Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Operations

v3.20.2
Condensed Consolidated Statements of Operations - USD ($)
3 Months Ended 9 Months Ended
May 31, 2020
May 31, 2019
May 31, 2020
May 31, 2019
Condensed Consolidated Statements of Operations        
Revenues (gross billings of $14.4 million and $11.9 million less worksite employee payroll cost of $12.4 million and $10.3 million, respectively for the three months ended; gross billings of $47.0 million and $25.9 million less worksite employee payroll cost of $40.3 million and $22.3 million, respectively for nine months ended) $ 2,014,000 $ 1,638,000 $ 6,775,000 $ 3,658,000
Cost of revenue 1,873,000 1,467,000 6,051,000 3,126,000
Gross profit 141,000 171,000 724,000 532,000
Operating expenses:        
Salaries, wages and payroll taxes 1,793,000 1,152,000 5,246,000 3,182,000
Stock-based compensation - general and administrative 150,000 (5,000) 895,000 154,000
Commissions 27,000 64,000 137,000 130,000
Professional fees 439,000 1,280,000 2,276,000 2,799,000
Software development 686,000 221,000 1,390,000 1,249,000
Depreciation and amortization 545,000 222,000 1,025,000 603,000
General and administrative 1,054,000 1,541,000 2,617,000 3,654,000
Total operating expenses 4,694,000 4,475,000 13,586,000 11,771,000
Operating Loss (4,553,000) (4,304,000) (12,862,000) (11,239,000)
Other (expense) income:        
Interest expense (559,000) (4,345,000) (2,524,000) (6,270,000)
Expense related to preferred options (62,091,000) 0 (62,091,000) 0
Expense related to modification of warrants 0 0 22,000 0
Loss from debt conversion (2,842,000) 0 (3,500,000) 0
Inducement loss (57,000) (2,273,000) (624,000) (3,829,000)
Loss on debt extinguishment (1,592,000) 0 (1,592,000) 0
Change in fair value derivative and warrant liability 6,000 4,748,000 1,777,000 4,748,000
Loss on convertible note settlement 0 0 0 2,611,000
Gain on convertible note penalties accrual 0 0 760,000 0
Total other (expense) income (67,135,000) (1,870,000) (67,816,000) (2,740,000)
Loss from continuing operations (71,688,000) (6,174,000) (80,678,000) (13,979,000)
Income (Loss) from discontinued operations (1,490,000) 1,178,000 (1,293,000) 4,596,000
Gain from asset sale 0 0 15,682,000 0
Total Income (Loss) from discontinued operations, net of tax (1,490,000) 1,178,000 14,389,000 4,596,000
Net loss $ (73,178,000) $ (4,996,000) $ (66,289,000) $ (9,383,000)
Net Loss per share, Basic and diluted        
Continuing operations $ (2.73) $ (7.92) $ (5.49) $ (18.54)
Discontinued operations        
Operating income (loss) (0.06) 1.51 (0.09) 6.10
Gain on sale of assets 0.00 0.00 1.07 0.00
Total discontinued operations (0.06) 1.51 0.98 6.10
Net loss per share of common stock - Basic and diluted $ (2.79) $ (6.41) $ (4.51) $ (12.44)
Weighted average common stock outstanding - Basic and diluted 26,249,518 779,634 14,708,554 753,808