Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows

v3.20.2
Condensed Consolidated Statements of Cash Flows - USD ($)
3 Months Ended 9 Months Ended
May 31, 2020
May 31, 2019
May 31, 2020
May 31, 2019
OPERATING ACTIVITIES        
Net Loss     $ (66,289,000) $ (9,383,000)
Income from discontinued operations $ (1,490,000) $ 1,178,000 14,389,000 4,596,000
Net loss from continuing operations (71,688,000) (6,174,000) (80,678,000) (13,979,000)
Adjustments to reconcile net loss from continuing operations to net cash used in continuing operating activities:        
Expense related to preferred options 62,091,000 0 62,091,000 0
Depreciation and amortization 545,000 222,000 1,025,000 603,000
Gain on convertible note settlement 0 0 0 (2,611,000)
Gain on convertible note penalties accrual 0 0 (760,000) 0
Amortization of debt discount and debt issuance cost     6,749,000 3,599,000
Stock issued for services     75,000 225,000
Stock-based compensation- general and administrative     745,000 154,000
Expense related to warrant modification 0 0 22,000 0
Inducement loss on note conversions 57,000 2,273,000 624,000 3,829,000
Expense related to warrant exchange     552,000  
Non-cash interest       509,000
Change in fair value of derivative and warrant liability (6,000) (4,748,000) (1,777,000) (4,748,000)
Expense related to acceleration of amortization of convertible note discount upon conversion       2,588,000
Changes in operating assets and liabilities        
Accounts receivable     (763,000) (58,000)
Unbilled accounts receivable     (996,000) (455,000)
Prepaid expenses     54,000 (205,000)
Other current assets     54,000 32,000
Deposits - workers' compensation     3,283,000 (729,000)
Deposits and other assets     (16,000) 27,000
Accounts payable     (151,000) 925,000
Payroll related liabilities     (108,000) 1,269,000
Accrued workers' compensation     1,665,000 423,000
Other current liabilities     (2,284,000) (215,000)
Total Adjustments     70,084,000 5,162,000
Net cash used in continuing operating activities     (10,594,000) (8,817,000)
Net cash provided by discontinued operating activities     76,000 7,194,000
Net cash used in operating activities     (10,518,000) (1,623,000)
INVESTING ACTIVITIES        
Purchase of fixed assets     (81,000) (581,000)
Proceeds from sale of fixed assets     34,000  
Proceeds from working capital adjustment - sale of assets     1,214,000  
Proceeds from sale of assets     9,500,000  
Net cash provided by (used in) investing activities     10,667,000 (581,000)
FINANCING ACTIVITIES        
Proceeds from underwritten public offering, net of offering costs     10,332,000  
Proceeds from issuance of convertible notes       3,750,000
Issuance costs related to convertible notes       (485,000)
Repayment of convertible notes     (1,240,000) (436,000)
Proceeds from exercise of warrants     33,000 660,000
Net cash provided by financing activities     9,125,000 3,489,000
Net increase in cash     9,274,000 1,285,000
Cash - Beginning of Period     1,561,000 1,650,000
Cash - End of Period 10,835,000 2,935,000 10,835,000 2,935,000
Supplemental Disclosure of Cash Flows Information:        
Cash paid for interest     315,000 226,000
Non-cash Investing and Financing Activities:        
Conversion of debt and accrued interest into common stock     6,238,000 8,839,000
Additional Principal to settle registration rights penalties       889,000
Common stock issued for services     75,000  
Common stock issued for note exchange     200,000  
Additional principal issued for note exchange     433,000  
Interest capitalized into notes receivable     59,000  
Common stock issued in exchange for warrants     552,000  
Discount recorded for asset sale note receivable     1,818,000  
Reclassification of derivative liabilities to paid in capital     1,979,000  
Expense related to warrant modification $ 0 $ 0 $ 22,000 $ 0