinued operations	$775,000	'	$775,000

DISCONTINUED_OPERATIONS_Narrat

DISCONTINUED OPERATIONS (Narrative) (Details) (USD $)	3 Months Ended
	Nov. 30, 2012	Nov. 30, 2013	Aug. 31, 2013
DISCONTINUED OPERATIONS [Abstract]	'	'	'
Proceeds from life settlement contract maturity	$10,000,000	'	'
Deferred income tax asset, NOL from discontinued operations	'	145,781	145,781
Income taxes payable	'	775,000	775,000
Interest and penalties	'	75,000	75,000
ALS Capital Ventures LLC [Member]	'	'	'
Debt Instrument [Line Items]	'	'	'
Premiums payable	1,170,526	'	'
Term Loan [Member]	'	'	'
Debt Instrument [Line Items]	'	'	'
Interest payable	2,123,281	'	'
Revolving Loan [Member]	'	'	'
Debt Instrument [Line Items]	'	'	'
Debt, gross amount	$6,085,000	'	'

CONVERTIBLE_NOTE_RECEIVABLE_De

CONVERTIBLE NOTE RECEIVABLE (Details) (Convertible Note Receivable [Member], Meta Company [Member], USD $)	0 Months Ended
	Jul. 10, 2013
Convertible Note Receivable [Member] | Meta Company [Member]	'
Accounts, Notes, Loans and Financing Receivable [Line Items]	'
Amount	$50,000
Interest rate	5.00%
Maturity	31-Jul-14
Terms of conversion	'The Note is convertible into common shares of Meta Company at conversion price of 80% of the price of common equity sold in a Qualified Offering of at least $1,000,000.

CONVERTIBLE_DEBENTURES_Narrati

CONVERTIBLE DEBENTURES (Narrative) (Details) (USD $)	Nov. 30, 2013	Nov. 30, 2012	Nov. 30, 2013
			Convertible Debentures [Member]
Debt Instrument [Line Items]	'	'	'
Term	'	'	'5 years
Amount	'	'	$1,000,000
Interest rate	'	'	1.20%
Conversion price	'	'	$0.25
Warrant Term	'	'	'5 years
Warrants issued to purchase shares of common stock	'	'	4,000,000
Exercise price of warrants	$0.01	$0.01	$0.50
Aggregate fair value of warrants and beneficial conversion feature	'	'	$924,393

CONVERTIBLE_DEBENTURES_Fair_Va

CONVERTIBLE DEBENTURES (Fair Value Assumptions of Warrants) (Details) (Warrant [Member])	3 Months Ended
	Nov. 30, 2013
Issued on September 17, 2013 [Member]	'
Class of Warrant or Right [Line Items]	'
Contractual term (Years)	'5 years
Volatility	68.50%
Dividend yield	0.00%
Risk-free interest rate	1.65%
Issued on October 9, 2013 [Member]	'
Class of Warrant or Right [Line Items]	'
Contractual term (Years)	'5 years
Volatility	67.30%
Dividend yield	0.00%
Risk-free interest rate	1.43%
Issued on November 7, 2013 [Member]	'
Class of Warrant or Right [Line Items]	'
Contractual term (Years)	'5 years
Volatility	66.30%
Dividend yield	0.00%
Risk-free interest rate	1.34%

CONVERTIBLE_DEBENTURES_Schedul

CONVERTIBLE DEBENTURES (Schedule of Convertible Debentures) (Details) (USD $)	Nov. 30, 2013	Aug. 31, 2013
Debt Instrument [Line Items]	'	'
Balance	$321,162	$128,327
Convertible Debentures [Member]	'	'
Debt Instrument [Line Items]	'	'
Amount	2,927,543	'
Interest rate	1.20%	'
Debt discount/ beneficial conversion feature	2,606,381	'
Balance	$321,162	'

COMMITMENTS_AND_CONTINGENT_LIA1

COMMITMENTS AND CONTINGENT LIABILITIES (Details)	0 Months Ended
	Nov. 27, 2013	Nov. 27, 2013	Nov. 01, 2013	Nov. 01, 2013
	USD ($)	ILS	Ortal Zanzuri [Member]	Ortal Zanzuri [Member]
			USD ($)	ILS
COMMITMENTS AND CONTINGENT LIABILITIES [Abstract]	'	'	'	'
Damages being sought	$57,000	202,000	'	'
Commitments And Contingencies [Line Items]	'	'	'	'
Annual base compensation	'	'	$136,000	480,000
Stock options to be granted	'	'	200,000	200,000

