Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows

v3.21.2
Condensed Consolidated Statements of Cash Flows - USD ($)
 3 Months Ended 9 Months Ended
May 31, 2021
May 31, 2020
May 31, 2021
May 31, 2020
OPERATING ACTIVITIES        
Net loss     $ (20,647,000) $ (65,803,000)
(Loss) Income from discontinued operations $ 23,000 $ (1,490,000) (1,512,000) 14,768,000
Net loss from continuing operations (7,551,000) (71,526,000) (19,135,000) (80,571,000)
Adjustments to reconcile net loss from continuing operations to net cash used in continuing operating activities:        
Expense related to Preferred Options 0 62,091,000   62,091,000
Depreciation and amortization 120,000 383,000 268,000 539,000
Gain on convertible note penalties accrual 0 0   (760,000)
Amortization debt discount and debt issuance cost       6,749,000
Stock issued for services       75,000
Stock-based compensation- general and administrative     1,250,000 745,000
Expense related to warrant modification       22,000
Inducement loss on note conversions 0 57,000   624,000
Expense related to warrant exchange       552,000
Change in fair value of derivative and warrant liability 0 (6,000)   (1,777,000)
Changes in operating assets and liabilities        
Accounts receivable     196,000 (763,000)
Unbilled accounts receivable     (378,000) (996,000)
Prepaid expenses and other current assets     212,000 108,000
Deposits - workers' compensation     268,000 3,283,000
Deposits and other assets     (502,000) (16,000)
Accounts payable     1,218,000 (151,000)
Payroll related liabilities     2,659,000 (108,000)
Accrued workers' compensation     317,000 1,665,000
Other current liabilities       (2,284,000)
Total Adjustments     5,509,000 69,598,000
Net cash used in continuing operating activities     (13,626,000) (10,973,000)
Net cash (used in) provided by discontinued operating activities     (1,035,000) 455,000
Net cash used in operating activities     (14,661,000) (10,518,000)
INVESTING ACTIVITIES        
Note receivable     41,000  
Purchase of fixed assets     (1,885,000) (81,000)
Disposal of fixed assets       34,000
Proceeds from working capital adjustment - sale of assets       1,214,000
Proceeds from sale of assets       9,500,000
Net cash (used in) provided by investing activities     (1,844,000) 10,667,000
FINANCING ACTIVITIES        
Deferred offering costs     (611,000)  
Proceeds from underwritten public offering, net of offering costs     10,701,000 10,332,000
Common stock issued for private placement, net of offering costs     11,063,000  
Repayment of convertible notes       (1,240,000)
Proceeds from exercise of warrants       33,000
Net cash provided by financing activities     21,153,000 9,125,000
Net increase in cash     4,648,000 9,274,000
Cash - Beginning of Period     4,303,000 1,561,000
Cash - End of Period 8,951,000 $ 10,835,000 8,951,000 10,835,000
Supplemental Disclosure of Cash Flows Information:        
Cash paid for interest     9,000 315,000
Non-cash Investing and Financing Activities:        
Conversion of debt and accrued interest into common stock       6,238,000
Common shares issued for services       75,000
Common shares issued for note exchange       200,000
Additional principal issued for note exchange       43,000
Interest capitalized into notes receivable       59,000
Common stock issued in exchange for warrants       552,000
Discount recorded for asset sale note receivable       1,818,000
Reclassification of derivative liabilities to paid in capital       1,979,000
Expense related to warrant modification       $ 22,000
Excess fair value of SPAC founder shares transferred to underwriter $ 47,472,000   $ 47,472,000