10. SUBSEQUENT EVENTS	9 Months Ended
May 31, 2016
Subsequent Events [Abstract]
10. SUBSEQUENT EVENTS	10. SUBSEQUENT EVENTS Subscription Agreements On June 15, 2016, the Company sold 10,000,000 shares of common stock and warrants to purchase 5,000,000 shares of common stock for a purchase price of $1,000,000. The warrants may be exercised any time prior to May 26, 2019 at an initial exercise price of $0.25 per share. On June 16, 2016, the Company sold 2,500,000 shares of common stock and warrants to purchase 833,333 shares of common stock for a purchase price of $375,000. The warrants may be exercised any time prior to December 31, 2018 at an initial exercise price of $0.25 per share. Share Purchase and Option Agreement On June 16, 2016, the Company, entered into and consummated the transactions contemplated by a share purchase and option agreement with an affiliate and a shareholder. Pursuant to the agreement, the affiliate agreed to relinquish all rights under a license granted by the company in 2014 to market and distribute the Company's wireless cardiac monitoring device in Canada, including the right to exclusively market and distribute within the province of Ontario; the shareholder agreed to the repayment of the due to related party amount noted on the balance sheet at May 31, 2016 of $41,708 and the affiliate and the shareholder agreed to the release of all claims against the company. Further in pursuant to the agreement, the Company agreed to re-purchase for cancellation 20,000,000 shares of the company's common stock from a shareholder. Further in pursuant to the agreement, the company agreed to purchase 375 common shares of an affiliated entity 2419596 Ontario Inc., representing 37.5% of the ownership of that company. In addition the shareholder granted the company the option to purchase all, but not less than all of its remaining 9,812,500 shares of the Company's common stock owned for a price of $500,000 US exercisable at any time by the company prior to May 6, 2018. In exchange for all of the rights acquired and releases noted above, the company paid $1,024,949 Canadian (approximately $850,000 US), to be allocated as follows: $36,889 Cdn and the Cdn equivalent on $13,548 US in consideration of the due to related party amount of $41,708 US noted on the balance sheet at May 31, 2016; $37.50 Cdn in respect of the 375 common shares of 2419596 Ontario Inc. purchased, with the remainder being in respect of the 20,000,000 common shares of the company being repurchased for cancellation. Share Purchase Agreements On June 24, 2016, the company entered into, and consummated a share exchange agreement with two shareholders who are the shareholders of 100% of the capital stock of 2375757 Ontario Inc. Pursuant to this agreement, the company has acquired all of the outstanding shares of 2375757 Ontario Inc. for 2,812,500 shares of the company's common stock. 2375757 Ontario Inc. had previously acquired from the company's CEO's rights granted to him by the company in 2014 to market and distribute the company's wireless cardiac monitoring device in Canada. This transaction coupled with the share purchase and option agreement noted above now returns 100% of the rights to market and distribute the company's wireless cardiac monitoring device in Canada to the company. On June 30, 2016, the company entered into a stock purchase agreement, which closed July 8, 2016, to acquire 100% of the outstanding shares of Ambumed, Inc. and 100% of the membership interests in Capital Cardiac, LLC for consideration of $1,200,000 payable $600,000 upon closing and $600,000 payable on the first anniversary of closing, together with 2,000,000 restricted shares of the company's common stock, of which 500,000 shares will be deposited in escrow to satisfy the indemnification obligations of the former shareholders of Ambumed. The number of shares issued to the former shareholders of Ambumed is subject to adjustment if the market price of the common stock for the ten trading days preceding August 1, 2017 is less than $0.25 per share, the company will pay to one of the former shareholders of Ambumed, Inc. an amount equal to the product of (i) 1,000,000 and (ii) the excess of $0.25 over the market price. At the option of the company, it may pay any deficiency by the delivery of the number of shares times the market price equal to the amount due. As additional consideration, any and all automobiles of Ambumed, Inc. shall be transferred to a former shareholder of Ambumed, Inc. In addition, immediately prior to closing, Ambumed, Inc. shall distribute to its former shareholders, all cash and cash equivalents held by Ambumed, Inc.

