v3.22.4
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended
Nov. 30, 2022
Nov. 30, 2021
OPERATING ACTIVITIES    
Net loss $ (5,423) $ (8,713)
Loss from discontinued operations (200) (134)
Net loss from continuing operations (5,223) (8,579)
Adjustments to reconcile net loss from continuing operations to net cash used in continuing operating activities:    
Depreciation and amortization 149 123
Stock-based compensation 255 408
Warrant modification expense 106 0
Amortization of operating lease 23 0
Changes in operating assets and liabilities:    
Accounts receivable 41 98
Unbilled accounts receivable (601) 41
Prepaid expenses and other current assets 115 (366)
Deposits – workers’ compensation 0 200
Deposits and other assets (1) (73)
Accounts payable and other accrued liabilities (1,295) 1,116
Payroll related liabilities 2,711 743
Accrued workers’ compensation costs (23) (384)
Total Adjustments 1,480 1,906
Net cash used in continuing operating activities (3,743) (6,673)
Net cash provided by (used in) discontinued operating activities 1 (1)
Net cash used in operating activities (3,742) (6,674)
INVESTING ACTIVITIES    
Investment of IHC IPO proceeds into Trust Account 0 (116,725)
Purchase of fixed assets  (400) (349)
Net cash used in investing activities (400) (117,074)
FINANCING ACTIVITIES    
Deferred offering costs 0 (3,502)
Proceeds from initial public offering of IHC 0 116,725
Proceeds from prefunded warrant exercises 1 0
Proceeds from private placement, net of offering costs 0 4,183
Proceeds from private placement prefunded warrants, net of offering costs 4,387 6,861
Net cash provided by financing activities 4,388 124,267
Net increase in cash 246 519
Cash - Beginning of Period 618 1,199
Cash -End of Period 864 1,718
Supplemental Disclosure of Cash Flows Information:    
Cash paid for interest 0 1
Cash paid for income taxes  0 0
Non-cash Investing and Financing Activities:    
Deferred Offering costs SPACs 0 9,464
Increase in Marketable securities in trust account and Class A mandatory redeemable common shares 801 13,270
Transfer of preferred shares to common shares $ 1

Source