v3.22.2
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
9 Months Ended
May 31, 2022
May 31, 2021
OPERATING ACTIVITIES    
Net loss $ (31,037) $ (20,647)
Loss from discontinued operations (283) (1,512)
Net loss from continuing operations (30,754) (19,135)
Adjustments to reconcile net loss from continuing operations to net cash used in continuing operating activities:    
Depreciation and amortization 386 268
Impaired asset expense 4,004 0
Stock-based compensation 1,069 1,250
Expensed SPAC offering costs 515 0
Non-cash lease expense 727  
Changes in operating assets and liabilities:    
Accounts receivable 146 196
Unbilled accounts receivable (729) (378)
Prepaid expenses and other current assets (146) 212
Deposits – workers’ compensation 541 268
Deposits and other assets 0 (502)
Accounts payable and other accrued liabilities 4,573 1,218
Payroll related liabilities 6,583 2,659
Accrued workers’ compensation costs (295) 317
Total Adjustments 17,374 5,509
Net cash used in continuing operating activities (13,380) (13,626)
Net cash used in discontinued operating activities 0 (1,035)
Net cash used in operating activities (13,380) (14,661)
INVESTING ACTIVITIES    
Note receivable 0 41
Investment of IHC IPO proceeds into Trust Account (116,765) 0
Purchase of fixed assets  (500) (1,885)
Net cash (used in) provided by investing activities (117,265) (1,844)
FINANCING ACTIVITIES    
SPAC related offering costs paid (3,663) (611)
Proceeds from initial public offering of IHC 116,725 0
Proceeds from exercised warrants, net of offering costs 5,410 0
Proceeds from underwritten public offering, net of offering costs 0 10,701
Proceeds from private placement, net of offering costs 4,183 11,063
Proceeds from private placement prefunded warrants, net of offering costs 6,861 0
Net cash provided by financing activities 129,516 21,153
Net (decrease) increase in cash (1,129) 4,648
Cash - Beginning of Period 1,199 4,303
Cash -End of Period 70 8,951
Supplemental Disclosure of Cash Flows Information:    
Cash paid for interest 2 9
Cash paid for income taxes  0 0
Non-cash Investing and Financing Activities:    
Excess fair value of SPAC founder share transferred to underwriter 0 47,472
Elimination of deferred offering costs on abandoned SPACs IPOs. 37,978 0
Change in fair value due to warrants modification 13,728 $ 0
Operating lease assets and liabilities from ASC 842 $ 8,970  

Source