General form of registration statement for all companies including face-amount certificate companies

Senior Secured Convertible Notes Payable (Tables)

v3.20.1
Senior Secured Convertible Notes Payable (Tables)
6 Months Ended 12 Months Ended
Feb. 29, 2020
Aug. 31, 2019
Senior Secured Convertible Notes Payable    
Schedule of senior secured convertible notes payable

 

 

 

 

 

 

 

 

    

February 29

    

August 31,

 

 

2020

 

2019

 

 

(unaudited)

 

 

 

Senior Secured Convertible notes, Principal

 

$

3,647,000

 

$

6,808,000

Less: debt discount and deferred financing costs

 

 

(1,611,000)

 

 

(3,457,000)

Total outstanding convertible notes, net

 

$

2,036,000

 

$

3,351,000

Less: current portion of convertible notes payable

 

 

(1,427,000)

 

 

(3,351,000)

Long-term convertible notes payable

 

$

609,000

 

$

 —

 

 

 

 

 

 

 

 

 

    

August 31, 

    

August 31, 

 

 

2019

 

2018

Senior Secured Convertible notes, Principal

 

$

6,808,000

 

$

10,000,000

Less debt discount and deferred financing costs

 

 

(3,457,000)

 

 

(3,829,000)

Total outstanding convertible notes, net

 

$

3,351,000

 

$

6,171,000

Less current portion of convertible notes payable

 

 

(3,351,000)

 

 

(6,171,000)

Long-term convertible notes payable

 

$

 —

 

$

 —

 

Schedule of rolls forward the convertible notes payable balances

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    

 

 

    

Deferred

    

 

 

    

 

 

 

 

Gross

 

Financing

 

Note

 

 

 

 

    

Principal

    

Costs

    

Discount

    

Net

Balance at August 31, 2019

 

$

6,808,000

 

$

(344,000)

 

$

(3,113,000)

 

$

3,351,000

Repayments in cash

 

 

(1,240,000)

 

 

 —

 

 

 —

 

 

(1,240,000)

Conversions to common shares

 

 

(2,188,000)

 

 

 —

 

 

 —

 

 

(2,188,000)

Notes issued for exchange

 

 

267,000

 

 

 

 

 

 

 

 

267,000

Additional note discount issued - exchange

 

 

 

 

 

 

 

 

(467,000)

 

 

(467,000)

Acceleration of discount and deferred financing costs -

 

 

 —

 

 

62,000

 

 

595,000

 

 

657,000

Amortization of Interest Expense

 

 

 —

 

 

150,000

 

 

1,506,000

 

 

1,656,000

Balance at February 29, 2020

 

 

3,647,000

 

 

(132,000)

 

 

(1,479,000)

 

 

2,036,000

Less Current Amount

 

 

(2,327,000)

 

 

132,000

 

 

718,000

 

 

(1,427,000)

Long Term Balance at February 29, 2020

 

$

1,320,000

 

$

 —

 

$

(711,000)

 

$

609,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    

 

 

    

Deferred

    

 

 

    

 

 

 

 

Gross

 

Financing

 

Note

 

 

 

 

 

Principal

 

Costs

 

Discount

 

Net

Balance at August 31, 2018

 

$

10,000,000

 

$

(617,000)

 

$

(3,212,000)

 

$

6,171,000

Issuance of Notes Payable

 

 

5,639,000

 

 

(485,000)

 

 

(4,750,000)

 

 

404,000

Conversion of Principal into Equity

 

 

(8,395,000)

 

 

 —

 

 

 —

 

 

(8,395,000)

Amortization of Interest Expense

 

 

 —

 

 

758,000

 

 

4,849,000

 

 

5,607,000

Repayment of Principal in cash

 

 

(436,000)

 

 

 —

 

 

 —

 

 

(436,000)

Balance at August 31, 2019

 

$

6,808,000

 

$

(344,000)

 

$

(3,113,000)

 

$

3,351,000

Less Current Amount

 

 

(6,808,000)

 

 

344,000

 

 

3,113,000

 

 

(3,351,000)

Long Term Balance at August 31, 2019

 

$

 —

 

$

 —

 

$

 —

 

$

 —

 

Schedule of gross principal balance rollforward

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

June 2018

 

December 2018

 

March 2019

 

December 2019

 

 

 

 

    

Notes

    

Notes

    

Notes

    

Notes

    

Total

Gross Balance at August 31, 2019

 

$

1,466,000

 

$

867,000

 

$

4,475,000

 

$

 —

 

$

6,808,000

Exchanged for December 2019 Notes

 

 

 

 

 

(222,000)

 

 

(2,445,000)

 

 

2,934,000

 

 

267,000

Conversions to Common Shares

 

 

(759,000)

 

 

(422,000)

 

 

(714,000)

 

 

(293,000)

 

 

(2,188,000)

Repayments in cash

 

 

(707,000)

 

 

(223,000)

 

 

(310,000)

 

 

 —

 

 

(1,240,000)

Gross Balance

 

 

 —

 

 

 —

 

 

1,006,000

 

 

2,641,000

 

 

3,647,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Less: Discount and Debt Issuance Costs:

 

 

 —

 

 

 —

 

 

(400,000)

 

 

(1,211,000)

 

 

(1,611,000)

Carrying Balance at February 29, 2020

 

 

 —

 

 

 —

 

 

606,000

 

 

1,430,000

 

 

2,036,000

Less: Current Amount

 

 

 —

 

 

 —

 

 

(606,000)

 

 

(821,000)

 

 

(1,427,000)

Long-term Balance at February 29, 2020

 

$

 —

 

$

 —

 

$

 —

 

$

609,000

 

$

609,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    

June 2018

    

December 2018

    

March 2019

    

 

 

 

 

Notes

 

Notes

 

Notes

 

Total

Gross Balance at August 31, 2018

 

$

10,000,000

 

$

 —

 

$

 —

 

$

10,000,000

Issuance of Notes Payable

 

 

 —

 

 

889,000

 

 

4,750,000

 

 

5,639,000

Repayment of Principal in cash

 

 

(436,000)

 

 

 —

 

 

 —

 

 

(436,000)

Conversion of Principal into Equity

 

 

(8,098,000)

 

 

(22,000)

 

 

(275,000)

 

 

(8,395,000)

Gross Balance at August 31, 2019

 

$

1,466,000

 

$

867,000

 

$

4,475,000

 

$

6,808,000

 

 

 

 

 

 

 

 

 

 

 

 

 

Less Discount and Debt Issuance Costs:

 

 

  

 

 

  

 

 

  

 

 

  

Debt Issuance Costs

 

 

(27,000)

 

 

 —

 

 

(317,000)

 

 

(344,000)

Deferred Financing Costs

 

 

(5,000)

 

 

 —

 

 

(3,108,000)

 

 

(3,113,000)

Carrying Balance at August 31, 2019

 

$

1,434,000

 

$

867,000

 

$

1,050,000

 

$

3,351,000

Less Current Amount

 

 

(1,434,000)

 

 

(867,000)

 

 

(1,050,000)

 

 

(3,351,000)

Long Term Balance at August 31, 2019

 

$

 —

 

$

 —

 

$

 —

 

$

 —