Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows

v3.23.1
Condensed Consolidated Statements of Cash Flows - USD ($)
6 Months Ended
Feb. 28, 2023
Feb. 28, 2022
OPERATING ACTIVITIES    
Net loss $ (11,192,000) $ (18,210,000)
Loss from discontinued operations (807,000) (151,000)
Non-Controlling Interest (540,000) 0
Net loss attributable to ShiftPixy, Inc (9,845,000) (18,059,000)
Adjustments to reconcile net loss to net cash used in operations of ShiftPixy, Inc:    
Depreciation and amortization 299,000 253,000
Stock-based compensation 500,000 747,000
Warrant modification expense 106,000 0
Stock-based compensation - shares for services accrued to directors 113,000 0
Expensed SPAC offering cost 0 515,000
Amortization of operating lease 85,000 217,000
Changes in operating assets and liabilities:    
Accounts receivable (466,000) 117,000
Unbilled accounts receivable (67,000) 126,000
Prepaid expenses and other current assets 392,000 (573,000)
Deposits - workers' compensation 0 414,000
Deposits and other assets 0 0
Other long-term assets (100,000) 0
Accounts payable and other accrued liabilities (769,000) 3,065,000
Payroll related liabilities 4,871,000 3,297,000
Accrued workers’ compensation costs (442,000) (452,000)
Total adjustment 4,522,000 7,726,000
Net cash used in operations of ShiftPixy, Inc (5,323,000) (10,333,000)
Net cash provided by non- controlling activities 0 0
Net cash provided by discontinued operating activities 0 0
Net cash used in operations of ShiftPixy, Inc. (5,323,000) (10,333,000)
INVESTING ACTIVITIES    
Investment of IHC IPO proceeds into Trust Account 0 (116,732,000)
Redemption of Trust Account 117,574,000 0
Purchase of fixed assets  (299,000) (461,000)
Net cash provided by (used in) investing activities 117,275,000 (117,193,000)
FINANCING ACTIVITIES    
Deferred offering costs 0 (3,502,000)
Proceeds from initial public offering of IHC 0 116,725,000
Payment to IHC shareholders (117,574,000) 0
Proceeds from prefunded warrant exercises 1,000 5,409,000
Proceeds from private placement, net of offering costs 4,387,000 4,183,000
Net cash (used in) provided by financing activities (111,752,000) 129,676,000
Net increase in cash 200,000 2,150,000
Cash - beginning of period 618,000 1,199,000
Cash - end of period 818,000 3,349,000
Supplemental Disclosure of Cash Flows Information:    
Cash paid for interest 102,000 2,000
Cash paid for income taxes  0 0
Non-cash Investing and Financing Activities:    
Deconsolidation of VIE 9,494,000 0
Deferred offering costs SPACs 0 37,978,000
Change in fair value due to warrant modification 0 13,728,000
Operating lease assets and liabilities s from adoption of ASC 842 0 7,687,000
Increase in marketable securities in trust account and Class A mandatory redeemable common shares 801,000 0
Transfer of preferred shares to common shares 1,000 0
At-The-Market Offering    
FINANCING ACTIVITIES    
Proceeds from issuance of common stock 1,434,000 0
Private Placement    
FINANCING ACTIVITIES    
Proceeds from issuance of common stock $ 0 $ 6,861,000