Quarterly report pursuant to Section 13 or 15(d)

Summary of Significant Accounting Policies (Tables)

v3.21.2
Summary of Significant Accounting Policies (Tables)
9 Months Ended
May 31, 2021
Summary of Significant Accounting Policies  
Schedule of estimated useful lives of property and equipment

 

 

 

Equipment:

    

5 years

Furnitures & Fixtures:

 

5 - 7 years

 

Schedule of weighted average dilutive common shares

 

 

 

 

 

 

    

For the Three and Nine

    

For the Three and Nine

 

 

Months Ended

 

Months Ended

 

 

May 31, 

 

May 31,

 

 

2021

 

2020

 

 

 

 

 

Options

 

1,826,548

 

43,406

Warrants (Note 5)

 

9,592,086

 

1,896,209

Total potentially dilutive shares

 

11,418,634

 

1,939,615

 

Schedule of revision on line items in financial statements

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the three months ended May 31, 2020

 

 

(unaudited)

 

 

 

 

 

 

 

 

Discontinued

 

As Restated

 

 

As Previously

 

Revision

 

As

 

Operations

 

and

 

    

Reported

    

Adjustments

    

 Restated

    

Reclassification

    

Reclassified

Revenues

 

$

2,014,000

 

$

 —

 

$

2,014,000

 

$

 —

 

$

2,014,000

Cost of revenue

 

 

1,873,000

 

$

 —

 

 

1,873,000

 

 

 —

 

 

1,873,000

Gross profit

 

$

141,000

 

$

 —

 

$

141,000

 

$

 —

 

$

141,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating Expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

545,000

 

 

(162,000)

 

 

383,000

 

 

 —

 

 

383,000

All other operating expenses

 

$

4,149,000

 

$

 —

 

$

4,149,000

 

$

 —

 

$

4,149,000

Operating loss

 

$

(4,553,000)

 

$

162,000

 

$

(4,391,000)

 

$

 —

 

$

(4,391,000)

Net loss from continuing operations

 

$

(71,688,000)

 

$

162,000

 

$

(71,526,000)

 

$

 —

 

$

(71,526,000)

Total income from discontinued operations

 

$

(1,490,000)

 

$

 —

 

$

(1,490,000)

 

$

 —

 

$

(1,490,000)

Net loss

 

$

(73,178,000)

 

$

162,000

 

$

(73,016,000)

 

$

 —

 

$

(73,016,000)

Net loss per common share - continuing operations, Basic and diluted

 

$

(2.73)

 

$

0.01

 

$

(2.72)

 

$

 —

 

$

(2.72)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Discontinued operations Operating income (loss) per common share

 

$

(0.06)

 

$

 —

 

$

(0.06)

 

$

 —

 

$

(0.06)

Net income (loss) per common share, Basic and diluted

 

$

(2.79)

 

$

0.01

 

$

(2.78)

 

$

 —

 

$

(2.78)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average number of common stock shares, Basic and diluted

 

 

26,249,518

 

 

 

 

 

26,249,518

 

 

 

 

 

26,249,518

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the nine months ended May 31, 2020

 

 

(unaudited)

 

 

 

 

 

 

 

 

Discontinued

 

 

As Restated

 

 

As Previously

 

Revision

 

As

 

Operations

 

 

and

 

    

  Reported

    

Adjustments

    

Restated

    

Reclassification

    

 

Reclassified

Revenues

 

$

6,775,000

 

$

 —

 

$

6,775,000

 

$

(494,000)

 

$

6,281,000

Cost of revenue

 

 

6,051,000

 

 

 —

 

 

6,051,000

 

 

(227,000)

 

 

5,824,000

Gross profit

 

$

724,000

 

$

 —

 

$

724,000

 

$

(267,000)

 

$

457,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating Expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

1,025,000

 

 

(486,000)

 

 

539,000

 

 

 —

 

 

539,000

All other operating expenses

 

$

12,561,000

 

$

 —

 

$

12,561,000

 

$

112,000

 

$

12,673,000

Operating loss

 

$

(12,862,000)

 

$

486,000

 

$

(12,376,000)

 

$

(379,000)

 

$

(12,755,000)

Net loss from continuing operations

 

$

(80,678,000)

 

$

486,000

 

$

(80,192,000)

 

$

(379,000)

 

$

(80,571,000)

Total income from discontinued operations

 

$

14,389,000

 

$

 —

 

$

14,389,000

 

$

379,000

 

$

14,768,000

Net loss

 

$

(66,289,000)

 

$

486,000

 

$

(65,803,000)

 

$

 —

 

$

(65,803,000)

Net loss per common share - continuing operations, Basic and diluted

 

$

(5.49)

 

$

0.04

 

$

(5.45)

 

$

(0.03)

 

$

(5.48)

Discontinued operations Operating income (loss) per common share

 

$

0.98

 

$

 —

 

$

0.98

 

$

0.03

 

$

1.01

Net income (loss) per common share, Basic and diluted

 

$

(4.51)

 

$

0.04

 

$

(4.47)

 

$

 —

 

$

(4.47)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average number of common stock shares, Basic and diluted

 

 

14,708,554

 

 

 

 

 

14,708,554

 

 

 

 

 

14,708,554