Quarterly report pursuant to Section 13 or 15(d)

Summary of Significant Accounting Policies (Tables)

v3.22.2
Summary of Significant Accounting Policies (Tables)
9 Months Ended
May 31, 2022
Accounting Policies [Abstract]  
Disaggregation of Revenue The Company’s disaggregated revenues for the three and nine months ended May 31, 2022 and May 31, 2021 were as follows:
For the Three Months Ended
For the Nine Months Ended
Revenue (in millions):
May 31, 2022
May 31, 2021
May 31, 2022
May 31, 2021
HCM1
$ 1.7  9.5 $ 4.0  14.4
Staffing 7.9  —  25.0  — 
$ 9.6  $ 9.5  $ 29.0  $ 14.4 
1 HCM revenue is presented net, $22.6 million and $65.2 million gross billings less WSE payroll costs of $13.0 million and $36.2 million for the three and nine months ended May 31, 2022, respectively and $20.1 million and $57.7 million gross less WSE payroll cost of $10.6 million and $43.3 million for the three and nine months ended May 31, 2021, respectively.
Revenue from External Customers by Geographic Areas
For the three and nine months ended May 31, 2022 and May 31, 2021, the following geographical regions represented more than 10% of total revenues:

For the Three Months Ended
For the Nine Months Ended
Region:
May 31, 2022
May 31, 2021
May 31, 2022
May 31, 2021
California 49  % 65  % 52  % 67  %
Washington 15  % 12  % 14  % 11  %
Schedule of Estimated Useful Lives of Property and Equipment The estimated useful lives of property and equipment for purposes of computing depreciation are as follows:
Equipment: 5 years
Furniture & Fixtures:
5 - 7 years
Leasehold improvements
Shorter of useful life or the remaining lease term, typically 5 years
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share Securities that are excluded from the calculation of weighted average dilutive common stock, because their inclusion would have been antidilutive, are:
For the Three and Nine Months Ended
May 31, 2022
May 31, 2021
Options (See Note 8) 1,549,845  1,826,548 
Warrants (See Note 7) 22,440,225  9,592,086 
Total potentially dilutive shares 23,990,070  11,418,634