Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Operations

v3.21.2
Consolidated Statements of Operations - USD ($)
 12 Months Ended
Aug. 31, 2021
Aug. 31, 2020
Consolidated Statements of Operations    
Revenues (gross billings of $79.0 million and $65.5 million less worksite employee payroll cost of $55.6 million and $56.9 million, respectively) $ 23,420,000 $ 8,642,000
Cost of revenue 23,098,000 7,685,000
Gross profit 322,000 957,000
Operating expenses:    
Salaries, wages, and payroll taxes 11,100,000 7,227,000
Stock-based compensation - general and administrative 1,594,000 1,526,000
Commissions 176,000 181,000
Professional fees 4,089,000 3,366,000
Software development - external 3,755,000 2,240,000
Depreciation and amortization 357,000 272,000
Impaired asset expense 0 3,543,000
General and administrative 6,596,000 4,180,000
Total operating expenses 27,667,000 22,535,000
Operating Loss (27,345,000) (21,578,000)
Other (expense) income:    
Interest expense (5,000) (2,525,000)
Change in fair value of note receivable   (1,074,000)
Expense related to preferred options   (62,091,000)
Expense related to modification of warrants   (21,000)
Loss from debt conversion   (3,500,000)
Inducement loss   (624,000)
Loss on debt extinguishment   (1,592,000)
Change in fair value derivative and warrant liability   1,777,000
Other income 25,000  
Gain on convertible note penalties accrual   760,000
Total other (expense) income 20,000 (68,890,000)
Loss from continuing operations before income taxes (27,325,000) (90,468,000)
Income tax expense 42,000  
Loss from continuing operations (27,367,000) (90,468,000)
(Loss) Income from discontinued operations    
(Loss) Income from discontinued operations (2,509,000) (561,000)
Gain from asset sale   15,682,000
Total Income (Loss) from discontinued operations, net of tax (2,509,000) 15,121,000
Net loss $ (29,876,000) $ (75,347,000)
Net Loss per share, Basic and diluted    
Continuing operations $ (0.81) $ (4.96)
Discontinued operations    
Operating (loss) income (0.07) (0.03)
Gain on sale of assets   0.86
Total discontinued operations (0.07) 0.83
Net Loss per share of common stock - Basic (0.88) (4.13)
Net Loss per share of common stock - Diluted $ (0.90) $ (4.13)
Weighted average common stock outstanding - Basic 33,722,534 18,222,661
Weighted average common stock outstanding - Diluted 33,722,534 18,222,661