Senior Secured Convertible Notes Payable (Tables)
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6 Months Ended |
12 Months Ended |
Feb. 29, 2020 |
Aug. 31, 2019 |
Senior Secured Convertible Notes Payable |
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Schedule of senior secured convertible notes payable |
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February 29
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August 31,
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2020
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2019
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(unaudited)
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Senior Secured Convertible notes, Principal
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$
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3,647,000
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$
|
6,808,000
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Less: debt discount and deferred financing costs
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(1,611,000)
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(3,457,000)
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Total outstanding convertible notes, net
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|
$
|
2,036,000
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$
|
3,351,000
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Less: current portion of convertible notes payable
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|
|
(1,427,000)
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|
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(3,351,000)
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Long-term convertible notes payable
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$
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609,000
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$
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—
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August 31,
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August 31,
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2019
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2018
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Senior Secured Convertible notes, Principal
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$
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6,808,000
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$
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10,000,000
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Less debt discount and deferred financing costs
|
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(3,457,000)
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(3,829,000)
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Total outstanding convertible notes, net
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$
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3,351,000
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$
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6,171,000
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Less current portion of convertible notes payable
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(3,351,000)
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(6,171,000)
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Long-term convertible notes payable
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$
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—
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$
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—
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Schedule of rolls forward the convertible notes payable balances |
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Deferred
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Gross
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Financing
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Note
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Principal
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Costs
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Discount
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Net
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Balance at August 31, 2019
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$
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6,808,000
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|
$
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(344,000)
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|
$
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(3,113,000)
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$
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3,351,000
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Repayments in cash
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(1,240,000)
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—
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—
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(1,240,000)
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Conversions to common shares
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(2,188,000)
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—
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—
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(2,188,000)
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Notes issued for exchange
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267,000
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267,000
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Additional note discount issued - exchange
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(467,000)
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(467,000)
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Acceleration of discount and deferred financing costs -
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—
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62,000
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595,000
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657,000
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Amortization of Interest Expense
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—
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150,000
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1,506,000
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1,656,000
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Balance at February 29, 2020
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3,647,000
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(132,000)
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(1,479,000)
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2,036,000
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Less Current Amount
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(2,327,000)
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132,000
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718,000
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(1,427,000)
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Long Term Balance at February 29, 2020
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$
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1,320,000
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$
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—
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$
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(711,000)
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$
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609,000
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|
|
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|
|
|
|
|
|
|
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Deferred
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Gross
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Financing
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Note
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Principal
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Costs
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Discount
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Net
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Balance at August 31, 2018
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$
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10,000,000
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$
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(617,000)
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$
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(3,212,000)
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$
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6,171,000
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Issuance of Notes Payable
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5,639,000
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(485,000)
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(4,750,000)
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404,000
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Conversion of Principal into Equity
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(8,395,000)
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—
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—
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(8,395,000)
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Amortization of Interest Expense
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—
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758,000
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4,849,000
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5,607,000
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Repayment of Principal in cash
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(436,000)
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—
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—
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(436,000)
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Balance at August 31, 2019
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$
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6,808,000
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$
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(344,000)
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$
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(3,113,000)
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$
|
3,351,000
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Less Current Amount
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|
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(6,808,000)
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|
|
344,000
|
|
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3,113,000
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|
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(3,351,000)
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Long Term Balance at August 31, 2019
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$
|
—
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$
|
—
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$
|
—
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$
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—
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Schedule of gross principal balance rollforward |
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June 2018
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December 2018
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March 2019
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December 2019
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Notes
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Notes
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Notes
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Notes
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Total
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Gross Balance at August 31, 2019
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$
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1,466,000
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$
|
867,000
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$
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4,475,000
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$
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—
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$
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6,808,000
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Exchanged for December 2019 Notes
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(222,000)
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(2,445,000)
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2,934,000
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267,000
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Conversions to Common Shares
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(759,000)
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(422,000)
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(714,000)
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(293,000)
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(2,188,000)
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Repayments in cash
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(707,000)
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(223,000)
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(310,000)
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—
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(1,240,000)
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Gross Balance
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—
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—
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1,006,000
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2,641,000
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3,647,000
|
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Less: Discount and Debt Issuance Costs:
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—
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—
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(400,000)
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(1,211,000)
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(1,611,000)
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Carrying Balance at February 29, 2020
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—
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—
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|
606,000
|
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|
1,430,000
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|
2,036,000
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Less: Current Amount
|
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|
—
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—
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(606,000)
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|
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(821,000)
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|
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(1,427,000)
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Long-term Balance at February 29, 2020
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|
$
|
—
|
|
$
|
—
|
|
$
|
—
|
|
$
|
609,000
|
|
$
|
609,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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June 2018
|
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December 2018
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March 2019
|
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Notes
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Notes
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Notes
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Total
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Gross Balance at August 31, 2018
|
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$
|
10,000,000
|
|
$
|
—
|
|
$
|
—
|
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$
|
10,000,000
|
Issuance of Notes Payable
|
|
|
—
|
|
|
889,000
|
|
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4,750,000
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5,639,000
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Repayment of Principal in cash
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|
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(436,000)
|
|
|
—
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|
|
—
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(436,000)
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Conversion of Principal into Equity
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(8,098,000)
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(22,000)
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(275,000)
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(8,395,000)
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Gross Balance at August 31, 2019
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$
|
1,466,000
|
|
$
|
867,000
|
|
$
|
4,475,000
|
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$
|
6,808,000
|
|
|
|
|
|
|
|
|
|
|
|
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Less Discount and Debt Issuance Costs:
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|
|
|
|
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|
|
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Debt Issuance Costs
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(27,000)
|
|
|
—
|
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(317,000)
|
|
|
(344,000)
|
Deferred Financing Costs
|
|
|
(5,000)
|
|
|
—
|
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(3,108,000)
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|
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(3,113,000)
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Carrying Balance at August 31, 2019
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|
$
|
1,434,000
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|
$
|
867,000
|
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$
|
1,050,000
|
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$
|
3,351,000
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Less Current Amount
|
|
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(1,434,000)
|
|
|
(867,000)
|
|
|
(1,050,000)
|
|
|
(3,351,000)
|
Long Term Balance at August 31, 2019
|
|
$
|
—
|
|
$
|
—
|
|
$
|
—
|
|
$
|
—
|
|