COMMON_STOCK_WARRANTS_AND_OPTI2

COMMON STOCK, WARRANTS AND OPTIONS (Schedule of Warrant Transactions) (Details) (Warrant [Member], USD $)	3 Months Ended	12 Months Ended
	Nov. 30, 2013	Aug. 31, 2013
Warrant [Member]	'	'
Number of warrants	'	'
Balance	13,710,172	'
Issued	4,000,000	13,710,172
Balance	17,710,172	13,710,172
Weighted average exercise price	'	'
Balance	$0.28	'
Issued	$0.50	'
Balance	$0.33	$0.28
Weighted average life remaining (in years)	'	'
Balance	'3 years 7 months 21 days	'3 years 6 months 4 days
Issued	'4 years 10 months 10 days	'

COMMON_STOCK_WARRANTS_AND_OPTI3

COMMON STOCK, WARRANTS AND OPTIONS (Fair Value Assumptions for Options) (Details) (USD $)	3 Months Ended
	Nov. 30, 2013
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'
Aggregate fair value of the options at grant date	$46,380
Stock Options [Member]	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'
Expected stock price volatility, minimum	66.30%
Expected stock price volatility, maximum	73.80%
Risk-free rate of interest, minimum	1.31%
Risk-free rate of interest, maximum	1.72%
Aggregate fair value of the options at grant date	$46,380
Stock Options [Member] | Minimum [Member]	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'
Exercise price	$0.29
Expected life of options	'3 years
Stock Options [Member] | Maximum [Member]	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'
Exercise price	$0.35
Expected life of options	'3 years 6 months

COMMON_STOCK_WARRANTS_AND_OPTI4

COMMON STOCK, WARRANTS AND OPTIONS (Schedule of Stock-Based Compensation Expense) (Details) (USD $)	3 Months Ended
	Nov. 30, 2013	Nov. 30, 2012
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'	'
Stock options compensation expense	$21,638	$1,708
Employee Stock Option [Member]	'	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'	'
Stock options compensation expense	4,644	'
Non-Employee Award [Member]	'	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'	'
Stock options compensation expense	$16,994	$1,708

COMMON_STOCK_WARRANTS_AND_OPTI5

COMMON STOCK, WARRANTS AND OPTIONS (Schedule of Stock Option Activity) (Details) (Stock Options [Member], USD $)	3 Months Ended	12 Months Ended
	Nov. 30, 2013	Aug. 31, 2013
Stock Options [Member]	'	'
Number of Shares	'	'
Outstanding at August 31, 2013	22,430,000	'
Options granted	300,000	'
Options exercised	-399,260	'
Options forfeited	'	'
Options cancelled	'	'
Outstanding at November 30, 2013	22,330,740	22,430,000
Weighted Average Exercise Price	'	'
Outstanding at August 31, 2013	$0.11	'
Options granted	$0.33	'
Options exercised	$0.10	'
Options forfeited	'	'
Options cancelled	'	'
Outstanding at November 30, 2013	$0.11	$0.11
Total Weighted Average Intrinsic Value	'	'
Outstanding at August 31, 2013	$0.19	'
Options granted	$0.14	'
Options exercised	'	'
Options forfeited	'	'
Options cancelled	'	'
Outstanding at November 30, 2013	$0.36	$0.19
Weighted Average Remaining Contactual Life (in years)	'	'
Outstanding	'4 years 3 months 7 days	'4 years 6 months 4 days
Options granted	'5 years 15 days	'
Options exercised	'	'
Options forfeited	'	'
Options cancelled	'	'