10. SUBSEQUENT EVENTS

9 Months Ended

May 31, 2016

10. SUBSEQUENT EVENTS

Subscription Agreements

On June 15, 2016, the Company sold 10,000,000 shares of common stock and warrants to purchase 5,000,000 shares of common stock for a purchase price of $1,000,000. The warrants may be exercised any time prior to May 26, 2019 at an initial exercise price of $0.25 per share.

On June 16, 2016, the Company sold 2,500,000 shares of common stock and warrants to purchase 833,333 shares of common stock for a purchase price of $375,000. The warrants may be exercised any time prior to December 31, 2018 at an initial exercise price of $0.25 per share.

Share Purchase and Option Agreement

On June 16, 2016, the Company, entered into and consummated the transactions contemplated by a share purchase and option agreement with an affiliate and a shareholder. Pursuant to the agreement, the affiliate agreed to relinquish all rights under a license granted by the company in 2014 to market and distribute the Company's wireless cardiac monitoring device in Canada, including the right to exclusively market and distribute within the province of Ontario; the shareholder agreed to the repayment of the due to related party amount noted on the balance sheet at May 31, 2016 of $41,708 and the affiliate and the shareholder agreed to the release of all claims against the company. Further in pursuant to the agreement, the Company agreed to re-purchase for cancellation 20,000,000 shares of the company's common stock from a shareholder. Further in pursuant to the agreement, the company agreed to purchase 375 common shares of an affiliated entity 2419596 Ontario Inc., representing 37.5% of the ownership of that company. In addition the shareholder granted the company the option to purchase all, but not less than all of its remaining 9,812,500 shares of the Company's common stock owned for a price of $500,000 US exercisable at any time by the company prior to May 6, 2018. In exchange for all of the rights acquired and releases noted above, the company paid $1,024,949 Canadian (approximately $850,000 US), to be allocated as follows: $36,889 Cdn and the Cdn equivalent on $13,548 US in consideration of the due to related party amount of $41,708 US noted on the balance sheet at May 31, 2016; $37.50 Cdn in respect of the 375 common shares of 2419596 Ontario Inc. purchased, with the remainder being in respect of the 20,000,000 common shares of the company being repurchased for cancellation.

Share Purchase Agreements

On June 24, 2016, the company entered into, and consummated a share exchange agreement with two shareholders who are the shareholders of 100% of the capital stock of 2375757 Ontario Inc. Pursuant to this agreement, the company has acquired all of the outstanding shares of 2375757 Ontario Inc. for 2,812,500 shares of the company's common stock. 2375757 Ontario Inc. had previously acquired from the company's CEO's rights granted to him by the company in 2014 to market and distribute the company's wireless cardiac monitoring device in Canada. This transaction coupled with the share purchase and option agreement noted above now returns 100% of the rights to market and distribute the company's wireless cardiac monitoring device in Canada to the company.

On June 30, 2016, the company entered into a stock purchase agreement, which closed July 8, 2016, to acquire 100% of the outstanding shares of Ambumed, Inc. and 100% of the membership interests in Capital Cardiac, LLC for consideration of $1,200,000 payable $600,000 upon closing and $600,000 payable on the first anniversary of closing, together with 2,000,000 restricted shares of the company's common stock, of which 500,000 shares will be deposited in escrow to satisfy the indemnification obligations of the former shareholders of Ambumed. The number of shares issued to the former shareholders of Ambumed is subject to adjustment if the market price of the common stock for the ten trading days preceding August 1, 2017 is less than $0.25 per share, the company will pay to one of the former shareholders of Ambumed, Inc. an amount equal to the product of (i) 1,000,000 and (ii) the excess of $0.25 over the market price. At the option of the company, it may pay any deficiency by the delivery of the number of shares times the market price equal to the amount due. As additional consideration, any and all automobiles of Ambumed, Inc. shall be transferred to a former shareholder of Ambumed, Inc. In addition, immediately prior to closing, Ambumed, Inc. shall distribute to its former shareholders, all cash and cash equivalents held by Ambumed, Inc.

Event Cardio Group Inc. 10-Q