Summary of Significant Accounting Policies (Tables)
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6 Months Ended |
Feb. 28, 2023 |
Accounting Policies [Abstract] |
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Disaggregation of Revenue |
The Company’s disaggregated revenues for the three and six months ended February 28, 2023 and February 28, 2022, respectively, were as follows:
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For the Three Months Ended |
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For the Six Months Ended |
Revenue (in thousands): |
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February 28, 2023 |
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February 28, 2022 |
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February 28, 2023 |
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February 28, 2022 |
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HCM1
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$ |
1,558 |
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$ |
1,588 |
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$ |
2,970 |
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$ |
3,333 |
Staffing |
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3,021 |
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8,849 |
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6,874 |
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16,045 |
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$ |
4,579 |
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$ |
10,437 |
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$ |
9,844 |
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$ |
19,378 |
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1 HCM revenue is presented net, $12 million and $23.6 million gross billings less WSE payroll costs of $10.4 million and $20.6 million for the three and six months ended February 28, 2023 and $12.6 million and $25.5 million, respectively Gross billings less WSE payroll costs for the three and six months ended February 2022, was $11 million and $22.2 million, respectively.
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Revenue from External Customers by Geographic Areas |
For the three and six months ended February 28, 2023 and February 28, 2022, respectively, the following geographical regions represented more than 10% of total revenues:
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For the Three Months Ended |
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For the Six Months Ended
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Region: |
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February 28, 2023 |
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February 28, 2022 |
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February 28, 2023 |
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February 28, 2022 |
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California |
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43.6 |
% |
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53.5 |
% |
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46.3 |
% |
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53.9 |
% |
Washington |
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11.1 |
% |
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12.5 |
% |
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11.7 |
% |
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13.1 |
% |
New Mexico |
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12.9 |
% |
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8 |
% |
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11.7 |
% |
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7.2 |
% |
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Schedules of Concentration of Risk, by Risk Factor |
The following represents clients who have ten percent of total accounts receivable as of February 28, 2023 and August 31, 2022, respectively.
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As of |
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February 28, 2023 |
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August 31, 2022 |
Clients: |
(Unaudited) |
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Client 1 |
71.5 |
% |
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— |
% |
Client 2 |
15.7 |
% |
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39.2 |
% |
Client 3 |
6.3 |
% |
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15.4 |
% |
Client 4 |
5.8 |
% |
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22.0 |
% |
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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:
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Equipment: |
5 years |
Furniture & Fixtures: |
5 - 7 years |
Leasehold improvements |
Shorter of useful life or the remaining lease term, typically 5 years |
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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:
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For the Three and Six Months Ended |
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February 28, 2023 |
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February 28, 2022 |
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February 28, 2023 |
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February 28, 2022 |
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Options (See Note 5) |
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10,003 |
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17,695 |
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10,003 |
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17,695 |
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Warrants (See Note 5) |
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1,252,749 |
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271,137 |
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1,252,749 |
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224,402 |
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Shares of common stock to be issued to the directors for services provided, (See Note 7) |
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59,040 |
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— |
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59,040 |
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— |
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Preferred Option (Note 5) |
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37,570 |
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— |
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37,570 |
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— |
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Total potentially dilutive shares |
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1,359,362 |
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288,832 |
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1,359,362 |
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242,097 |
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