COMMON_STOCK_WARRANTS_AND_OPTI6

COMMON STOCK, WARRANTS AND OPTIONS (Narrative) (Details) (USD $)	3 Months Ended		12 Months Ended
	Nov. 30, 2013	Nov. 30, 2012	Nov. 30, 2013	Aug. 31, 2013
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'	'	'	'
Proceeds on exercise of options	$39,926	'	$119,926	'
Treasury stock	355,468	'	355,468	355,468
Warrants outstanding and exercisable	17,710,172	'	17,710,172	13,710,172
Aggregate fair value of the options at grant date	46,380	'	46,380	'
Unamortized compensation cost related to stock options	34,566	'	34,566	'
End of amortization period related to stock options	31-May-14	'	'	'
Stock options compensation expense	21,638	1,708	'	'
Unamortized stock compensation expense	49,418	'	49,418	'
End of amortization period	31-May-15	'	'	'
CFO [Member]	'	'	'	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'	'	'	'
Options granted	200,000	'	'	'
Options granted, exercise price	$0.35	'	'	'
Stock option, vesting date	16-Apr-14	'	'	'
Stock option, expiration date	6-Nov-18	'	'	'
Director [Member]	'	'	'	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'	'	'	'
Options granted	100,000	'	'	'
Options granted, exercise price	$0.29	'	'	'
Stock option, expiration date	1-Sep-18	'	'	'
Option vesting terms	'The options vest semiannually over the next 2 years (at the beginning of the Company's quarterly reporting date), and expire on September 1, 2018. 25,000 (or 25%) of the Options shall initially vest on March 1, 2014 through September 1, 2015.	'	'	'
Minimum [Member]	'	'	'	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'	'	'	'
Warrant expiration date	1-Jun-15	'	'	'
Minimum [Member] | Director [Member]	'	'	'	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'	'	'	'
Stock option, vesting date	1-Mar-14	'	'	'
Maximum [Member]	'	'	'	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'	'	'	'
Warrant expiration date	30-Nov-18	'	'	'
Maximum [Member] | Director [Member]	'	'	'	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'	'	'	'
Stock option, expiration date	1-Sep-15	'	'	'
Consultants [Member]	'	'	'	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'	'	'	'
Options exercised	399,260	'	'	'
Options exercised, exercise price	$0.10	'	'	'
Proceeds on exercise of options	$39,926	'	'	'

INCOME_TAXES_Schedule_of_Incom

INCOME TAXES (Schedule of Income Tax Expense (Benefit)) (Details) (USD $)	3 Months Ended
	Nov. 30, 2013	Nov. 30, 2012
INCOME TAXES [Abstract]	'	'
Current tax expense	'	'
Deferred tax expense (benefit)	'	162,869
Total income tax expense (benefit)	'	$162,869

INCOME_TAXES_Narrative_Details

INCOME TAXES (Narrative) (Details) (USD $)	3 Months Ended
	Nov. 30, 2013
Operating Loss Carryforwards [Line Items]	'
Statutory rate	35.00%
Effective tax rate	0.00%
Net operating losses	$1,974,000
Net operating losses carried forward, expiration date	31-Aug-32
Israel [Member] | Available To Be Carried Forward Indefinitely [Member]	'
Operating Loss Carryforwards [Line Items]	'
Net operating losses	$340,000

SUBSEQUENT_EVENTS_Details

SUBSEQUENT EVENTS (Details)	0 Months Ended
	Dec. 29, 2013	Dec. 29, 2013	Dec. 19, 2013	Dec. 05, 2013	Dec. 19, 2013	Dec. 05, 2013	Dec. 29, 2013	Dec. 29, 2013	Dec. 29, 2013	Dec. 29, 2013
	USD ($)	ILS	USD ($)	USD ($)	Warrant [Member]	Warrant [Member]	Motti [Member]	Motti [Member]	Matan [Member]	Matan [Member]
							USD ($)	ILS	USD ($)	ILS
Subsequent Event [Line Items]	'	'	'	'	'	'	'	'	'	'
Annual base compensation	'	'	'	'	'	'	$179,000	630,000	$151,000	531,600
Stock options to be granted	'	'	'	'	'	'	1,375,000	1,375,000	1,375,000	1,375,000
Shares issued for purchase of intellectual property	84,226	84,226	'	'	'	'	'	'	'	'
Shares issued for purchase of intellectual property, value	29,000	100,000	'	'	'	'	'	'	'	'
Warrants issued	'	'	'	'	1,500,000	1,300,000	'	'	'	'
Aggregate proceeds from debentures and warrats issued	'	'	$375,000	$325,000	'	'	'	'	'	'